As many states near the mid-point of their 2012 legislative sessions, we thought it would be a good time to take a look at some of the bills advancing in statehouses that could impact states' efforts to improve economic conditions. Several states are seeking to advance access to capital initiatives as they continue to struggle with declining revenue and tight credit restrictions. The following overview provides a sampling of TBED bills supporting access to capital, R&D enhancements and higher education standards.

Providing Access to Capital

The Abell Foundation and Maryland Technology Development Company (TEDCO) announced the Propel Baltimore Fund — a $3.3 million angel investment fund targeted at startups and entrepreneurs in Baltimore. The fund will invest in technology companies with innovation-focused business plans that are located in Baltimore or are willing to relocate to the city. Initial investments will be between $50,000 and $100,000 (maximum investment of $220,000 per company). Propel investments will require a 50 percent match from outside investors. Read the press release.

Several federal agencies have joined forces to launch a new beta website that allows individuals to look at U.S. federal investments in science and engineering from two agencies — the National Institutes of Health (NIH) and the National Science Foundation (NSF). The R&D dashboard gives users the ability to search and download data on grants issued by the federal government to research institutions (investments) and on output activities (e.g., patents and publications) from federally funded research by state, congressional district and research institution.

Manufacturers across the nation celebrated National Manufacturing Day on Friday and the topic on many people's minds was reshoring.

Mobile app development is emerging as a bright spot in the U.S. innovation economy, according to a report commissioned by CTIA-The Wireless Association and the Application Developers Alliance. The groups estimate that more than 500,000 jobs have been created in the U.S. based on app development since the launch of the original iPhone in 2007. This count includes IT-related jobs in service of app development, non-IT jobs at app companies and jobs in the local economy supported by app developers.

As the private company SpaceX sends its first cargo delivery to the International Space Station, the Federal Aviation Administration (FAA) announced close to $500,000 in matching grants in three areas to assist with space transportation infrastructure.

The Air Force Research Laboratory announced that it will commit up to $2.2 million, plus up to an additional $2.2 million in matching funds collected by the recipient organization, to establish a National Nano-Bio Manufacturing Institute for Defense Aerospace, a virtual public-private partnership to spur collaborate research in industrially-relevant nano-bio manufacturing technologies and establish developmental roadmaps for the aerospace manufacturing community. Existing or near-established nonprofit organizations, including institutions of higher education, are eligible to apply.

Angel investment activity continues to recover from the crash that hit startup capital markets in late 2008, according to the latest report from the University of New Hampshire's Center for Venture Research (UNH CVR). During the first half of 2012, the number of ventures receiving angel funding grew by a modest 3.7 percent over the same period in 2011. Healthcare remains the dominant target of angel investments, comprising about a quarter of angel dollars into the first half of the year.

At the upcoming SSTI Annual Conference in Atlanta, SSTI staff will present on the role foundations have played in support of Venture Development Organizations (VDOs), accelerators, and other regional economic development organizations. Through research and interviews with various foundations, SSTI staff have identified nearly 200 examples of foundation grants to organizations that support a regional innovation system.

In 2012, Big Data has become one of the hottest topics in the news and the minds of both government and business leaders. Big Data is the collection and analysis of data that is too big, growing too fast or is too complex for existing information technology systems to handle.

As a part of its Compendium of Evidence on the Effectiveness of Innovation Policy intervention, the Manchester Institute of Innovation Research released a report entitled Fiscal Incentives for Business R&D. The authors advocate how a fiscal incentive for R&D, particularly a tax credit, can be a "flexible instrument that can foster the connectivity within a national innovation system."

At SSTI's 16th Annual Conference, you will have the opportunity to explore comprehensive, flexible programs and innovative, "lean" models to support and cultivate faculty entrepreneurs. Join National Science Foundation's Rathindra "Babu" DasGupta, the University of North Carolina's Judith Cone and Marnie LaVigne from the University at Buffalo as they discuss what universities need to do to create a class of Faculty CEOs. Learn more about this session...

In an effort to develop domestic renewable energy production, the Department of the Interior released details on the Solar Programmatic Environmental Impact Statement (PEIS). PEIS provides an outline for utility-scale solar energy development in six states — Arizona, California, Colorado, Nevada, New Mexico and Utah.

Maryland's Innovation Initiative (MII), launched earlier this year, unveiled two inaugural programs on Monday aimed at commercializing technologies at the state's universities. The new Innovation Discovery Program will help universities identify promising technologies and potential collaborations by reimbursing them for the costs of employing on-site, part-time "site miners." The Innovation Commercialization Program will provide cash awards to support research, commercialization planning and product development.

As evidenced in the recent presidential debates and on the campaign trails, STEM teaching and learning is a national priority for maintaining global competiveness. Several universities and foundations have taken the lead, working with partners to design innovative learning tools and create research-based, professional development support for new math and science teachers.

In an era of tightening fiscal constraints, states have to make tough decisions, establish clear economic development funding priorities and transform their economic development models to take advantage of immediate opportunities and position their state for long-term economic growth. Mississippi, Oklahoma and Washington have released state-specific strategic plans that make those tough decisions by focusing their resources on key science & technology (S&T) areas to address the economic impacts of the Great Recession and position the state for future prosperity.

Online registration for SSTI's 16th Annual Conference in Atlanta ends Friday, October 26, at 5:00 PM EDT. But even if you miss the deadline, you can still attend by registering on-site. On-site registration will open at 8:00 AM on Monday, October 29, in the Grand Foyer of the Georgia Tech Hotel and Conference Center. Let your colleagues in the Southeast know they can still join us in Atlanta! See our registration page for fee details...

Building on a previous statewide initiative to boost technology entrepreneurship, a group of Rhode Island organizations have combined resources to launch a new effort called the Founders League. The idea is to assemble a treasure trove of support from universities, a mentorship-driven accelerator, and the Chamber of Commerce to provide resources and connections for established and aspiring entrepreneurs.

Clean Tech venture investments declined in the third quarter of 2012, according to the MoneyTree report released on Friday by PricewaterhouseCoopers (PWC) and the National Venture Capital Association (NVCA). The numbers reinforce the current trend of decreasing investment in clean tech companies and projects and the inherent challenges of VC backing in the sector. However, many are attributing this drop to a shift in the focus of clean tech investment by private and public entities rather than complete disenchantment in the promising sector.

The U.S. Small Business Administration's (SBA) Small Business Investment Company (SBIC) debenture program provided $2.95 billion in financing to small businesses in FY12, according to a recent SBA release. SBICs around the country help small businesses to expand by providing them with access to long-term capital. For the third year in a row, SBIC activity reached an all-time high, growing 14 percent over FY11 and 85 percent over FY10. Read the announcement...

As the rate of foreign students earning doctorates from American universities increases — from 17 percent of the total science, engineering, and health doctoral degrees in the 1960s to nearly 40 percent in 2010 — the question is where do these foreign nationals seek work? Do they remain in the United States post-graduation or do they return to their country of origin or do they go elsewhere?

While election night's main focus was on the presidential race, the importance of ballot measures for states and metros is growing as public services and budgets are being severely trimmed. A recent article in The New Republic reports on a new trend where states are embracing ballot measures as a potential source of dedicated funds for targeted investments in regional economic growth and development.