The White House has released a new report, Building the bioworkforce of the future: Expanding equitable pathways into biotechnology and biomanufacturing jobs. The five core recommendations in the report are intended to help propel continued investment in the bioeconomy and maintain the U.S.’ leadership in this sector.

The U.S. Small Business Administration (SBA) is implementing a final rule, effective Aug. 17, that adds a category of Small Business Investment Company (SBIC) that will make the program a better-fit for early-stage investment strategies. The most significant change in this direction is the creation of an accrual funding mechanism that enables licensed SBICs to receive a loan from SBA that is repaid only upon distribution events or at the end of a 10-year term.

Representatives from leading AI companies (Amazon, Anthropic, Google, Inflection, Meta, Microsoft and OpenAI) gathered at the White House on July 21 for the announcement of their voluntary

In 1862, during the Civil War, Congress passed the Land-Grant Agricultural and Mechanical College Act of 1862 (a.k.a. the Morrill Act of 1862). This legislation extended educational opportunities for many White working-class Americans. But it did little to extend education to Black people. The Morrill Act of 1890 passed 28 years later created new land grant institutions to address the issue of Black peoples’ access to higher education. But racial inequities between the two land-grant systems have persisted into the present day.

A report from ITIF warns that China is catching up with the U.S. in private R&D funding. If this trend continues, China could surpass the U.S.

With a GDP of over $23 trillion in 2021, the United States has the world's largest economy, according to the latest available data from the World Bank. Yet, the U.S. falls behind such countries as Israel and Korea when it comes to how much is spent on research and development (R&D) in proportion to GDP. For example, Israel and Korea spend 5.56% and 4.93% of their GDP on R&D compared to the U.S.’ 3.46%.

SSTI has released a new data tool that defines investment activity, one indicator of the vibrancy of a region’s innovation economy, in each of 18 technology areas.

The National Science Foundation announced 16 finalists for the first-ever NSF Regional Innovation Engines (NSF Engines) competition, spanning a range of key technology areas and societal and economic challenges highlighted in the "CHIPS and Science Act." The NSF Engines will link up with local and regional partners to expand innovation nationwide and create collaborative and inclusive technology-driven innovation ecosystems.

The lead organizations for the 16 teams are:

Arizona State University

Current Innovation, NFP (IL)

FUZEHUB, Inc. (NY)

A new fact sheet released today from the White House outlines three recent activities related to artificial intelligence.

Availability of a new data tool developed by the Bureau of Labor Statistics (BLS) indicates that during the period surrounding the onset of the COVID-19 pandemic, there was wide variation among the states on the ratio of unemployed persons per job opening.  Michigan peaked at 10.6 unemployed persons for each job opening, followed by Hawaii (10.3) and Nevada (10.2), far above most states, while others like D.C. (1.7) and Nebraska (2.1) and North Dakota (2.2) remained relatively unaffected.

College earnings premiums appear to be declining for the first time in decades and the value proposition of college is beginning to fade in the eyes of many, according to the Harvard Workforce Almanac. As education costs continue to skyrocket and student debt mounts, Americans are reconsidering whether college is truly worth the expense. One means of addressing the issue is to provide data to better inform decision-making.

A recent study published in the Journal of Higher Education reveals that a college graduate’s mix of funding sources may reflect when they were born and how likely they were to obtain a graduate degree.

The Indiana General Assembly recently passed three bills that have the potential to impact the workforce in the state. Two bills address college affordability while the third exempts active-duty military from paying individual state income tax.

The U.S. Environmental Protection Agency (EPA) recently launched two Notices of Funding Opportunity (NOFOs): the National Clean Investment Fund and the Clean Communities Investment Accelerator. The National Clean Investment fund provides $14 billion to provide accessible, affordable financing for tens of thousands of clean technology projects nationwide.

The U.S. Economic Development Administration has recently made multiple staff appointments for its national program offices. Cristina Killingsworth is now EDA’s deputy assistant secretary for policy and external Affairs, having formerly been chief of staff for the International Trade Administration.

It appears that innovation is contagious. Maps reveal that once there is a concentration of patents granted to inventors in one U.S. county, innovation starts to percolate in neighboring counties. And the phenomenon isn’t found only in established life sciences hubs like San Diego or Boston. SSTI observed this spillover effect in Washtenaw County, Michigan and Hennepin County, Minnesota, among other places. These data suggest that when a strong base is located, likely due to new companies and startups establishing themselves, innovation lays down its roots and spreads to other counties.

Last month, NIH came out with a policy statement that prohibits using generative AI to analyze or critique NIH grant applications and contract proposals.

Every year, inadequate childcare causes the US economy to take a $122B hit, according to a study by an economist at the University of Pennsylvania. This economic hit affects everyone—workers, businesses, and taxpayers. Parents lose income when they miss work to take care of a child. Businesses suffer from lower productivity when employees are absent.

The economies, the wellbeing, and the stories of the U.S. and China have become so intertwined and so interdependent that individuals not following global political-military-ideological studies might be excused for getting lost in the narrative, let alone following such a complex plot. There won’t be a simplifying explanation offered here, but there are a few new twists in the storyline SSTI wanted to share that may relate to the innovation investment, product development, and exit strategies for some parties within the TBED community. 

Despite the pandemic and accompanying global economic slowdown in 2020 and 2021, U.S. business spending on research and development (R&D) activities increased by nearly $65 billion (12%), rising from $538 billion in 2020 to $602 billion in 2021. This increase was led by a $61 billion, or 13% increase, in R&D paid for by the company, compared to a $3 billion, 5% increase, in R&D paid for by others.

In the absence of cohesive federal policies or regulations involving the growing development and use of artificial intelligence (AI), states’ governors and lawmakers are undertaking studies and crafting legislation that seeks to balance governance and implementation of this evolving technology. The studies and legislation are intended to protect constituents from AI’s possible harms without hindering potential uses or contributions of AI to government services or medical, science, business, and educational advancements.

SBA's Office of Investment and Innovation recently established the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) to serve as an independent source of information, advice, and recommendations to the Administrator on matters broadly related to the U.S. startup and small business innovation ecosystem. 

The committee will provide information and recommendations on how SBA can:

The Department of Defense recently awarded six Defense Manufacturing Community Support Program (DMCSP) grants totaling approximately $30 million from the Office of Local Defense Community Cooperation (OLDCC). The DMCSP invests long-term in critical skills, facilities, workforce development, research and development, and small business support to strengthen the national security innovation base.

The U.S. Department of Transportation (USDOT) is accepting applications for the second year of its Strengthening Mobility and Revolutionizing Transportation (SMART) Grants Program. The program will fund up to $500 million in grants over five years to conduct demonstration projects focused on advanced smart community technologies and systems that improve transportation efficiency and safety.