Colorado, Tech Partners to Launch $150M VC Fund
Investing money from the state's pension fund, Colorado will partner with local CEOs and technology companies to create a $150 million VC fund to help get local tech startups off the ground, according to multiple news sources. The fund, expected to launch by summer, would be run by a consortium of business leaders who would contribute around $10 million each, while the state would be the largest LP, contributing money from pension funds, according to an article in TechCrunch. Colorado's fund would focus purely on tech and span all stages of funding, the article states.
TBED People and Orgs
Chris Coburn, the founding executive director of Cleveland Clinic Innovations, is leaving at the end of May to join Boston-based Partners Healthcare, the largest healthcare system in Massachusetts.
Mary Jo White has been confirmed by the Senate as the new head of the Securities and Exchange Commission.
CO Legislature Approves Grant Program for Advanced Industry Development
This week, Colorado legislators approved the launch of an advanced industries acceleration program that would provide grants for proof-of-concept, early stage capital and retention, and infrastructure. HB 13-1001 would create the program, which would make $150,000 to $500,000 awards to support commercialization in key industries.
Colorado Excels in Attracting Educated Workers, According to New Index
In comparison to most of its peer states, Colorado's workforce excels in educational attainment and entrepreneurship, according to the first Colorado Innovation Index. The index, published by the Colorado Innovation Network, evaluates Colorado's economy in relation to seven benchmark states, including Arizona, California, Massachusetts, New York, North Carolina, Texas and Utah. Only Massachusetts had a higher percentage of Bachelor's degree holders in its workforce, and only Massachusetts and New York had a higher percentage of graduate degree holders.
EDA Awards $3M to Three Cities for Economic Development Planning
The Department of Commerce announced the winners of the Strong Cities, Strong Communities (SC2) Challenge, the Economic Development Administration-led competition seeking to help cities and regions develop a comprehensive economic development strategy. Greensboro, North Carolina, Hartford, Connecticut, and Las Vegas, Nevada each were awarded $1 million to assist in the refinement and implementation of their respective plans.
TBED People and Job Opportunities
Maria Haley, the executive director of the Arkansas Economic Development Commission passed way Sept. 13 after suffering a brain aneurysm.
The U.S. Commerce Department's Economic Development Administration announced Matthew Erskine will join the agency as the U.S. deputy assistant secretary of Commerce for Economic Development and chief operations officer.
Governors' Races and Ballot Preview 2011
In what is considered typical for an odd-numbered year, only 34 questions have been certified in nine statewide ballots this election year. Some of those measures include redirecting funds to support higher education, revenue enhancements for states, and repealing legislation that limits collective bargaining for public employees.
Ballot Initiatives
Seven States Selected to Identify, Implement Strategies for Enhancing Manufacturing
A newly established policy academy providing guidance and technical assistance will help seven states improve their environment for innovation and align state R&D investments, workforce development and education systems with current and future needs of advanced manufacturing industries. The policy academy will help each state develop a plan or overcome barriers for putting a plan into action through a highly interactive team-based process that includes input from NGA, MEP, EDA, SSTI, private sector consultants, and research organizations.
TBED People & Orgs
Jeffrey Brancato has recently joined NorTech as vice president. Prior to joining NorTech, Brancato was the associate vice president for Economic Development at the University of Massachusetts.
Randal Charlton has announced his retirement as executive director of TechTown, the Wayne State University research and technology park. Leslie Smith, the general manager of TechTown has been appointed to fill the position beginning Nov. 1.
Election Results: Higher Ed Financing Measures Pass in LA, TX
Louisiana and Texas voters approved measures to provide funding sources for student loans while voters in Colorado rejected a measure that would have temporarily increased taxes to offset cuts for public schools and colleges. Meanwhile, Ohio voters repealed a bill passed earlier this year limiting collective-bargaining rights of state employees. Official results are outlined below:
CO Governor Accelerates Regional Jobs Plan, Calls for More Economic Development Funds
Just three months after unveiling a statewide regional economic development plan, Gov. John Hickenlooper released a new version of the document that speeds up timelines and adds more specific measurable outcomes to the plan's 24 job creation strategies. The governor also submitted a budget proposal for FY13 that calls for additional funds to help the Economic Development Commission attract high-wage jobs and support initiatives that address distinct market barriers in the energy sector.
Nevada Economic Development Agenda Seeks to Capitalize on Clusters, Regionalism
To leverage the state's opportunities, Nevada needs to upgrade its diffuse economic development system to empower its regions more fully and set a statewide platform for new growth, finds a report commissioned by the state. Building on legislation passed earlier this year to reorganize and elevate the importance of the state's economic development activities, the report calls on the state to unify its operating system for 21st century economic development, support smart sector strategies in the regions, and set a platform for higher-value growth through innovation and global engagement.
STEM Education, Skilled Workforce Programs Popular Among State Budget Proposals
This week, governor’s in eight states released their budget proposals. Balanced budgets and fiscal austerity were undoubtedly emphasized by the governors, yet funding for STEM education and workforce development initiatives were increasingly popular.
Intrastate Crowdfunding Moves Forward in Five States
Even after equity crowdfunding reached a milestone earlier this month with new Securities Exchange Commission proposed rule changes, state legislatures across the country continue to pass intrastate crowdfunding bills.
State Budget Roundup: IN Legislators Approve Funding for Regional Cities Initiative
Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many state legislatures have begun approving budgets, the Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Alaska, Colorado and Indiana.
TBED Issues Considered in State Budgets
As new and supplemental state budgets are being proposed, SSTI is monitoring the proposals and will report on developments impacting prosperity through science, technology, innovation and entrepreneurship. The first budgets released – from Colorado, Mississippi, Oregon and Wyoming – represent a mixed bag with new initiatives proposed in three states and program elimination in the fourth.
Universities Seek External Funds for Big Data R&D Centers
The big data technology and services market is expected to grow at a compound annual rate of 23.1 percent over the 2014-2019 forecast period, with annual spending projected to reach$48.6 billion in 2019, according to a 2015 study from IDC – a market research firm. Hoping to leverage this exponential growth into research and economic development opportunity, several universities are fund raising to establish new big data R&D Centers in the communities they serve.
Tech Talkin’ Govs, Part II: CO, GA, SC, VA, WA, WY focus on tech needs, education, more
More governors delivered their state of the state addresses and this week we bring you TBED news from governors around the country. Areas of focus include tech infrastructure needs, diversifying economies, cybersecurity and education. While some governors are giving their inaugural addresses, Gov. Nikki Haley used her time to bid farewell. Following are excerpts from the past week’s addresses.
Tech Talkin’ Govs, Part III: AK, IN, MI, NM, NV, RI talk feature education, workforce initiatives
SSTI’s latest Tech Talkin’ Govs installment excerpts TBED highlights from governors’ speeches in Alaska, Indiana, Michigan, New Mexico, Nevada and Rhode Island. Education and workforce are focal points in this latest round of the state of the state addresses, as they have been in the two previous posts. Varying issues are factored into the speeches, from the $3 billion fiscal gap in Alaska to the proposed free college tuition in Rhode Island.
Alaska
TBED funding to increase in some state budgets, cut in others; CA, HI, MN, NV, ND, RI
SSTI has reviewed another mix of state budgets as governors across the country continue to release their proposals. Some states, like California and North Dakota, are seeing cuts in the amount of money designated for TBED-related work, while others like Minnesota are in a more favorable fiscal situation and continue to fund such initiatives. Still others, like Rhode Island, are proposing new initiatives.
State grants, partnerships focus on workforce needs in several states
Noting a growing need for additional education to meet workforce needs, several states have announced programs focusing on education and workforce needs, channeling state funding to grants that will focus on aligning learning opportunities with business and industry needs, or creating new initiatives in the private sector. Reaching a higher educational attainment among a greater percentage of the workforce by 2025 is also a goal set by several of the states.
Nine states explore science policy fellowships
After training nearly 80 PhD scientists and engineers in the craft of policy making, the California Council on Science and Technology (CCST) has awarded planning grants to nine other states to evaluate the potential to create a policy fellowship for scientists and engineers in their state capital. The new one-year grant, which is administered by CCST and funded by the Gordon and Betty Moore Foundation and the Simons Foundation, will support teams in Alaska, Colorado, Connecticut, Idaho, Massachusetts, Michigan, New Jersey, North Carolina, and Washington as they work on feasibility studies and other strategic steps toward creating science fellowships in their state policy arenas.
CO, MN, NM, OK state budgets take hit in innovation funding
As governors and state legislatures continue their negotiations over state budgets, SSTI has reviewed the latest to be signed. The process has proved difficult in more than a few states, with New Mexico having to overcome several stalemates and still facing shortages while in Oklahoma three-fourths of the state agencies are seeing decreased funding due to the state’s $900 million shortfall.
Startup Colorado Launches $200K Fund to Support Entrepreneurship Events
Startup Colorado recently announced the launch of a new $200,000 fund to support events that strengthen the entrepreneurial communities across Colorado. The organization will issue grants to Colorado organizations planning events, seminars and contests that bring together startup communities, particularly those in the Denver-Boulder region, Colorado Springs and Fort Collins, according to the Denver Business Journal.
Branding Innovation Takes off in Cities, States
Typically, marketing efforts for cities and states encompass the promotion of a variety of desirable qualities to attract businesses and creative talent. Lately, it seems the title of Chief Innovation Officer has picked up steam in localities and across states as leaders seek to brand their region as “the” place for innovation. Take Colorado, for example, where last week Gov.