States’ fiscal picture improves with growing economy
The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.
The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.
Most states ended their fiscal year with a surplus and continue to recover from the Great Recession, with a growing economy and job gains. However, they face continuing demands on their budgets, with expanded Medicaid payments and the growing opioid crisis confronting nearly every state. Such decisions affect the state’s ability to fund innovation efforts, from the amount of support available for higher education and STEM programs, to funding for entrepreneurship, and forging public private partnerships to strengthen innovation programming that the private sector cannot fully support.
Our analysis found that some states that rely on the energy sector to fund their spending priorities continue to struggle, while others are already factoring in anticipated revenues as a result of new Supreme Court rulings involving gaming and online sales tax collections.
Key ballot initiatives to impact state futures
SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.
Arizona
SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.
ARC announces $26.5M in POWER grants
The Appalachian Regional Commission (ARC) announced its latest round of grants for Partnerships for Opportunity and Workforce and Economic Revitalization (POWER).
The Appalachian Regional Commission (ARC) announced its latest round of grants for Partnerships for Opportunity and Workforce and Economic Revitalization (POWER). The 35 grants totaling $26.5 million support workforce training and education in manufacturing, technology, healthcare, and other industry sectors; invest in infrastructure enhancements to continue developing the region's tourism, entrepreneurial, and agriculture sectors; and, increase access to community-based capital, including impact-investing funds, venture capital, and angel investment streams. The awards are projected to create or retain over 5,400 jobs and leverage more than $193 million in private investment into 59 Appalachian counties.
A few of the awards (with SSTI members in boldface) are highlighted here:
Several states in play this election cycle for innovation initiatives, gubernatorial and legislative elections
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
State ballot initiatives
Colorado
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
Mississippi Technology Alliance Infusing S&T Mindset Via Tech Councils
Community buy-in to building a technology-based economy is vital for TBED success. Establishing a strong private sector commitment to science and technology can make a significant difference, particularly as elected officials are deciding what to cut or trim from the budget. TBED organizations use different approaches to get the buy-in. In states such as Massachusetts (see story in this Digest), the top-down direction from the Governor could provide the group critical access.
Florida State Using "Cluster Hiring" to Improve Research Standing
FSU hopes new hires will enhance reputation
The competition for the superstars of the research world is heating up, as more and more universities create programs to attract research faculty to their campuses. One of the most ambitious in the country is Florida State University's Pathways to Excellence program. FSU intends to hire 200 tenured or tenured-track professors within a five-year period, with the intention of transforming the quality of its Ph.D. programs.
Third Try's the Charm for $28M Momentum Mississippi
In its third special session of the year, Mississippi legislators passed House Bill 3, an economic development package of grants and loans for high-tech and existing industry, including Gov. Barbour’s Momentum Mississippi Initiative.
TBED People on the Move
Angie Dvorak is leaving her position as CEO of the Mississippi Technology Alliance to become vice president of research for the University of Southern Mississippi. The University saw a 25 percent increase in research funds last fiscal year, climbing to a record $62.6 million.
Tallahassee Compared with Nation's Largest MSAs in New Economy Index
The Center for Economic Forecasting and Analysis at Florida State University has completed a New Economy index for Tallahassee, showing how the Florida capital compares with 66 MSAs and, in a second analysis, a comparison of 20 Florida MSAs. Tallahassee ranks 11th among all MSAs assessed, a finding the authors suggest confirms "the city's economy has a number of very strong advantages."
Two U.S. Locales Named "Intelligent" Communities
Florida's High Tech Corridor and LaGrange, Georgia, have been named two of the world's top seven "intelligent" communities in a recent report by the Intelligent Community Forum (ICF), a project of the New York-based telecommunication group World Teleport Association.
People
Enterprise Florida has named Darrell Kelley as its new president and chief executive officer effective August 5. Kelley currently is the president of the defense-related technology incubator, MILCOM Technologies.
New Centers of Excellence Program Funded in Florida
Senate Bill 1844, signed by Governor Jeb Bush this week, provides $30 million to create Centers of Excellence and includes several other key elements of the Florida Technology Development Initiative, proposed by Governor Bush in his State of the State speech this year.
Incubators in the News
Florida Incubators Form Alliance to Expand Services
Mississippi Technology Alliance Releases Second Annual Innovation Index
The Mississippi Technology Alliance has released a second annual index focusing on the process of innovation, the links between innovation and technology-based economic development, and activities that government, academia and the private sector provide to support innovation and economic development.
Study Outlines Positive Impacts of Centers and Institutes In Florida
A recent study by the Council for Education Policy, Research and Improvement finds that State University System Centers and Institutes (C&Is) in Florida are cost-effective and creative settings for scientific discovery, technological innovation, policy development, teaching and instruction and public outreach activities.
People
The Florida Venture Forum named Robin Kovaleski as the first executive director for the organization.
Recent VC Developments in the States…
The availability and use of equity capital for early-stage investments varies greatly across the country. Seen as an integral component of most tech-based economic development, access to venture capital (VC) is on the agendas of several states — but several different approaches are used to address the problem. Recent announcements in four states illustrate the point:
People
Rod Casto was recently appointed to the position of Associate Vice President for Economic Development in the University of South Florida's Office of Research. Mark Laurenzo also has been named the new Deputy Director of the Division of Patents and Licensing in the USF office.
People
The director of the Nebraska Department of Economic Development, Al Wenstrand, is leaving to become executive director of the Florida's Great Northwest, an economic development agency serving the Florida Panhandle.
Florida Governor Requests $630M for TBED, Other ED
With state revenues posting a surplus, Florida Gov. Jeb Bush used his 2006-07 budget proposal to make his largest request yet to support efforts to diversify the state's economy through technology-based economic development (TBED). In total, the budget provides $630 million for several new research-focused initiatives, business recruitment funds, and other economic development programs.
People
U.S. Navy Rear Admiral Thomas Q. Donaldson, V has been appointed Director of the John C. Stennis Space Center (SSC), effective Jan. 5, 2004.
Florida Enters Biotech Race with $510M Scripps Inducement
With a $310 million commitment passed by the state legislature and as much as $200 million in additional support from the county government, the California-based Scripps Research Institute has agreed to locate its first branch or satellite office in northwest Palm Beach County, Fla. In return for the financial support, Scripps is to work toward employing as many as 545 workers on the site by 2011.
People
Tony Jeff has been selected to serve as executive director of the Manufacturing Extension Partnership of Mississippi.
People
Tony Jeff is the new executive director of the Manufacturing Extension Partnership of Mississippi.
People
Ray Gilley, president of Metro Orlando Economic Development Commission, has been appointed chairman of Workforce Florida.