Georgia Research Alliance Seeks $40M Dedicated VC Fund
Georgia Gov. Sonny Perdue this month proposed a new $40 million Georgia Research Alliance (GRA) Venture Capital Fund to be fueled by $10 million from the state legislature and subsequently matched with $30 million from the private sector. Of the entire suite of GRA initiatives, this will be the first program not funded entirely by the state of Georgia.
Tech Talkin’ Govs, Part IV
The fourth installment of the Tech Talkin’ Govs series includes excerpts from governors’ speeches delivered in Georgia, Kentucky, Massachusetts, Michigan, Tennessee, and Wisconsin.
Georgia – see article in this issue of the Digest.
Kentucky
Gov. Steve Beshear, State Budget Address, Jan. 29, 2008
SSTI Job Corner
A complete description of this opportunity and others is available at http://www.ssti.org/posting.htm.
Lawmakers Approve Funding for TBED Initiatives in State Budgets
Three states recently wrapped up their 2008 legislative sessions, resulting in the passage of operating and capital budgets for the upcoming fiscal year. State lawmakers approved funding for new and existing TBED initiatives aimed at diversifying the states' economies through increased investments in energy programs, higher education research initiatives and science, technology, engineering and mathematics (STEM) fields.
South Dakota
South Dakota Changes Tactics in the Battle for High-Tech Jobs
South Dakota recently announced it is reorganizing its programs to support entrepreneurs and high-tech start-ups. Instead of offering assistance to new firms through small, targeted programs, the state will reallocate the funding for these smaller programs into a larger fund with fewer restrictions on how that money can be spent. The change will allow the state greater leeway to assist expanding businesses, many of which were not eligible for the existing support programs.
People
Mel Ustad, current interim vice president for research at the University of South Dakota, is the new director of the state's first Office of Commercialization.
South Dakota Creates Office of Commercialization
To fulfill a goal within the state's 2010 Initiative of becoming a recognized leader in research and technology development, the South Dakota Department of Tourism and State Development will operate an Office of Commercialization under the direction of Mel Ustad, current Interim Vice President for Research at the University of South Dakota.
People
The Georgia Biomedical Partnership named Charles Craig as its new president.
People
Jafar Karim is the new director of the Governor's Office of Economic Development in South Dakota.
People & TBED Organizations
Dr. Donald Colbert is the new executive director of the Augusta BioBusiness Center and Georgia Medical Authority. Colbert replaces Lenie Roos-Gabridge, who retired in July.
People & TBED Organizations
The Georgia Biomedical Partnership has become Georgia Bio, The Life Sciences Partnership.
Iowa Charts 10-year, $302M Biosciences Plan
A recent study completed for Iowa calls for continued investment in the biosciences - a 10-year, $302 million plan - to grow the industry and to create new job opportunities for the state.
South Dakota Dedicates $2.8M to University Research Centers
Gov. Mike Rounds announced last week the creation of four new specialized research centers at the state's public universities. The $2.8 million in awards mark South Dakota's first foray into using university-based research investments as a tool to grow the state's economy, the governor said.
The four 2010 Research Centers are:
Georgia Tech’s $5M Tennenbaum Institute to Focus on Enterprise Transformation
For most people in the business sector and economic development field, perhaps, the word "innovation" is quickly associated with tech start-ups and entrepreneurial businesses. The new Tennebaum Institute at Georgia Tech, opened last month with a $5 million donation from school alumnus Michael Tennebaum, is hoping to change that.
People
Gov. Mike Rounds announced Steve Zellmer will replace Dave Snyder, who resigned his position as board member for the South Dakota Science and Technology Authority. Zellmer previously served as Commissioner, Bureau of Finance and Management and Secretary of Revenue in Pierre.
People
Mark Benedetto, president of the University of Sioux Falls, has been elected chairman of the Sioux Falls Area Chamber of Commerce.
People
The South Dakota School of Mines and Technology has named Dr. Gautam Pillay to the new position of vice president for research. Pillay was executive director of the Inland Northwest Research Alliance.
People
Tino Mantella has been appointed president of the Technology Association of Georgia, a nonprofit organization that focuses on promotion and economic advancement of the state's technology industry.
People
C. Michael Cassidy, president of the Georgia Research Alliance, has been appointed to the governing board of the Biotechnology Industry Organization.
People
Blair Carnahan will be the first director of the new Columbus Regional Technology Center in Columbus, Ga. The new facility will house an incubator, the Columbus Georgia Tech regional office and the Columbus office of the Small Business Development Center.
ISU's Research Park Provides Economic Boon to Iowa
A recent study by Iowa State University researcher David Swenson suggests the ISU Research Park's substantial and diverse economic activity bolsters Iowa's economy. Focusing on current tenants, Swenson's research shows that the park links directly to almost $88 million in total industrial output. Businesses that provide goods and services to park customers and employees are said to generate an additional $46.3 million in economic activity.
SBIC Bill Could Have $200M Impact on VC Availability
U.S. Senator Olympia Snow (R-Maine) recently introduced a bill to boost the flow of venture capital to small businesses by allowing tax-exempt entities, such as pension funds and university endowment funds, to invest in Small Business Investment Companies (SBIC) without incurring unrelated business taxable income.
Georgia's Rural Divide Program Threatened in Budget Battle
The FY 2004 budget passed by the Georgia Senate last week eliminates all $32 million the House approved for the OneGeorgia Authority, the state's loan and grant program targeting rural tech-based and traditional economic development. Created in 2000, the OneGeorgia Authority was anticipated to spend $1.6 billion over 25 years (one-third of the state's tobacco settlement funds) to assist the state's most economically challenged areas based on unemployment and poverty rates.
People
South Dakota Governor Mike Rounds announced Friday that John Calvin has been named Secretary for the Department of Tourism and State Development. The newly formed department combines the Governor’s Office of Economic Development, Department of Tourism, Office of Tribal Relations, Division of Cultural Affairs, and the South Dakota Housing Development Authority.
$50M Biotech Initiative Proposed for Iowa
Governor Tom Vilsack has announced a plan to invest $50 million into the creation of a life sciences initiative to help establish Iowa as a leader in the life sciences. Developed with the Regents Universities, Iowa Business Council and leaders in Iowa's biotechnology industry, the biotech plan's success hinges on a three-part strategy: