It won’t come to any surprise to Digest readers that there’s a connection between universities and economic prosperity. In addition to educating students and advancing science and technological innovation, the localized economic impact of institutions, alone, provides a buffer to economic swings for many mid-sized and smaller cities and college towns. How best to incorporate universities into regional tech-based economic development strategies without compromising core missions is an art not every community has mastered.

In his recent combined State of the State and budget address on March 7, Illinois Gov. Rod Blagojevich proposed the formation of the Illinois Community Assets Fund (ICAF), a $100 million venture designed to increase access to capital and financing to economically distressed communities and populations that have had inadequate access to mainstream capital markets within the state. The assets of ICAF would be contained within the State Treasury, and the Illinois Department of Commerce and Economic Opportunity (DCEO) would administer the fund.

Jay Tieber is the new president of the National Association of Seed and Venture Funds.

A pilot program meant to spur entrepreneurship with community involvement is set to begin in Torrington, Wy., in the next two months. A joint venture between the Goshen County School District, Eastern Wyoming College, and Goshen County Economic Development, the project, Planned Approach to Community Entrepreneurship (PACE), is designed to facilitate small businesses and help them achieve higher success rates.

West Virginia University’s plan to develop strong research capabilities in a number of focused areas, creating hundreds of new jobs, may be completed in half the time originally anticipated. Gov. Bob Wise announced last week a $24.4 million funding package to jump-start the implementation of new research facilities and laboratories on the WVU campus.

Implementation of the Global Grid Exchange, a state-sponsored open public computing grid in West Virginia, is underway. Hewlett Packard will provide the infrastructure technology that will power the grid, an initiative of the West Virginia High Technology Consortium (WVHTC) Foundation.

In its second attempt to distribute $225 million across the state to local economic development projects, after a lawsuit successfully challenged the initial selection process, the West Virginia Development office is poised to award nearly $47.5 million to directly benefit several technology-specific initiatives.

Robin Schabes, Chicago Mayor Richard Daley's special assistant for technology, has announced her resignation. Schabes staffed the Mayor's Council on Technology Advisors.

Speaking to a joint session of the House and Senate, Illinois Governor Rod Blagojevich recently presented his first budget, one that addresses a $5 billion budget crisis.

Wrapping up its 2003 session earlier this month, the West Virginia State Legislature passed three bills designed to help build a technology-based economy.

Several recent project announcements highlight communities using incubators and research parks, some of the tools for technology-based economic development, in specialized formats to capitalize on existing strengths and nurture additional growth of clusters of related tech firms. Such targeted approaches can help to focus other TBED activities for additional benefits.

Illinois Governor Rod Blagojevich has nominated Jack Lavin to run the newly named Department of Commerce and Economic Opportunity. The agency was formerly called the Department of Commerce and Community Affairs. Lavin was chief financial officer for Rezco Enterprises.

Hydrogen and fuel cell technologies in Illinois could produce sustainable economic growth and environmental benefits for years to come, suggests a report recently released by the Illinois Coalition. Prepared by the Illinois 2 H2 Partnership, The Hydrogen Highway: Illinois’ Path to a Sustainable Economy and Environment looks to establish the state as an international leader in the fuel cell industry.

The jury's still out on the appropriate role or effectiveness of most tax credits to encourage tech-based economic development (TBED), but most politicians and economic development practitioners believe their state is at a competitive disadvantage without at least a few breaks.

A new energy initiative in West Virginia, Energy Village, aims to help grow the state's small and start-up energy and environmental technology businesses. Gov. Bob Wise announced $125,000 in funding for the initiative on Monday.

The promise of high-wage jobs, increased business competitiveness and wealth creation makes the commercialization of university research a central element in the technology-based economic development strategies of many states, provinces and regions of North America.

The Chicago based Committee of 200, an organization of leading women in business, has named Diane Graham as its new chair.

In mid-September, Governor Rod R. Blagojevich unveiled a new approach to economic development in Illinois– regionalism. While several other states currently use or have explored a regionalized approach to delivering state economic development services, the concept is new for Illinois.

Approximately $350 million in grants recently awarded by one of the nation's leading biodefense research agencies are intended to lessen the effects of any future bioterror attack. Administered by the National Institute of Allergy and Infectious Diseases (NIAID), the funding will be spread over five years for establishing eight Regional Centers of Excellence for Biodefense and Emerging Infectious Diseases Research (RCEs).

The Charleston Gazette reports Ron Hatfield, director of jobs development for the West Virginia University Institute of Technology's Technology Research and Development Corp., will also serve as the new executive director of the Upper Kanawha Economic Development Corp.

Tucked in the fine print of Illinois' budget bills was language to merge seven financing agencies, according to the June 11 edition of The Bond Buyer. Among the agencies included in the merger are the Illinois Development Finance Authority, the Illinois Research Park Authority (inactive), the Illinois Community Development Authority and the Illinois Rural Bond Bank.

Illinois Governor Rod Blagojevich has appointed Julie Curry as deputy chief of staff for economic development and labor.

Midwest Angel Network Association Launched in Illinois

Patrick Rea recently was selected as administrator for the Small Business Administration's six-state region involving Indiana, Illinois, Michigan, Minnesota, Ohio and Wisconsin.

On Thursday, Illinois Governor George Ryan announced nearly $3 million in state grants for eight Illinois Technology Enterprise Corporation (ITEC) centers, quadrupling the number of ITECs. Funded by the Illinois Department of Commerce and Community Affairs (DCCA), the centers assist technology-based start-up businesses and serve as incubators for the new ventures.