R&D Tax Credits in Many States Seek to Help Business Development, Innovation
A number of states recently have taken action to expand R&D tax credits and other legislation that would support innovation, commercialization and manufacturing. Hawaii, California, Maryland, Texas, and Florida have signed into law tax incentives and R&D tax credits and an R&D tax credit in New Hampshire went into effect. The Maine legislature also passed a capital tax credit that will begin in 2014.
States Target Research, Commercialization for Economic Growth
A continued trend toward improved fiscal conditions gave rise to targeted and riskier investments in research for several states this legislative session. In particular, lawmakers dedicated funds for life sciences research and for initiatives aimed at commercialization through partnerships with higher education and the private sector. Other states dedicated additional funds to expand promising research and technology-focused initiatives already underway.
TBED People & Orgs
Betsy Biemann, who has served as president of the Maine Technology Institute since 2005 has resigned. Joe Migliaccio, manager of MTI's Business Innovation Program, is serving as interim president.
Indiana Gov. Mitch Daniels has been named the next president of Purdue University. Daniels will become the 12th president in Purdue's 143-year history in January at the end of his second term as governor.
TBED People & Orgs
Caren Franzini, the CEO of the New Jersey Economic Development Authority, stepped down after leading the agency for 21 years. Michele Brown, Gov. Chris Christie's appointments counsel, will take over as CEO.
Maryland Gov's Agenda Seeks to Advance Tech Commercialization
Building on the momentum of the InvestMaryland initiative passed last session, Gov. Martin O'Malley unveiled a joint venture between the state, federal research labs and academic institutions to accelerate technology commercialization. Under the Maryland Innovation Initiative, participating universities would pay a fee of $250,000 each year and, when leveraged with state funds and private donations, a pool of money would be used to award grants to startup companies seeking to advance research from Maryland labs.
Mid-Session Update on State TBED Proposals
As many states near the mid-point of their 2012 legislative sessions, we thought it would be a good time to take a look at some of the bills advancing in statehouses that could impact states' efforts to improve economic conditions. Several states are seeking to advance access to capital initiatives as they continue to struggle with declining revenue and tight credit restrictions. The following overview provides a sampling of TBED bills supporting access to capital, R&D enhancements and higher education standards.
Providing Access to Capital
Abell Foundation, TEDCO Launch $3.3 Million Angel Fund Targeted at Baltimore's Startups
The Abell Foundation and Maryland Technology Development Company (TEDCO) announced the Propel Baltimore Fund — a $3.3 million angel investment fund targeted at startups and entrepreneurs in Baltimore. The fund will invest in technology companies with innovation-focused business plans that are located in Baltimore or are willing to relocate to the city. Initial investments will be between $50,000 and $100,000 (maximum investment of $220,000 per company). Propel investments will require a 50 percent match from outside investors. Read the press release.
People On The Move & TBED Organization Updates
Ted McAleer has resigned as executive director of USTAR. Also Gary Herbert has announced the appointment of former Lt. Gov. Greg Bell as chair of the USTAR Governing Authority. Bell, now president and CEO of the Utah Hospital Association, takes the place of outgoing chair Dinesh Patel.
Job Corner and TBED People
The Department of Commerce, National Institute of Standards and Technology is seeking applications for the director, Technology Innovation Program. This position is perfect for you if you are ready for a challenge and are committed to making significant improvements in the operations of one of the world's premier research and science organizations. NIST is located in Gaithersburg, Montgomery County, MD.
TBED People & Orgs
Pamela Goldberg has been appointed as the executive director of the Massachusetts Technology Collaborative. Currently, Goldberg serves as director of entrepreneurial leadership at Tufts University.
NSF Awards $27.5M for Social-Environmental Research Center
The National Science Foundation (NSF) has announced a $27.5 million, five-year grant to the University of Maryland for a multi-disciplinary research center focused on the interplay of human activity and healthy ecosystems. The grant is the largest ever received by the university and will provide funds for research in environmental sciences, public policy, engineering, computer science and economics.
Three High-Tech Tax Credits Expanded in Maryland Gov’s Budget
Gov. Martin O’Malley’s FY15 budget includes increased funding for the state’s biotech tax credit, cyber tax credit and R&D tax credit, and provides level funds to continue longstanding tech-based and workforce initiatives.
Maryland’s first State of the Economy report finds almost a decade of stalled economic and population growth
Last week (Jan. 3), Maryland’s state comptroller released the state’s first State of the Economy report.
Tech Talkin’ Govs 2018, part 2: AL, CO, GA, IN, KS, NE, SD, WA focus on education, workforce
SSTI’s Tech Talkin’ Govs feature returns as governors across the country roll out their state of the state addresses. We review each speech for comments relevant to the innovation economy, and bring you their words directly from their addresses. In this second installment, we present excerpts from governors in Alabama, Colorado, Georgia, Indiana, Kansas, Nebraska, South Dakota and Washington.
SSTI’s Tech Talkin’ Govs feature returns as governors across the country roll out their state of the state addresses. We review each speech for comments relevant to the innovation economy, and bring you their words directly from their addresses. In this second installment, we present excerpts from governors in Alabama, Colorado, Georgia, Indiana, Kansas, Nebraska, South Dakota and Washington.
Workforce development and/or apprenticeship programs receive attention in all of the below excerpts. The Alabama governor said she is seeking an additional $50 million for higher education, while the Georgia governor talked about reorganizing their technical college system. In Indiana the governor is challenging the state economic development department to create thousands of new jobs and said in the first quarter the state will begin to make strategic investments to build and support more innovation and entrepreneurship through the already established $250 million Next Level Indiana Trust Fund.
Is the future of work a four-day workweek?
The idea of changing the 40 hour workweek standard has been floated for decades, and more frequently discussed in recent years as companies confront pandemic-related stress, burnout and the “Great Resignation.” But, even as some smaller U.S. companies (mostly in tech) have moved toward offering a shorter workweek, the idea has not become mainstream, despite some states’ best efforts.
Montgomery County, MD launches first county-based SBIR/STTR-match program
Although SBIR/STTR matching programs have existed at the state and regional levels for years, Montgomery County, Maryland, recently launched the country’s first county-based match program. The county council overwhelmingly approved the program, which will target Montgomery County-based small businesses receiving Phase I or Phase II SBIR/STTR grants through the National Institutes of Health (NIH), whose main offices are also within the county.
Maryland Gov. proposes $56 million for Opportunity Zone programs
Maryland Governor Larry Hogan’s FY 2020 budget proposal includes $56.5 million in new funding to attract businesses to Opportunity Zones. Other new innovation funding would support manufacturer hiring credits and a seed fund for minority entrepreneurs. Under the governor’s proposal, TEDCO, the state’s primary innovation agency, would see its spending increase from $27 million to $45 million.
Tech Talkin’ Govs, part 3: Economic development, broadband, education and climate change driving governors’ innovation agendas
This week, we see broadband investment in Indiana; education initiatives that begin with pre-K and extend beyond high school in a number of states; lifelong learning approaches; apprenticeships; climate change and green energy initiatives in Nevada and Washington; and more on governors’ agendas. As governors across the country continue to deliver their state of the state addresses to their legislatures and constituents, SSTI monitors the speeches for news of innovation related initiatives.
Tech Talkin’ Govs part 5: Tax incentives, clean energy, help for higher ed strike note in governors' addresses
More than half of the governors have now delivered their state of the state addresses, and TBED initiatives continue to play a prominent role in their plans. Higher ed’s affordability and/or role in the workforce are concerns in Montana, South Carolina, Utah and Vermont. Maryland is looking at clean energy and higher education. Utah is also grappling with burgeoning growth while Vermont considers measures to increase its workforce.
Universities launch incubators, accelerators and funds in 2019
Universities frequently play an integral role in providing activities, research, and products that positively affect or support local, regional, state and national economic development or strategic goals. In higher-education’s efforts to align its participation in innovation and entrepreneurship systems, universities’ incubators, accelerators and fund programs are essential in assisting their faculty, staff, or students in the services and support needed to create startups, bring products to market, or provide critically needed funding.
Manufacturing wage growth supporting Appalachian economy
Earnings for Appalachian manufacturing workers grew 3.4 percent from 2012 through 2017 to an average of $63,583. The growth is in the Appalachian Regional Commission’s Industrial Make-up of the Appalachian Region, 2002-2017, which reviews employment and wages by sector across the region. Appalachian workers overall saw earnings increase by 3.7 percent over the five years.
States aim to drive growth with new economic development, energy plans
A trio of plans focused on economic development at the state level were released this month. Noting that it is at an economic crossroads and facing serious challenges, Maine’s Department of Economic and Community Development has issued a new 10-year economic development strategy for the state. Massachusetts has also proposed a new economic development plan, focusing on four key areas, while a new report in Maryland is targeting clean energy as an opportunity for the state to invest in the future.
Maine’s plan
States with new university-industry partnerships & research capacity activities work to strengthen economies and talent pipelines
Research universities and their partnerships with industry, including an institution’s research capacity, are important elements to building a state’s economy as well as the national economy and talent pipeline and workforce.
Tech Talkin’ Govs 2020: AL, CT, MD, OK, PA, TN, WY look to education, workforce and energy initiatives
With nearly 40 of the state governors now having given a state of the state or budget address, innovation themes continue to echo in their reviews of past accomplishments and plans for the coming year.
Workforce development key to state economic development initiatives
A report on employment trends from hiring firm Robert Half found that 2020 presents greater challenges for employers looking to expand their workforce as the country’s labor market is near full employment and job openings remain at high levels.