A recently released report finds evidence that Canada’s tech sector – when properly defined – plays an important role in the nation’s economy. In The State of Canada’s Tech Sector, authors Creig Lamb and Matthew Seddon develop a definition of the tech sector based on those industries employing an oversized share of technology occupations. Ultimately, they suggest that the sector is responsible for $117 billion (88.9 billion USD) in economic output, roughly on par with finance and insurance and construction as a percent of total GDP (7.1 percent).

Around the world, accelerator programs continue to multiply, prompting the need for continued research on what they are, how they operate, and how they can be evaluated. The Global Accelerator Report 2015, recently released by Gust and Fundacity, highlights the global development of the accelerator industry and includes details on how accelerators are funded and insights into the industry’s future.

Many states across the country already have, or will soon have, signed budgets ready for the 2017 fiscal year.  Over the past few months, SSTI has examined gubernatorial addresses and proposed budgets for a preview of technology-based economic development spending in the coming year. This week, we take a look at what initiatives and spending levels survived spending negotiations in New York, South Dakota, Wyoming.

One of the recurring characteristics of entrepreneurs, based on numerous biographies and case studies, is a driven self-confidence that may border, in some circles, as excessive or even narcissistic. Closer scrutiny, of course, shows there is no such thing as the “self-made” person, but entrepreneurship still is described often as a heroic, lone-wolf quest. Is it paradoxical to advocate for and even expect mentoring and “how to” entrepreneurship training to work? Wouldn’t “real” entrepreneurs leading promising startups succeed without the advice? A recent working paper describes an experiment that attempted to address this issue.

New Canadian Prime Minister Justin Trudeau released his administration’s 2016 proposed budget last week which, if passed, would allocate significant funds to scientific research and technology-based economic development.

Australian Prime Minister Malcolm Turnbull announced a suite of new policies and investments aimed at catalyzing the nation’s economy through science, innovation and entrepreneurship. The National Innovation and Science Plan would fund university research, invest in K-12 and university STEM programs, limit the financial risks of entrepreneurship, invest in technology commercialization programs, and introduce a new class of visa for entrepreneurs. The changes would also enable equity-based crowdfunding and provide tax credits for early stage investment.

New York Gov. Andrew Cuomo announced $2.25 billion in economic and community development awards as part of the fifth installment of the state’s Regional Economic Development Council (REDC) Initiative. Of this total, $1.5 billion over the next five years will go to the three regions (Central New York, Finger Lakes, and the Southern Tier) that were selected as the winners of the Upstate Revitalization Initiative.

The Research Foundation for State University of New York (SUNY) is seeking feedback regarding the translation of SUNY research and innovation into meaningful startup company formation, acceleration and growth through targeted venture investing. In particular, the foundation seeks ideas on how SUNY could connect research experts to entrepreneurial leaders, advisors, or mentors in order to build upon emerging industry sector strengths.

In an effort to increase the proliferation and participation of venture capital firms across the 28-nation European Union, changes are needed at the institutional level, according to the capital markets union plan unveiled last month.

Across the globe, the proliferation of innovation-led economic development is typically viewed in an urban context. Despite cities receiving the bulk of the attention, researchers have begun to focus on how to leverage best practices in rural economic development. Just as is the case in nearly all economic development scenarios, practitioners and policymakers working in rural areas benefit from a better understanding of local strengths and opportunities, according to new research from the United States, Canada, and the European Union.

Over 150 heads of state met in Paris this week, the largest group of leaders ever to attend a UN event in a single day, to address global climate change and the need for policies and technologies that will set the world on the path to a low-carbon, climate resilient future.

The Growth Dashboard, an annual report released by the Enterprise Research Centre, a policy advisory group with researchers from five United Kingdom business schools, and the government’s Business Growth Service, serves as a source of evidence to inform discussions on the country’s business support priorities.

Vice President Joe Biden announced that the Research Foundation for the State University of New York will receive a $110 million federal grant from the U.S. Air Force Research Laboratory to lead the American Institute for Manufacturing Integrated Photonics (AIM-Photonics). The Department of Defense-funded grant will be supplemented by a $250 million investment from the state of New York with additional funding commitments from public and private partners expected to exceed $245 million over the next five years.

This week marked the launch of New York Ventures, an Empire State Development program dedicated to encouraging innovation and fueling economic growth in communities across New York. The program is derived of three separate funds: the $100 million New York State Innovation Venture Capital Fund; the $45 million Innovative NY Fund; and, the $2 million Minority- and Women-Owned Business Investment Fund. As part of the New York Ventures launch, Empire State Development also announced the NYS Innovation Venture Capital Fund’s close on financing for two New York-based tech companies.

The Canadian Securities Administrators (CSA) announced that securities regulators in five Canadian Provinces have agreed to CSA Notice 45-316 – a common set of rules that will allow startups to raise up to $500,000 CD (approximately $401,600 USD) per year from unaccredited investors via authorized Canadian-based funding portals.

Uber and the City of London are among the growing number of backers of a nearly driver-free world. Proponents of autonomous vehicles contend that they will lead to large cost savings for both consumers and transportation organizations while delivering a faster, more efficient transportation experience. However, there are still major strides to be made before the technology can be safely deployed in real world settings. Several U.S.

New York Gov. Andrew Cuomo announced the next steps of his administration’s Nano Utica initiative, an effort to revitalize the Mohawk Valley regional economy through nanotechnology innovation.

With the start of the new year, many governors around the country have begun laying out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Idaho, Iowa and New York.

New York Gov. Andrew Cuomo recently announced the fourth round of regional economic development grants to support tailored approaches to job creation in different areas of the state. The $709.2 million in awards are part of the state’s ongoing Regional Economic Development Council (REDC) initiative begun in 2011. Regional strategies have long been a key component of state development policy, enabling policymakers to encourage institutional partnerships with a focus on the specific needs of local economies.