In support of Gov. Martin O'Malley's Bio 2020 Initiative, lawmakers increased funding for stem cell research and provided $8 million in tax credits for biotechnology investments in the FY12 budget approved last month. Lawmakers also passed a bill providing a two-year eligibility extension for companies using the biotech tax credit and allocated $2.4 million to fund nanobiotechnology projects.

Recent court decisions regarding high-speed Internet competition and net neutrality have put U.S. broadband competitiveness on uncertain terrain. Despite two decades of publically supported high-speed data infrastructure efforts, many rural areas still lack access and even densely populated areas remain underserved.  New statewide efforts in Kentucky, Minnesota and Iowa have been announced to improve broadband services and boost economic competitiveness. In addition, Google has announced that it will expand its ultra-fast fiber services to nine more cities across the country.

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.

Businesses that received Kentucky incentives reported creating 55,173 jobs between 2001 and 2010, according to a report from the Anderson Economic Group (AEG). In addition, each year approximately 33,000 jobs were maintained due to the incentives. In 2010, the gross cost to the commonwealth was $140 million and averaged $3,330 per job per year between 2001 and 2010.

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.

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.

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

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.

Now in its 14th year, SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2014 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses. The first edition includes excerpts from speeches delivered in Idaho, Kentucky, New York, Virginia, and West Virginia.

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.

Angel capital has long played a vital role in state and regional innovation economies, but recent trends in investment capital have pushed angel investment to the fore. As the supply of seed stage venture capital declines in many parts of the country, angels have stepped in to bridge early stage funding gaps for technology startups. Many states have stepped up their efforts to attract and incentivize angel investment. Recent initiatives in Minnesota, Florida, Kentucky and West Virginia seek to book seed and early stage capital by working with angel investors.

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.

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.

From undertaking a joint regional initiative to improve two cities' competitiveness in advanced manufacturing to launching an effort for engaging venture capital companies and bringing in top university students to showcase area opportunities, mayors in Lexington and Louisville, Boston and Chicago recognize the value in promoting their cities as top destinations for growing tech-based economies. While each of the three recent announcements detailed below target different sectors of the innovation economy, they share the same mission of making their region more desirable for startups.

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.

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.