MI, NH, TX Universities Redesign Commercialization, Economic Development Programs
Because universities are increasingly seen as hubs for regional economic development, many institutions are reorganizing their business engagement efforts to eliminate the barriers between universities and the innovation community. Recently, the University of New Hampshire, the University of Michigan Medical School and the University of Texas at Arlington all announced plans to streamline and redesign their innovation services, aiming to increase their contribution to regional job and business creation.
Workforce Training Takes Central Role in DE, KY, MA Budget Proposals
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 Delaware, Kentucky and Massachusetts.
Michigan’s University Research Corridor Generates $17.5B in Economic Impact
Although universities are often pitted against each other in athletic events or competitions for state funding, one area in which they have increasingly been able to collaborate is in research and development. Modeled after the hugely successful Research Triangle in North Carolina, the University Research Corridor (URC), an alliance of Michigan’s three largest higher education institutions – Michigan State University, the University of Michigan, and Wayne State University – was established by the state in 2007 with the goal of accelerating statewide economic development.
Huntington Bank Commits $25M for Comprehensive Economic Development Programming in Flint
As the water crisis in Flint, MI, continues to capture headlines, details on potential relief efforts are beginning to emerge. In January, President Obama granted $5 million in emergency funding to address the crisis, while the state has approved $67 million in funding since October.
IL, MI Report Significant Uptick in University Economic Impact
Illinois and Michigan are among the few states that support regular comprehensive examinations of the role higher education plays in the overall innovation economy. Organizations in both states recently completed studies on university-generated entrepreneurship, licensing, investment and employment, finding a steady rise in university economic impact over the past five years. In both cases, the increase in university impact was linked to an expanding university role in supporting entrepreneurs and researchers.
KY, NH Launch New Workforce Programs to Address Industry Needs
Kentucky and New Hampshire recently have announced job training initiatives to address the needs of key industries at both the local and state levels. The Kentucky Work Ready Skills Initiative, a $100 million statewide bond program, is intended to meet “the needs of employers and promote sustainable incomes for Kentuckians.” Meanwhile, the launch of New Hampshire’s Manufacturing Sector Partnership, a statewide collaboration for industries to address their workforce needs, was announced.
MI Gov Snyder Signs Law to Create Secondary Markets for Crowdfunded Securities
Michigan Gov. Rick Snyder recently signed a new law (HB 5273) that will allow for the creation of secondary markets through which intrastate crowdfunded securities can be listed, sold and resold. Under the new securities exemption, broker-dealers interested in establishing an exchange (online or in person) must apply and be registered with the state as well as follow rules of operation laid out in the legislation.
Budget Update: Entrepreneurship Programs Survive Contentious Budget Negotiations in MN, MI, KS
Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many governors have signed spending bills, the SSTI Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Kansas, Michigan and Minnesota.
MI, IA, VA, Others Target Future Demand for Autonomous, Connected Vehicles
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 Initiatives Drive Rural Broadband Adoption in AL, KY, WI
For many states, broadband connectivity is becoming an increasingly important tool used to improve the economic well-being of residents, especially in rural areas. While some have paved the way for publicly funded municipal broadband providers, others, such as North Carolina and Tennessee, have filed suit with the Federal Communications Commission and joined the telecommunications industry in their opposition.
Biden Announces New Institute for Advanced Composites Manufacturing Innovation in Detroit
While speaking in Detroit last week, Vice President Joe Biden announced the creation of an Institute for Advanced Composites Manufacturing Innovation (IAMCI) location in Detroit, aimed at creating better composite materials for wind turbines, compressed gas storage, and in particular, the automotive industry. Funded by the U.S.
Michigan Program Puts Professors in Charge to Encourage Bold Research
A new $15 million pilot program at the University of Michigan (UM) hopes to make a big impact in the research world by letting professors follow their instincts and allow breakthroughs to happen more naturally. Under the MCubed initiative, three researchers from different disciplines agree to work together or "cube" on a high-risk, high-reward idea. They also receive funding to hire students or a postdoctoral researcher. The university expects to fund research in the exploratory phase that could eventually lead to larger traditional grants.
Michigan State Launches Spartan Innovation to Support University Startups
Michigan State University (MSU) launched Spartan Innovations, a newly formed subsidiary of the MSU Foundation, to help its faculty and students form spin-off companies based on technology developed at the university. To achieve this goal, it will provide five key resources to increase the MSU startups including:
TBED People & Orgs
Richard Bendis has been named the first president and CEO of BioHealth Innovation, Inc. a regional private-public partnership focusing on commercializing market-relevant biohealth innovations and increasing access to early stage funding in Central Maryland.
More than $20M Dedicated to Michigan's New Economic Gardening Programs
The Michigan Economic Development Corporation (MEDC) announced last week five new programs under the Pure Michigan Business Connect initiative established last year to provide small businesses in emerging industry sectors with economic development incentives, startup capital and support services (see the June 8, 2011 issue of the Digest).
The new programs focus mostly on providing access to capital and making connections. They include:
Job Corner
The Kentucky Cabinet for Economic Development is looking for an executive director who is an ambitious, successful professional that will provide leadership in Kentucky's efforts to develop a knowledge-based economy. The executive director will work in partnership with all levels of government, academia, and the private sector to help create a supportive high-technology environment.
TBED People
Tom Thornton, president and CEO of the Kansas Bioscience Authority, submitted his letter of resignation to the board effective immediately. David Vranicar, president of the authority's Heartland BioVentures division, was named interim president and CEO.
Legislation Expands Michigan's Jobs Program to Include More Advanced Technology Industries
Gov. Rick Snyder signed into law a measure expanding the scope of the state's 21st Century Jobs Fund allowing more industries involved in research and advanced technology to compete for funds through the program. Although many tech-focused industries such as life sciences and alternative energy companies can already apply for funding under the program, the new legislation expands eligibility to include an even wider range of companies — information technology and agricultural processing.
Legislature Adds $50M for Michigan's Business Attraction Efforts
The Michigan Economic Development Corporation (MEDC) will be armed with $100 million for efforts to attract new businesses and help existing businesses grow in the coming year — an additional $50 million above Gov. Rick Snyder's request. Another $25 million was approved for a new innovation and entrepreneurship program.
Research Park RoundUp
Included below are recent development plans and groundbreaking news for research parks announced by officials in Connecticut, Colorado, Kentucky, Massachusetts, Nebraska, North Carolina, Rhode Island and Wisconsin.
State and Local Economic Development Centering on Regional Approaches
Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.
$3B Toolkit for Economic Gardening Announced in Michigan
Michigan state agencies in collaboration with the Michigan Economic Development Corporation and several private industries and organizations will offer economic development incentives, startup capital, and support services valued around $3 billion to help grow Michigan-based small businesses in emerging industry sectors. The Pure Michigan Business Connect initiative matches people with resources and strengthens relationships to fuel economic growth, according to a press release.
TBED People and Job Opportunities
James Weyhenmeyer has been named the vice president for Research and Economic Development at Georgia State University.
TBED People and Job Opportunities
Maine Gov. Paul LePage has nominated George Gervais, the acting commissioner of the Maine Department of Economic and Community Development as commissioner. His nomination must be reviewed by the Joint Standing Committee on Labor, Commerce, Research and Economic Development and confirmed by the Senate.
Mixed Bag for Michigan Talent Initiatives in FY15 Budget
Lawmakers approved funding for a bond program that dedicates $50 million for re-tooling community colleges with the latest equipment, but failed to pass a larger proposal that would allow universities to compete for $100 million in bond funds for capital improvements to enhance engineering programs. The budget also includes $2 million to establish a new fund for global marketing of Michigan’s automotive sector and support of public-private collaborations with the auto industry.