MA, RI Govs Announce Strategies for State Innovation Economies
Governors in Massachusetts and Rhode Island have released details about their plans to boost innovative businesses in their respective states. Massachusetts Gov. Charlie Baker offered a strategic plan to guide his administration’s economic development efforts, with an emphasis placed on fostering a culture of innovation and entrepreneurship. Rhode Island Gov. Gina Raimondo announced the launch of three new incentive programs aimed at research-driven companies.
Budget Update: FL Gov Vetoes $461M, RI Approves $100M for Economic Development
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 Florida and Rhode Island.
Budget Update: Education Spending Vetoed in IA, Stable in CA, OH
Now that many governors have signed spending bills and legislative sessions are drawing to a close, the SSTI Digest will check on the status of proposals related to the innovation economy, and examine the state of technology-based economic development funding in the states. This week, we review spending bills in California, Iowa, Ohio and New Jersey.
Newark Venture Partners to Launch $50M Investment Fund, Accelerator for City’s Startups
Located just a 20-minutes from New York City, Newark has long existed in the shadow of its much larger neighbor. Despite this, Newark’s downtown received an important boost to its innovation ecosystem this week with the announcement of Newark Venture Partners, a venture capital fund and accelerator.
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.
NJ Launches Green Technology Fund, Withdraws from Climate Initiative
New Jersey's Economic Development Authority announced the Edison Innovation Green Growth Fund (EIGGF), a new loan program with a performance grant component to grow the state's energy efficiency and Class 1 renewable energy technology companies. The fund offers five-year fixed term loans of up to $1 million to eligible companies that have begun generating commercial revenues and are seeking matching funds (1:1 by the time of loan closing).
TBED People
Karel Schubert has been appointed executive director of the Bioscience Association of West Virginia. Schubert most recently founded and is the chief executive officer of BioSynectics, a St. Louis-based bioscience firm.
J. Michael Saul, deputy director of the R.I. Economic Development Corporation, who served as interim director for a year, is stepping down. Saul had overseen the agency's capital programs such as the Small Business Loan Fund.
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.
Officials in Louisiana, Rhode Island Tout Tech Hub Proposals
One is a proposed tech corridor focused on energy and environment in southeastern Louisiana and the other is being called a "knowledge district" meant to capitalize on the life sciences sector in Providence, but both have the same goal: growing high-tech industry sectors and creating high-wage jobs. Though the concept has been around for decades and is successful in many areas of the country, some states and regions are just now finding their niche and gaining support to establish tech hubs.
Manufacturing Resurgence Attracts Attention of State Legislatures
The recent uptick in U.S. manufacturing activity, along with the attention generated by additive manufacturing and the Makers movement, has led to an increase in state initiatives to help cash in on this growth. In recent months, New York, Connecticut, Maryland, and Arizona have all taken steps to build stronger manufacturing sectors through research collaborations, grants and tax credits. Leaders in Colorado and New Jersey have pursued their own cluster-specific efforts to build stronger high-tech industries.
Five Sector-Focused Innovation Labs Aim to Support New Jersey Businesses
A new effort by the New Jersey Institute of Technology (NJIT) seeks to make existing companies more competitive, support the growth of startups and create jobs by leveraging the assets of government, industry and higher education around five sector-focused labs. NJIT will launch a new nonprofit corporation, the New Jersey Innovation Institute, to support the labs – geared toward civil infrastructure, defense and homeland security, healthcare delivery systems, biopharmaceutical production, and financial services.
17 Governors Sign Accord to Promote Clean Energy, Economic Prosperity
A bipartisan group of 17 governors signed the Governors’ Accord for a New Energy Future – a joint commitment to support the deployment of renewable, cleaner and more efficient energy technologies and other solutions to make the U.S. economy more productive and resilient as well as spur job creation in member states.
IL, MI, NJ Face Difficult Decisions in Upcoming Budget Negotiations
Governors around the country continue to lay 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 Illinois, Michigan and New Jersey.
Governors Prioritize Funding Toward High-Tech Facilities
Having world-class facilities to train workers or support research in fields most likely to benefit the state is a draw for many reasons. Attracting outside investment, retaining talent and generating buzz are just a few of the benefits. Last year, Connecticut lawmakers dedicated more than $2 billion to expand science and technology education on the campuses of the University of Connecticut, including construction of new STEM facilities and for building research and teaching labs. Michigan Gov. Rick Snyder is the latest state leader to announce funding proposals aimed at either constructing new facilities or making capital improvements for training students in high-wage, high-demand fields. Similar announcements were made earlier this year in Florida, Georgia, Rhode Island and Wyoming.
AZ, NJ, WI Increase Capital for Entrepreneurship, MN's Angel Tax Credit Closed for 2013
Over the last week, several states have announced/passed new programs focused on increasing the capital available to spur small business growth and innovation. Officials from New Jersey announced the state's new angel tax credit will take effect July 1. In Arizona and Wisconsin two bills await gubernatorial approval that would rework the Arizona R&D tax credit program and establish a $75 million venture capital fund in Wisconsin. Meanwhile, the Minnesota state legislature did not approve an additional $5 million for its popular Small Business Investment Tax Credit.
RI Approves SBIR Matching Funds Program, Passes Transparency Bill for Economic Development
A three-year effort to implement an SBIR state matching funds program gained enough traction this legislative session to win support from Rhode Island lawmakers. The measure was spearheaded by a group of leaders from 24 life science companies who advocated for a statewide program to encourage small business R&D and commercialization. Lawmakers appropriated $500,000 for the effort in FY14. Adding a workforce development component to the measure, a new bioscience and engineering internship also will be established to enhance the state's talent pipeline.
MN, ND, NE, RI Sponsor Internship Programs to Build Relationships Between Employers, Students
During this year’s legislative sessions, several states looked toward creating, providing support for or redesigning programs that help incentivize businesses to hire and mentor student interns. In an effort to spur rural internships, Minnesota lawmakers approved a new tax credit program to support internships for students in greater Minnesota. In North Dakota, lawmakers committed $1.5 million to their Operation Intern program, while Nebraska lawmakers updated their Intern Nebraska grant program to provide students with a high-quality internship experience. Rhode Island Gov.
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.
Governors' Higher Ed Reforms Win Approval in MA, NJ
Two bold proposals seeking to make big changes to community colleges in Massachusetts and New Jersey research universities recently were approved by lawmakers. In Massachusetts, more funding for the state's 15 community colleges is tied to increased oversight, performance measures and integration of workforce development initiatives. Meanwhile, New Jersey lawmakers passed a bill merging a medical and dentistry school with Rutgers University in hopes of strengthening partnerships for research projects and drawing more federal funding.
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.
Tech Talkin' Govs: Part IV
The fourth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Illinois, New Hampshire, Tennessee, and Rhode Island. The first three installments are available in the Jan. 11, Jan. 18 and Jan. 25 editions of the Digest. Illinois Gov. Pat Quinn, State of the State Address, Feb. 1, 2012 "Today, I'm announcing a $2.3 million dollar investment in '1871,' a new technology center at the Merchandise Mart in Chicago to foster and launch digital start-ups.
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
Tech Talkin’ Govs: Part II
The second installment of SSTI’s Tech Talkin’ Govs series includes excerpts from speeches delivered in Alabama, Arizona, Georgia, Iowa, Kansas, Rhode Island, South Dakota, Vermont and Virginia.
NJ Commits $450,000 to New Technology Accelerator Program
The New Jersey Economic Development Agency currently is accepting comments from the state's science and technology (S&T) community on the development and implementation of a new "technology accelerator program." The mentor-based program is intended to create a competitive environment for S&T companies and entrepreneurs to showcase their products, ideas and business acumen for an opportunity to receive funding.
Legislative Wrap-Up II: MA, MN, NJ Dedicate Funds for S&T
Recent legislative actions supporting technology-based economic development include level funding for the Massachusetts Life Sciences Center, funding to support programs of the Minnesota Science and Technology Authority and the expansion of two state programs in support of technology and life sciences companies in New Jersey.