As the cost of a college education continues to rise and good paying jobs are seemingly scarcer than ever before, many Americans are questioning the value of a college degree. A recent survey from the Pew Research Center found 57 percent of Americans believe the U.S. fails to provide good value for the money students and their families spend, and about four in ten college presidents say the system is headed in the wrong direction. At the same time, however, studies find the lifetime earnings of college graduates to be much higher than those of high school graduates.

The 2011-13 biennial budget for the Oregon Business Development Department recently approved by lawmakers allocates $16 million for the Oregon Innovation Council (Oregon InC), the same amount as last biennium, but short of the $19 million requested by Gov. John Kitzhaber to broaden research and technology transfer programs.

As the outlook for general revenue funds improves in many states, governors are looking to boost investment in higher education and STEM as a means for growing the economy and enhancing the workforce. Universities' economic return to states can be quite impactful.

Spencer Eccles, executive director of the Utah Governor's Office of Economic Development, is departing state government to form a private investment company.

Travis Sheridan, currently the assistant vice president for innovation and entrepreneurship for the St. Louis Economic Development Partnership, will become the new executive director of the Venture Café Foundation.

The fourth installment of SSTI’s Tech Talkin’ Govs series includes excerpts from speeches delivered in Illinois, Massachusetts and Utah.

The United Kingdom (UK) recently announced that it will petition the European Commission, the European Union’s executive body, for permission to increase the size of tax relief for social investments that address significant social issues. In the U.S., Georgetown University and Portland State University recently announced new initiatives to promote innovation that will address social issues. These universities join a growing number of institutions of higher education that are working to grow domestic social innovation, train a generation of social entrepreneurship and spur social impact investing.

The National Institute for Standards and Technology (NIST) Manufacturing Extension Partnership (MEP) program recently awarded $2.5 million for five pilot projects to improve small U.S. manufacturers' supply chain competitiveness and foster their readiness to adopt advanced technologies. The projects will be led by MEP centers and bring together teams of experts in specific technology areas. MEP centers in California, Georgia, Oregon, Texas and Wisconsin each will receive approximately $500,000 for the pilot efforts, which, in most cases, involve partners in other states.

Increased scrutiny for public investments has grown in recent years amid tight budget conditions. Returns on innovation-focused efforts often take time, and as a result TBED groups are always looking to improve metrics and reporting to meet greater demand for transparency. In Utah, lawmakers recently passed a bill providing more oversight for the state’s signature innovation-capacity building program following a critical audit last year. At the same time, lawmakers continued to embrace the concept of the agency they established eight years prior, and appropriated level funds to continue USTAR’s efforts in research and commercialization. The legislature also passed a bill dedicating $20 million to the STEM Action Center created last session.

Oregon lawmakers unanimously approved a bill (HB 3472) that instructs the state's Higher Education Coordinating Commission to design a pilot program to evaluate a new college funding system known as "Pay It Forward." Under the proposed model, students would commit a percentage of their future incomes to repay the state, instead of paying tuition or taking out traditional loans to attend community colleges and universities. The bill currently awaits the signature of Gov. John Kitzhaber.

States across the U.S. are directing their attention to science, technology, education and technology (STEM) education, and already have passed a plethora of new initiatives in the current legislative session.  These programs are directed at various levels of education including primary education and higher education, with one program specifically designated for the state’s community colleges. A number of states have created STEM advisory councils under the governors’ offices, following the lead of Iowa and Massachusetts.

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.

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.

The third installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Delaware, Hawaii, Massachusetts, Mississippi, and Utah. The first and second installments are available in the Jan. 11 and Jan. 18 editions of the Digest. Delaware Gov. Jack Markell, State of the State Address, Jan. 19, 2012 "Following up on the recent "Imagine Delaware' forum sponsored by the News Journal, we are finding new ways to support entrepreneurs. Over the last months, we studied best practices at entrepreneurial support centers around the country...

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

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.

Spending time at a technology or business incubator may be the key to learning about entrepreneurship. Some universities, seeking to ramp up entrepreneurship programs, are turning to incubators as real-world teachers.