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SSTI submits OZ comments to IRS

Thursday, January 3, 2019

This fall, the IRS released proposed Opportunity Zone rules, which did not address several key questions for business investment. SSTI submitted comments for official consideration last week, requesting that rules clarify initial investment periods, interim returns and qualifying business activity locations. Several organizations echoed similar concerns, including the U.S. Conference of Mayors and U.S. Chamber of Commerce.

This fall, the IRS released proposed Opportunity Zone rules, which did not address several key questions for business investment. SSTI submitted comments for official consideration last week, requesting that rules clarify initial investment periods, interim returns and qualifying business activity locations. Several organizations echoed similar concerns, including the U.S. Conference of Mayors and U.S. Chamber of Commerce. Other comments posted to the site include calls for requirements that would facilitate greater impact, including screening potential bad actors, encouraging investments in ESOPs, and measuring economic impacts for current zone residents. Read SSTI’s full letter

New Treasury rules create opportunity to advance local innovation economies

Thursday, September 6, 2018

Organizations that assist and finance innovation and high-growth entrepreneurship have largely been left out of one of America’s great drivers of local investment: Community Reinvestment Act (CRA) activities by banks. Now, with the U.S. Department of Treasury actively seeking to modernize CRA regulations, the tech-based economic development community has an opportunity to help CRA to become a tool for advancing local innovation economies. All parties are encouraged to read below for more information and to submit comments by Nov. 19.

New SEC report focuses on recommendations for increasing small business capital formation

Thursday, May 10, 2018

A Securities Exchange Commission (SEC) report contains over 20 recommendations for the SEC to consider that would improve small business capital formation. The report, released in April, stems from the 36th annual Government-Business Forum on Small Business Capital Formation – a daylong event held late last year.

A Securities Exchange Commission (SEC) report contains over 20 recommendations for the SEC to consider that would improve small business capital formation. The report, released in April, stems from the 36th annual Government-Business Forum on Small Business Capital Formation – a daylong event held late last year. Its recommendations include issues related to the definition of accredited investors; rules changes that would increase the number of Regulation A+ and Regulation Crowdfunding offerings; and, a revised regulatory regime (based upon the European regulatory regime) to improve peer-to-peer lending.

New science policy directives revealed at HHS, EPA

Thursday, April 19, 2018

The U.S. Department of Health and Human Services (HHS) and the EPA have each released new four-year strategic plans, continuing to reflect agencies’ adoption of the Trump administration’s policy directions. HHS has a streamlined science agenda that limits explicit connections to regulation while aiming to expand its overall capacity for research.

The U.S. Department of Health and Human Services (HHS) and the EPA have each released new four-year strategic plans, continuing to reflect agencies’ adoption of the Trump administration’s policy directions. HHS has a streamlined science agenda that limits explicit connections to regulation while aiming to expand its overall capacity for research. EPA’s new plan is emphasizing science solely in support of legislative requirements and state requests.

SBA & Treasury plans show less support for entrepreneurs

Thursday, April 5, 2018

The U.S. Small Business Administration and Department of Treasury have released strategic plans through FY 2022.

The U.S. Small Business Administration and Department of Treasury have released strategic plans through FY 2022. Similar to the new Department of Commerce plan, these documents do not mention programs and offices that the administration has marked for elimination, creating a lack of clear strategic direction for millions of dollars in entrepreneurship and innovation funding that Congress continues to appropriate and direct. Specific areas of concern at these agencies are the SBA’s Regional Innovation Clusters and Growth Accelerator programs and the Community Development Financial Institutions Fund.

SSBCI VC investments attracted $12:1 private financing, local partners

Thursday, August 3, 2017

The U.S. Department of Treasury released its final annual report for the State Small Business Credit Initiative (SSBCI), which provided funding to states for lending and investment programs. “Venture capital” programs, often structured for pre-seed (13 percent of funds), seed (27 percent) or early stage (45 percent) investments, attracted $4.2 billion in immediate private financing against $327 million in federal dollars.

The U.S. Department of Treasury released its final annual report for the State Small Business Credit Initiative (SSBCI), which provided funding to states for lending and investment programs. “Venture capital” programs, often structured for pre-seed (13 percent of funds), seed (27 percent) or early stage (45 percent) investments, attracted $4.2 billion in immediate private financing against $327 million in federal dollars. This leverage of $12.76 of private investment for every public dollar was further improved by more than $2 billion in subsequent private financing to date. Perhaps more significant than the program’s ability to attract private investors has been its success in generating investments outside of the nation’s most concentrated markets.

NSF recalibrates direction

Thursday, March 1, 2018

The National Science Foundation’s new strategic plan argues that the U.S. must continue investing in world-class research, develop a globally competitive scientific and engineering workforce, and foster greater understanding of science and technology among the American public. However, the pressure of new priorities and level funding proposed for FY 2019 have yielded some surprising directions for the agency’s planned investments.

Research and innovation process goals

Commerce sets new, hands-off direction for department

Thursday, March 8, 2018

In a shift from its past economic development efforts, the U.S. Department of Commerce FY2018-2023 strategic plan would move the department to focus almost exclusively on being a commercial services entity. The plan’s points of emphasis are on streamlined permitting and regulations, with direct government activity primarily reserved for common good services — e.g., economic data, cybersecurity and IP protection.

Census seeks comments on future Annual Business Surveys

Thursday, November 2, 2017

In the October 24 edition of the Federal Register, the U.S. Census Bureau released a request for comment (RFI) on a proposed Annual Business Survey (ABS). The ABS is a new survey designed to combine Census Bureau firm-level collections that replaces the five-year Survey of Business Owners (SBO) for employer businesses, the Annual Survey of Entrepreneurs (ASE), and the Business Research and Development (R&D) and Innovation for Microbusinesses (BRDI-M) surveys.

USPTO ‘lottery’ creates huge economic advantage for winners

Thursday, July 20, 2017

In a recent paper from the National Bureau of Economic Research (NBER), the authors contend the U.S. Patent Office (USPTO) has created a lottery-type system that creates great economic benefit for startups and other patent-seekers that drew lenient patent examiners. In What Is A Patent Worth? Evidence from The U.S.

In a recent paper from the National Bureau of Economic Research (NBER), the authors contend the U.S. Patent Office (USPTO) has created a lottery-type system that creates great economic benefit for startups and other patent-seekers that drew lenient patent examiners. In What Is A Patent Worth? Evidence from The U.S. Patent “Lottery,” the authors found that patent applications by startups that were reviewed by lenient USPTO examiners had, on average, 55 percent higher employment growth and 80 percent higher sales growth five years later. Those startups also pursue more and higher quality, follow-on innovation. These results are, in large part, due to increased access of funding from VCs, banks, and public investors.

ARC awards $15.7M in new round of funding to improve Appalachia’s coal-impacted communities

Thursday, June 29, 2017

On June 14, the Appalachian Regional Commission (ARC) announced $15.7 million in funding to support 18 projects (including those of two SSTI members – LaunchTN and Ohio University) that will help grow the economies in coal-impacted communities in seven states. With this latest announcement, ARC has invested over $92 million (leveraging an additional $206 million in investments) to diversify the economies in 250 coal-impacted counties across 11 Appalachian states through its POWER (Partnerships for Opportunity and Workforce and Economic Revitalization) Initiative. The new round of investments are intended to create and retain hundreds of jobs in advanced manufacturing and tech industries; support entrepreneurial development efforts, and, build workforce pipelines through institutions of higher education.

Legislative & Federal News for April 20, 2017

Thursday, April 20, 2017

U.S. Senators Cory Gardner (R-CO) and Gary Peters (D-MI) sent a letter requesting a 4 percent increase in appropriations for the National Science Foundation and National Institute of Standards and Technology to the Senate Appropriations Committee.

The White House announced an executive order to review the H-1B visa program, and the accompanying language suggests the administration’s interest in reforms to emphasize applicant skills and wages.

Office of Management and Budget Director Mick Mulvaney lifted the federal hiring freeze last week and asked agencies to plan for workforce reductions.

SSTI submits letter to CDFI Fund on equity certification

Tuesday, March 21, 2017

In response to a request for information, SSTI submitted a letter to the U.S. Department of Treasury’s CDFI Fund about the certification process and standards for community development financial institutions (CDFIs). Just 1.4 percent of all CDFIs and 0.2 percent of total assets are registered by the CDFI Fund as “venture capital,” which is concerning given the importance of equity for many startups.

Cures Act Provides Research Funding, Direction

Wednesday, December 14, 2016

The 21st Century Cures Act was signed by President Obama on Tuesday and is broadly intended to facilitate the research, development and transfer of medical discoveries in order to better-address diseases affecting American people. While the bill has received mainstream coverage for its bipartisanship – the core authors were two Democrats and two Republicans – and billions in new research spending – more than $5 billion in authorizations – the text also contains potentially significant changes for federally-supported medical research policy.

Energy Department Initiatives Create Opportunities for Efficiency, Innovation

Wednesday, November 30, 2016

The U.S. Department of Energy (DOE) recently announced the Zero Energy Districts Accelerator, an initiative to develop best practices for establishing commercial districts that have net-neutral energy consumption. The accelerator is now one of 12 listed under the Better Buildings Initiative, which also includes dedicated programming for community and manufacturing initiatives.

The National Nanotechnology Initiative Releases Draft Strategic Plan, Encourages Public Comments

Thursday, September 15, 2016

The National Nanotechnology Initiative (NNI), established in 2001 as a collaboration of 20 federal agencies and cabinet-level departments with an interest in nanotechnology R&D and commercialization, has released a draft of its 2016 strategic plan. The National Nanotechnology Initiative Strategic Plan, which describes the initiative’s vision and goals as well as potential strategies to achieve these goals. The plan is an update to and a replacement of a plan originally released in December 2013. Prior to the new plan’s official publication, the public is encouraged to submit comments online by September 23, 2016.

OSTP Finds Prize Competitions Address Agency Needs, Reduce Costs

Thursday, August 25, 2016

In the last five years, federal agencies have undertaken 116 price competitions and challenges that have helped the agencies “spur innovation, engage citizen solvers, address tough problems, and advance their core missions” as well as provide a cost savings for the agencies, according to a new report the Office of Science and Technology Policy (OSTP) released

Delta Regional Authority Releases Economic Development Strategy for 252 Counties Across Eight States

Thursday, June 2, 2016

The Delta Regional Authority  (DRA) released the Regional Development Plan III (RDPIII) – an economic development strategy to help guide DRA’s 252-county region’s economic growth over the next five years. In RDPIII, DRA identifies three goals and related action items to guide its economic development efforts in the Delta region:

EDA To Open $15M Regional Innovation Competition in April

Thursday, April 14, 2016

On April 25, the Economic Development Administration (EDA) will begin accepting applications for the 2016 round of the Regional Innovation Strategies (RIS) program. A total of $15 million in federal funding will be available through the program’s i6 Challenge and Seed Fund Support Grant competition. EDA will hold a series of webinars next week leading up to the release of the Federal Funding Opportunity on April 25, 2016. Webinar times are available on EDA’s RIS page.