The administration’s FY14 request for the Department of the Treasury’s domestic programs is $13.8 billion (9.2 percent increase). Under the proposed budget, Treasury would continue to fund programs focused on economic development, small business support, and job creation.
The FY15 budget request for the Department of Education (ED) totals $68.6 billion (1.9 percent increase) in total discretionary funding. An overhaul of P-12 STEM education programs and a ConnectED initiative providing next-generation broadband and high-speed wireless network support to students and teachers are among the new proposals.
The administration’s FY15 budget request for the Department of the Interior (DOI) would provide $11.7 billion (0.3 percent increase) in discretionary funding. DOI would receive $888.7 million (7.3 percent increase) for research and development activities. Of the proposed R&D budget, $94.8 million (3.5 percent increase) would be allocated to DOI’s Powering Our Future initiative, which supports renewable energy projects on federal lands and waters.
The Department of Justice (DOJ) would receive $27.4 billion in FY15 discretionary funding under the president’s budget request, a 0.4 percent increase.
The administration’s FY15 budget request in discretionary funding for the Department of Energy (DOE) is $27.9 billion (1 percent decrease from FY14), of which $12.3 billion would support R&D (8.4 percent increase) and $4.2 billion would support investment in the Department’s applied energy sector programs to drive an “all-of-the-above” approach to energy sector innovation. The proposed budget would provide substantial increases for funding advanced manufacturing and clean energy R&D.
The FY15 budget request for the Department of Defense (DOD) would provide $495.6 billion (0.1 percent decrease) in discretionary base funding. DOD is proposing a strategic rebalance to the Asia-Pacific region as the war in Afghanistan nears an end, while also maintaining a military presence and engagement with allies and partners in the greater Middle East. The budget supports this adjustment and makes strategic investments in areas identified as priorities, such as increasing security challenges and opportunities in cyberspace, continuing to invest in R&D to feed innovation in both the military and civilian sectors, and combating terrorism.
The president’s FY15 budget request for the Department of Commerce (DOC) totals $8.8 billion in discretionary funding (6.9 percent increase over FY14 enacted), with increased funding for most agencies and programs related to research, technology transfer, advanced manufacturing and regional economic development. The department would play a key role in the administration’s Opportunity, Growth and Security Initiative (OGSI), managing the planned expansion of the National Network of Manufacturing Innovation (NNMI) to include 45 institutes over the next 10 years.
The latest Department of Defense-led manufacturing innovation institutes will support cutting-edge research and product development in lightweight and modern metals and digital manufacturing and design. A consortium of 73 companies, nonprofits and universities will help launch the Chicago-based institute. The Detroit-area based consortium involves 60 partners.
The FY14 Omnibus Appropriations bill, which the U.S. House of Representatives passed yesterday and the U.S. Senate is expected to pass on Friday, contains $10 million for the Regional Innovation program in the U.S. Department of Commerce’s budget. This is the first time the grant portion of the program was directly funded. The program was authorized in the America COMPETES Act of 2010 and establishes the program “to encourage and support the development of regional innovation strategies, including regional innovation clusters and science and research parks.”
The first of three new manufacturing innovation institutes will be headquartered in Raleigh, NC, and led by a consortium of 18 companies, seven universities and labs, and the state of North Carolina. The announcement was made today by President Obama. Developing wide-bandgap semiconductor devices and industry-relevant processes is the goal of the Next Generation Power Electronics Institute. Such technologies are used to develop smaller, faster, cheaper and more efficient electronics for personal devices, electric vehicles and renewable power interconnection, according to a press release. The selection process is still underway for two other institutes, with awards expected in the coming weeks.
The federal, cross-agency Experimental Program to Stimulate Competitive Research (EPSCoR) has proven so invaluable to developing STEM expertise across the country that the word "experimental" should be removed from its name, according to a comprehensive new report from the National Academies. The academies, however, recommend that the program be restructured to create a more rigorous competitive process for research projects and improve project evaluation. Download the report...
This week, the White House Office of Science and Technology Policy (OSTP) released a wide-ranging roundup of new and ongoing efforts to leverage availability of large, accessible data sets to spur innovation. While many of these efforts were focused on supporting research on the potential of big data, several agency efforts are using the model of open data app competitions to fuel private-sector business creation.
Commerce Secretary Penny Pritzker recently announced the first ten winners of the Make It in America Challenge, which provides grants to accelerate regional job creation and encourage business investment. Grantees will receive a total of $20.5 million for projects supporting regional economic development, advanced skills training, greater supply chain access and other projects. Funding for this round of awards is provided by the Economic Development Administration, the Labor Department's Employment and Training Administration, and the Delta Regional Authority.
On October 25, 2013, the Securities and Exchange Commission (SEC) voted unanimously to propose rules under the JOBS Act that would permit companies to offer and sell securities to non-accredited investors through crowdfunding intermediary portals (crowdfunding portals). The SEC released a fact sheet that highlights several of the proposed rules for startups and investors who want to engage in crowdfunding that include:
The Nevada Office of Economic Development, with guidance and funding from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), has launched the Battle Born Venture Program. “Battle Born” is a state venture capital program that makes equity and equity-like investments in early stage, high-growth Nevada businesses.
Under a new set of proposed rules issued by the U.S. Department of the Treasury, companies will be able to claim the federal research and experimentation (R&E) tax credit on eligible expenditures regardless of any subsequent actions taken by businesses with the purchases. The change would allow businesses to claim the credit on research expenses used to create prototypes, pilot models and process improvements.
The Global Clinton Initiative (GCI) and five partner organizations announced a regional pilot program that will create a manufacturing supply chain network to support small- and midsized-manufacturers in the Hudson Valley region of New York. The goal of the pilot program is to create a scalable model that will ultimately provide a framework for a nationwide supply chain network and grow the country’s manufacturing base.
Electric vehicles may be gaining momentum.
Recognizing startup businesses as a powerful force in building stronger local economies, a number of universities across the country have announced significant expansions in their entrepreneurship offerings over the last few weeks. Universities in Missouri and Virginia have announced new and expanded entrepreneurship programs for students, while a nationwide network of top business schools, including Babson College, Stanford University and the University of California, San Francisco, plans to launch an online entrepreneurship program that can be licensed to other schools. The U.S.
The Economic Development Administration (EDA) annual report for FY12 includes a summary of some of the major regional programs and grants that have been awarded over the year, summaries of EDA activities in each state, and a breakdown of EDA investments in each state as well as their specific recipient. SSTI has prepared a table from the data reported. (Note: SSTI received EDA funding in FY12).
Small businesses often are surrounded by a myriad resources and potential partners that could help leverage their products and services to innovate and grow, but they are not always aware of how to access them.
Green jobs have been at the center of a number of controversies in economic development circles over the past decade. Key among these debates is whether or not sufficient job opportunities exist to justify large public investments in green job-training programs. A recent report from the Government Accountability Office (GAO) reveals that, at least at the federal level, a great deal of uncertainty remains about the green job labor market.
Between FY03-11, the U.S. Department of Treasury's Community Development Finance Institutions (CDFI) Fund supported $26.4 billion in private investment through the New Market Tax Credits (NMTC) program, according to data released by the fund. The CDFI Fund helps economically distressed communities leverage private investment capital by offering investors a federal tax credit.
Earlier this month, President Obama announced plans to expand broadband and wireless Internet access to every school and library in the U.S. The new initiative, ConnectEd, has a goal of connecting 99 percent of students to the Internet within five years by having the Federal Communications Commission (FCC) modernize and leverage its existing E-Rate program. The president claimed that millions of students lack access to high-speed broadband and fewer than 20 percent of educators say that their school's internet connection meets their needs, particularly those in rural America.
While public debate rages over the role of surveillance in our society, one particularly infamous government surveillance technology, drones, is being prepared for private sector deployment in the U.S. Drone-related technologies are predicted to revolutionize commerce in the U.S., with industry projections valuing their initial deployment as an $82 billion boost to the national economy.