United States venture capital activity not unexpectedly slowed down in 2023, cooling off after multiple years of record-high deals and values during 2021 and 2022, according to the PitchBook-NVCS Venture Monitor Q4 2023. Pitchbook-NVCS estimates a total deal count of 15,766 (13,608 actual + 2,158 estimated) for 2023– exceeding the values of 2020 and prior years but falling several thousand short of the last two years.

NSF recently released updates on two ways of profiling trends in science and engineering at the state level: Science and Engineering State Profiles and Science & Engineering Indicators.

Artificial intelligence (AI) is already well integrated into the American workforce; in 2022, 19% of American workers were in jobs identified as most exposed to AI, compared to 23% in the least exposed jobs, according to a study by Pew Research. Jobs identified as most exposed are those in which the most critical responsibilities can either be replaced or assisted by AI.

The workforce is growing older, and that’s very likely a good thing for U.S. productivity. Various statistics reveal the active workforce over 65 is more likely to have higher education levels than historically, working at a 0.75 full-time equivalent rate on average, and is working for lower wages on average than younger workers.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, New Mexico Governor calls for $170 million to bolster hydrogen, geothermal and next-generation battery storage. Rhode Island Governor proposes building a new life science school at the University of Rhode Island and cybersecurity bond to grow Rhode Island College’s cybersecurity program. Meanwhile, West Virginia’s governor proposes increasing spending to attract people to move to the state.

A working paper by a team of Harvard-affiliated researchers presents challenging findings for growth equity impact investors. Given the potential alignment between this sector of the market and publicly funded capital access programs (including many venture development organizations and the State Small Business Credit Initiative), this research may find its way into public policy debates. The paper, which has not yet been published in an academic journal, also contains several shortcomings in its approach that should caution any stakeholders from acting on its findings alone.

Income inequality in the U.S. has increased from 2006 to 2022, according to American Community Survey (ACS) data. While it’s increased in the nation as a whole, it decreased in North Dakota, Washington, Hawaii, Nebraska, and Montana from 2018 to 2022. New York and Washington, D.C. lead the nation in income inequality. This edition of Useful Stats explores state-level Gini index data from the U.S.

The U.S. Securities and Exchange Commission (SEC) adopted a final rule last night, by a 3-2 vote that would require prospective special purpose acquisition companies (SPACs) to disclose their sponsors, compensation, target companies, and conflicts of interest and to require SPAC targets to register with the SEC.

The NSF Directorate for Technology, Innovation, and Partnerships (TIP) is accepting EArly-concept Grants for Exploratory Research (EAGER) proposals that will advance the state of the art in assessing place-based innovation's societal and economic impacts. This funding opportunity aims to address gaps in publicly available data and associated knowledge to adequately and appropriately benchmark activities in place-based innovation grounded in integrating research and development, translation, and workforce development.

A new report from NASBO (National Association of State Budget Officers), State Expenditures Report for Fiscal Years 2021-2023, finds while spending remains elevated compared to pre-pandemic levels, it is starting to slow. Spending from states’ funds rose 12.3% in FY2023 as a result of states spending surplus funds.

A new report by the Government Accountability Office (GAO) studies a sample of 198 Phase II Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards from FY 2019 to identify subcontracting activity. SBIR recipients are generally allowed to subcontract up to 50% of their award value, and STTR recipients must contract at least 30% with a nonprofit research institution.

Countries participating in the COP28 climate summit agreed this week to call for "transitioning away from fossil fuels in energy systems…”  Earlier this year, researchers at Nature Communications said a full transition from fossil fuels could displace 1.7 million fossil fuel workers in the United States and an even greater number on the global scale.

The Biden-Harris administration recently announced new actions to lower health care and prescription drug costs by promoting competition.

Research and Development (R&D) is an essential component of innovation and economic growth, where higher education institutions play a key role. However, with these institutions being responsible for funding just a quarter of all HERD expenditures, it is important to see the influence of outside funding sources on the fields of R&D.

Activity to build the U.S. semiconductor industry picked up steam on Monday, December 11. On that day, New York State, Gov.

Institutions of higher education spent $97.8 billion on research and development (R&D) activities in fiscal year (FY) 2022, an increase of nearly 9% over the prior year’s $89.8 billion. Over the past decade of available data, from FY 2013-2022, higher education R&D expenditures have increased 46%, from $67.1 to $97.8 billion. However, when adjusted for inflation, the growth is more modest at 17%.

Data center technology processing passed the milestone of consuming 1% of world energy in 2010 and is projected to increase to 6% by 2030, according to a 2020 Science magazine study  by Eric Masanet, Arman Shehabi, Nuoa Lei, Sarah Smith, and Jonathan Koomey. The authors suggest that governments may need to take on a more considered approach to expanding data centers to meet the growing demand.

A new report finds that state agencies face challenges when working to implement Justice40 goals. Justice40 is an initiative included in President Biden’s Executive Order 14008, signed on January 27, 2021.

The U.S. Department of the Treasury recently approved 20 additional state awards under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $50.8 million. These awards will provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs.

Fifty-seven percent of Americans say science has had a mostly positive effect on society, according to a recent report from the Pew Research Center. While the percentage of those with favorable views of science might seem like good news, the number is significantly less than at the beginning of the coronavirus outbreak in January 2019, when 73% of Americans declared positive views.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, the common themes from Hawaii, Massachusetts and North Dakota were addressing the cost of housing. Hawaii and Massachusetts governors discussed addressing climate change, and North Dakota’s governor called for the creation of a new office focused on rural communities. The following highlights have been excerpted from State of the States or budget addresses given between January 17, 2023 and January 23, 2024. Additional addresses and states will be covered in future Digest issues.

SSTI’s 2024 Annual Conference dates & location set: Dec 10-12 in Arizona!

Coming off one of its most successful events ever, SSTI is happy to announce the nation’s largest annual gathering of leading practitioners and policymakers working toward regional innovation and growth through technology-based economic development will be held at the Sheraton Grand at Wild Horse Pass in the Gila River Indian Community in metro Phoenix on December 9-12, 2024.

The United States has one of the most diversified economies of any nation, yet also the most dynamic; over the past five years, from 2018 through 2022, the U.S.’ agriculture, forestry, fishing, and hunting industry has grown 53%, while other industries such as manufacturing and construction have grown at a slower pace—17% and 23% respectively—compared to a 25% increase in overall gross domestic product.

A spate of super-sized donations has recently benefited various organizations and higher education institutions. They include what is reported as the largest single contribution to a historically Black college or university (HBCU), $100 million to UNCF, and $350 million from the Lilly Endowment, Inc. for projects in Indiana.

The White House recently published a data tool, accompanied by a downloadable excel file housing two datasets, with recent investments from the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA). The tool and data provide a view of the spending that is occurring across the United States from the two acts. In addition to a categorical breakdown of awards, agency, department, project name, funding source, and more are available for each award.