capital

TBED and the 2012 Ballots

Voters in 37 states will decide on more than 170 ballot measures this year, many of which are related to tech-based economic development (TBED). Tax measures seem to be dominating ballots this year, with questions relating to both decreases and increases for sales, property and income taxes. Several states are counting on voters to agree to temporary increases to help fill budget deficits and ensure steady funding for education.

USPTO Implements Seven Provisions of America Invests Act, Announces New Web-based Tool

On September 17, 2012, the U.S. Patent and Trademark Office (USPTO) implemented seven provisions of the Leahy-Smith America Invents Act of 2011 (AIA) including:

Investors Gravitate to IT, Shy From Life Science, Clean Tech in 2012

In the first half of 2012, venture capitalists invested $13.1 billion in 1,707 deals, according to data from the quarterly survey conducted by PricewaterhouseCoopers (PWC) and the National Venture Capital Association (NVCA). This represents a marked decline from the first half of last year, when investors completed 1,942 deals with $14.7 billion. Though activity picked up in the second quarter (Q2) in 2012, both deals and dollars remained lower than the same quarter last year. The slowdown may be a reflection of some larger structural changes, as the entire industry contracts and venture capital (VC) dollars become concentrated in the hands of fewer firms. Since many of the remaining large firms are focused on information technology (IT) companies, IT deals have increased while investments in other sectors has declined.

NH Granite Fund to Target High-Tech Entrepreneurs

Borealis Ventures and the New Hampshire Business Finance Authority recently announced the creation of the Borealis Venture Fund, an early stage venture capital fund that will support the states's high-tech startups. Borealis Ventures will manage the fund, which is being backed by $4.5 million through the federal State Small Business Credit Initiative. The firm plans to raise an additional $25.5 million from private investors. Under the partnership, the state will share in any profits from Granite Fund investments, and will absorb the first 15 percent of any losses, according to a StateImpact-NPR article. Read the article...

Around the World in TBED

Governments of advanced economies are starting to believe as the 21st century advances significant opportunities for their technology-based product and service sectors will emerge from increasingly open, competitive and affluent global markets. To compete in this changing world, they are looking to expand access to capital for startups and entrepreneurs, support their research and development (R&D) infrastructure and address weaknesses in their national economies. Canada, the United Kingdom and the European Union (EU) are among those that recently have announced initiatives or released reports intended to strength their national innovation economy.

More than $20M Dedicated to Michigan's New Economic Gardening Programs

The Michigan Economic Development Corporation (MEDC) announced last week five new programs under the Pure Michigan Business Connect initiative established last year to provide small businesses in emerging industry sectors with economic development incentives, startup capital and support services (see the June 8, 2011 issue of the Digest).

OK EDGE Program Eliminated, Funding Slated for Endowed Chairs

A program envisioned nine years ago as a $1 billion endowment that would transform Oklahoma into the research capital of the Great Plains was eliminated last week by the legislature. The Economic Development Generating Excellence Fund, or EDGE Fund, which provided grants to high-tech companies, was unable to secure a long-term financial commitment from the state following an initial appropriation of $150 million in 2006. The balance of the fund, about $161 million, will be transferred to Oklahoma universities for the endowed chairs program to fund academic positions and research.

Virginia Gov's Amendments Would Restore Funding for Research, Life Sciences

While touting broad support from lawmakers for his 2012 legislative agenda during the regular session, Gov. Bob McDonnell also expressed concern about several economic development and education initiatives left out of the 2012-14 biennial budget passed by lawmakers during a special session that ended last month. Just in time for the deadline, Gov. McDonnell submitted $43.9 million in budget amendments, which include restoring funds for research, life sciences and teacher recruitment.

SBA Invites Licensing Applications for New $1 Billion Early Stage SBIC Initiative

The Small Business Administration (SBA) is now accepting the first stage of the licensing process for the new five-year $1 billion Early Stage Small Business Companies (Early Stage SBICs) initiative. In 2012, the SBA may commit up to $150 million to support eligible investments funds focused on early/seed stage investments. By licensing and guaranteeing leverage to these investment funds, SBA intends to help early stage small business overcome the valley of death, the period when it is difficult for early stage businesses to access capital due to the lack of necessary assets or cash flow for traditional bank funding.

MaRS Launches Canada's First Early Stage Clean Tech Venture Fund

MaRS Discovery District, Toronto's innovation and entrepreneurship center, has launched a $30 million early stage clean tech fund, the first of its kind in Canada. This week, the group announced that it had raised its fundraising goal entirely from private sources, and that released information about its first two investments. The MaRS Cleantech Fund LP portfolio companies will be encouraged to seek maximum support from MaRS. Read the announcement... Interested in how U.S. states and regions are catalyzing clean tech innovation? Join Lewis Milford of the Clean Energy Group, Mark Muro of the Brookings Institution and Matthew Stepp of the Information Technology and Innovation Foundation on April 19 for a webinar to learn about how the energy debate is resulting in new policies and programs and the local level. Read about SSTI webinars...

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