innovation

Arkansas’s economic recovery strategy has wider applicability

Whether or not your state embraced strict measures in an attempt to reduce virus spread, the current pandemic has created the need for reflection and revision of how each of us go about our lives. The same opportunity has arisen for the public and private sectors to rethink how they engage in many core functions.

Want companies that have higher long-term job stickiness, survival rates and sales? If so, read this

Regardless of the approach used, the goal of every economic development program in the country is to create economic opportunity within a specific geographic area. If more local, state and federal policy makers and practitioners were aware that empirical research has revealed certain types of companies were 235 percent better than others at maintaining long-term job “stickiness,” would we shift more resources and priorities in their direction?  Would knowing these same companies also were shown to be more profitable, had higher sales, and had greater survival rates than others help persuade skeptics? Should more companies with these business models be part of your region’s portfolio of innovation-based firms?

Recent Research: Examining effective policies to support high-risk/high-reward research

High-risk/high-reward research can yield breakthroughs, produce new technologies, and allow the surrounding region to remain economically relevant. However, the scientific community remains concerned that research and development-focused policies, both in the U.S. and elsewhere, continue to be conservative with their goals by only encouraging incremental growth that can yield tangible results in shorter amounts of time. These concerns, and potential policy solutions, are explored in a recently published research paper by the Organization for Economic Cooperation and Development (OECD).

Building blocks of regional innovation economies explored; SSTI gives testimony in support of national effort

Outlining the need for a new national effort to build regional innovation economies, a panel of experts gave testimony to the Research and Technology subcommittee of the House Committee on Science, Space and Technology, chaired by Rep. Haley Stevens (D-MI). The panel focused on how regions have developed their innovation economies and how those experiences could be replicated across the country with federal support.

TBED efforts to combat the pandemic creating a better future

As vaccination rates increase across the country and infections fall, the role of science in combatting the COVID-19 virus is front and center. Last week, we brought you stories about SSTI members’ efforts to help small businesses. In today’s story, we share additional feedback from our members that worked to find ways to fight the virus and others who pivoted to help their students continue to learn in a challenging environment.

Alabama governor signs measures to boost state’s innovation economy with $9M in appropriations

Alabama is the latest state that is embracing innovation as a way to grow the state’s economy. On May 19, Alabama Gov. Kay Ivey signed legislation that grew from two top priority measures of the Alabama Innovation Commission — proposals discussed between SSTI and commission members in a meeting earlier this year.

European Union to invest billions in innovation

As the most ambitious innovation initiative that Europe has ever undertaken, the European Union (EU) recently launched the European Innovation Council (EIC) with a €10 billion (about $11.7 billion USD) fund that will provide both non-dilutive grants to and direct equity investments in innovative startups within the union. After a successful three-year pilot, the EIC is merging with the current Executive Agency for Small and Medium-sized Enterprises, and has already launched its first official program with a call for proposals worth €1.5 billion (approximately $1.8 billion USD).

Oregon economy hinges on ability to encourage innovation

Facing current challenges and a changing economy, Oregon is turning to innovation-based economic growth. Their new 10-year Innovation Plan focuses on ensuring a competitive position through four means — traded sector industries that constantly innovate; a robust entrepreneurial ecosystem; financial capital markets that are open to investing in innovative firms and entrepreneurs; and promoting itself as a place to start and grow in innovative company.

Innovation Equity District launching in Austin, TX

To bolster its already thriving technology sector, the city of Austin, Texas, has partnered with Opportunity Hub (OHUB) and others from industry and academia to bring a new Equity District to the city.

Kansas reveals first economic development plan in 30 years, shifts focus to innovation

Last month, Gov. Laura Kelly (D), alongside former state governors Mike Hayden (R) and John Carlin (D), and the Lt. Gov. and Secretary of Commerce David Toland, announced “Framework for Growth”, the state’s first economic development plan in over 30 years. The plan, which was a year in the making, is a collaborative effort that involves input from over 2,000 Kansans, the staff of the Department of Commerce, and two former governors.

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