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Some state ballot measures hold potential to affect innovation economy

With 133 ballot measures before voters on Nov. 8, a gamut of topics will be decided. Those outlined below are the measure that could affect the innovation economy, ranging from initiatives that would affect higher education, to broadband expansion and measures intended to boost state economies.

Maryland and Indiana see growth from TBED investments

With a 20-year history, the Maryland Technology Development Corporation (TEDCO) is reporting an economic impact in 2021 four times greater than what they experienced in 2013. A new independent study found that its six core programs have provided “significant value” to the state’s start-up community, supporting over 10,000 jobs and more than $2 billion in statewide economic activity as of 2021. Meanwhile, BioCrossroads, a non-profit based in Indianapolis, has reported growth in its life sciences initiatives over the past 15 years. BioCrossroads conducts market research and promotes business and technological innovation in life sciences across Indiana. Both TEDCO and BioCrossroads have utilized public capital to develop industry within their respective target states.

Energy storage startup with government-sponsored funding goes public

ESS Inc., a company that closed a deal to go public earlier this month, was able to leverage public capital at its early stages to accelerate its success as a startup. Founded in 2011, the Wilsonville, Oregon, based company manufactures batteries for long-duration energy storage applications. In 2012, ESS Inc. received a Phase I Small Business Innovation Research (SBIR) award from ARPA-E, and additional grant support from the Oregon Nanoscience and Microtechnologies Institute (ONAMI), an SSTI member. ONAMI is an Oregon-based non-profit that provides grants, equity funding and business development guidance to startups engaged in research-based scientific innovation. It receives funding from Business Oregon, also an SSTI member.

Unicorn with initial round of government-sponsored funding goes public

Benson Hill, a unicorn (a startup valued over $1 billion) that closed its deal to become a public company last week, was able to leverage several sources of public capital to accelerate its early success. The St. Louis-based agricultural technology company uses machine learning and genome editing to facilitate the production of sustainable and healthy crops. Founded in 2012, Benson Hill has utilized state-sponsored venture capital and federal grants to reach its funding goals.

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.

Workforce, broadband, rural investments at play in governors’ plans for economic development

As governors continue to roll out their State-of-the State addresses in the month of February, we continue to see a heavy focus on recovering from the pandemic. Given most state’s fiscal condition, governors have been generally hesitant to roll out new initiatives during this time, although broadband continues to receive attention, especially with the renewed attention surrounding its importance during the pandemic. Some states, like Maryland and West Virginia, who are emerging from the pandemic on a better footing than they perhaps anticipated, are ready to forge ahead with tax cuts in an effort to attract business and new residents. Other states, like Illinois, are grappling with projected deficits while trying to maintain services. And a new bond proposal in Maine could help connect workers to jobs in high-growth industries while also spurring development in the state’s industries. This week we catch up with those governors who gave their addresses during these first weeks of February and review each of them for news or initiatives relating to their state’s innovation economy.

States launching innovation initiatives across the country

Proving that innovation is appealing to states regardless of their size or political leanings, new initiatives in both Democratic and Republican states, as well as large states like California and small states like Vermont, are driving innovation agendas into action in areas ranging from clean energy and aid for students and colleges, to new venture capital investments and bond financing to support business collaborations with higher education to help translate cutting-edge research into products and companies. It is important to note that these new initiatives are in addition to important work that is already occurring in many states. SSTI continues to bring you news of these actions as governors, legislatures, and economic development organizations capitalize on proven programs to build out their innovation economies, with several examples provided here.

States making headway in closing the rural-urban divide in access to high-speed broadband service

Access to reliable and fast internet service is a foundational element for the modern economy. Since the advent of broadband service its delivery has been highly divided between urban and rural areas. Many states are continuing to address this divide and took action in 2019. Several states repealed laws prohibiting local electric companies and co-ops from providing broadband services, other states initiated official planning efforts to expand internet services, and many approved and dispersed funding to develop broadband infrastructure in rural areas.

Pennsylvania faces challenges, but has assets in innovation

An early national leader in technology-based economic development (TBED), Pennsylvania now faces several challenges in order to keep up with other states and regions, according to Ideas for Pennsylvania Innovation: Examining Efforts by Competitor States and National Leaders, a new report from the Metropolitan Policy Program at Brookings. It cites the Ben Franklin Technology Partnership as an important early-stage investor and national TBED model and notes that the state “has historically been an innovation leader and Pennsylvania retains a stable of effective, scalable innovation assets.            

New program seeks to boost Minnesota’s innovation economy

Funds for entrepreneurial training, technical assistance with R&D, and matching grants for innovative small businesses are among the items now part of Minnesota’s economic development toolkit thanks to new funding in the state’s recently signed FY 2020 biennial budget. Under the approved budget, Launch Minnesota will receive $2.5 million in each of the next two fiscal years to support innovation and entrepreneurship. Originally called the Minnesota Innovation Collaborative in Gov. Tim Walz’s proposed budget, the suite of Launch Minnesota programs will be administered by the state’s Department of Employment and Economic Development. The program includes four types of grants: funds for universities and nonprofits offering entrepreneurial training; funds for startups in need of R&D and other types of technical assistance; funds to alleviate housing and/or childcare expenses for entrepreneurs; and, matching funds for SBIR/STTR Phase II awardees.

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