state tbed

With a commitment of $25 million over the next two years to establish a biosciences institute, Indiana lawmakers gave their stamp of approval to a major policy goal touted by Gov. Mike Pence during the campaign. The governor and lawmakers hope to build an endowment of $300 million to $400 million over the next five to seven years drawn from corporate and philanthropic sources. The endowment would fund annual operations of the institute and help recruit world-class scientists with an emphasis on technology commercialization, reports the Indianapolis Business News. Funding for the initiative is part of the Indiana Economic Development Corporation's (IEDC) budget. Earlier this week, the governor signed a bill aimed at increasing transparency in the state's economic development activities. Specifically, the bill requires IEDC to aggregate information on performance goals, jobs created, expected jobs, recaptured incentives and tax credits claimed each year. The 2013-15 biennial budget is available at: http://www.in.gov/legislative/bills/2013/PDF/HE/HE1001.1.pdf.

Envisioned as a comprehensive state-level program to support an entrepreneurial ecosystem, the HI Growth Initiative was approved by lawmakers to diversify the state's economy and promote the development of high-growth, entrepreneurial businesses. Backed by Gov. Neil Abercrombie, the initiative has three main objectives focused on helping entrepreneurs commercialize intellectual property, access business mentors, network with global investors, and gain access to follow-on capital. Funds will be managed by the Hawaii Strategic Development Corporation. Lawmakers approved $6 million for the effort in FY14. The governor had requested $20 million over two years (see the Feb. 27, 2013 issue of the Digest). View the bill: http://www.capitol.hawaii.gov/session2013/Bills/HB858_CD1_.PDF

As the 2013 legislative session draws to a close for several states, lawmakers approved measures to create new opportunities for economic growth or expand investments in programs demonstrating positive outcomes. Lawmakers in Georgia increased funding for established university-based research initiatives and set up a state-run venture capital fund to invest in innovative companies. In Virginia, a new cybersecurity accelerator will help propel technology and companies in an emerging sector.

With a continued push toward regionalism to better support the state's high-tech platform, lawmakers approved in the FY14 budget startup funding for a new statewide incubator program that provides grants for the incubators and tax incentives for client companies. The initiative is part of Gov. Andrew Cuomo's planned expansion for the state's 10 regional councils. Other innovation-focused initiatives approved in the recently enacted budget include a $50 million innovation venture capital fund, a third round of funding for the SUNY 2020 program, and $55 million to launch the CUNY 2020 challenge.

Upbeat revenue forecasts and shared economic principles have Republican governors in four states requesting more funds for higher education tied to performance metrics or workforce outcomes. Recent budget proposals introduced in Florida, Ohio, Pennsylvania and Texas focus on competing for talent and jobs through efforts to encourage STEM learning and teaching and incentivizing outcomes such as graduating more students in high-demand fields, conducting research and more. College affordability is addressed through measures that would freeze tuition or cap increases.

In Connecticut, Governor Daniel P. Malloy has proposed a Bioscience Innovation Act, which would create a 10-year $200 million fund to invest in the state's bioscience sector. The proposed fund would be administered by Connecticut Innovations, a quasi-public venture development organization. Governor Malloy's announcement was presented at the headquarters of Jackson Lab, a research and development institute that is being developed with assistance from the state of Connecticut. The Bioscience Innovation Act officially will be released as part of Governor Malloy's legislative package on February 6th.

In a new report, the National Academies' Institute of Medicine (IOM) praises the remarkable research output of California's Institute for Regenerative Medicine (CIRM) during its first seven years, but recommends several changes in oversight that could improve the quality and defensibility of its work. IOM suggests that external scientific reviews and independent oversight of the institute's management could help ameliorate concerns about conflicts of interest and increase transparency.

Recently, the Maine Technology Institute (MTI) announced a new outreach effort to connect the state's community banks with promising technology and innovation-based businesses. These businesses often have capital needs that differ from other small firms and less collateral to secure loans. As a result, it can be difficult for high-tech firms to secure bank loans. The initiative will kick off with a series of workshops, held in partnership with community banks, on the funding options available to tech companies. Learn more...

In an era of tightening fiscal constraints, states have to make tough decisions, establish clear economic development funding priorities and transform their economic development models to take advantage of immediate opportunities and position their state for long-term economic growth. Mississippi, Oklahoma and Washington have released state-specific strategic plans that make those tough decisions by focusing their resources on key science & technology (S&T) areas to address the economic impacts of the Great Recession and position the state for future prosperity. Each strategic plan also calls for state government to engage the private sector to build partnerships that will help reduce costs and increase impacts.

Building on a previous statewide initiative to boost technology entrepreneurship, a group of Rhode Island organizations have combined resources to launch a new effort called the Founders League. The idea is to assemble a treasure trove of support from universities, a mentorship-driven accelerator, and the Chamber of Commerce to provide resources and connections for established and aspiring entrepreneurs. The group is the promoting power of collaboration with guiding principles that include: the importance of physical space, co-working communities and transitioning to a self-sustaining business model. The Founders League officially launches in December and will offer community co-working space, programming and support for entrepreneurs at all stages of development. Read the announcement...