strategic plan

New energy plans unveiled by governors in Connecticut and Mississippi promise to capitalize on current strengths, build capacity for future projects, and encourage public-private partnerships to scale up clean energy projects and create jobs by attracting more R&D investment to the states. Connecticut's draft strategy proposes economic incentives to drive down costs of new technology and maximize the use of clean energy finance banks — an approach that is heralded as a model for other states in a recent policy report. At the same time, a new roadmap for energy opportunities in Mississippi focuses on using available resources to attract businesses while expanding research and training more high-tech workers.

Two common themes emerged in a trio of reports aimed at growing the bioscience sectors in Indiana, New York and Pennsylvania: the need for a sustained financial commitment from the states and the importance of a shared vision and better communication between policymakers and industry leaders. In all three reports, the authors say the payoff is big for the states. The bioscience and life science industries support high-wage jobs and attract significant federal funds.

After its first year of work, India's National Innovation Council has released a report on development of a long-term innovation roadmap. The keystone of this strategy is a Rs 5000 crores ($968,615,000 U.S.) India Inclusive Innovation Fund to support small businesses, paired with an Industry Innovation Cluster Initiative. The report provides background on other Indian initiatives, such as the pilot University Innovation Cluster at the University of Delhi, the country's twenty Design Innovation Centres and the new State Innovation Councils.

The European Union has implemented 30 of the 40 Innovation Union commitments according to State of the Innovation Union, a comprehensive progress report on the Innovation Union, the European Union's (EU) flagship initiative under the Europe 2020 growth strategy for the decade. By the end of 2011, the European Commission will have passed all six Innovation Union legislative proposals. The report highlights several of the new initiatives including the first Innovation Partnership in Active and Healthy Aging; the European Institute of Innovation and Technology; and the Smart Specialization Platform. However, the EU still has more to achieve including strengthening efforts at a national level to prioritize investments in research and innovation and set aside dedicated budgets to public procurement of innovative products and services.

Just three months after unveiling a statewide regional economic development plan, Gov. John Hickenlooper released a new version of the document that speeds up timelines and adds more specific measurable outcomes to the plan's 24 job creation strategies. The governor also submitted a budget proposal for FY13 that calls for additional funds to help the Economic Development Commission attract high-wage jobs and support initiatives that address distinct market barriers in the energy sector.

To leverage the state's opportunities, Nevada needs to upgrade its diffuse economic development system to empower its regions more fully and set a statewide platform for new growth, finds a report commissioned by the state. Building on legislation passed earlier this year to reorganize and elevate the importance of the state's economic development activities, the report calls on the state to unify its operating system for 21st century economic development, support smart sector strategies in the regions, and set a platform for higher-value growth through innovation and global engagement. Seven major industries poised for economic growth also are identified, including clean energy and aerospace and defense.

With less than three months until the start of the 2012 legislative session for many states, governors and state economic development groups are working to define areas of investment seen as key to their state's competitiveness. In Florida, Gov. Rick Scott unveiled a job creation and growth agenda that prioritizes science, technology, engineering and mathematics (STEM) education to produce more graduates for a competitive workforce. Meanwhile, leaders in Mississippi and Virginia issued reports that identify industry sectors most likely to grow their states' economies.

The 10 regional councils established earlier this year to stimulate economic development and improve the business climate statewide are tasked with five primary responsibilities, and can compete for funding from a pool of $1 billion to support projects they determine to be a part of their regional strategy. Gov. Andrew Cuomo recently unveiled a blueprint for how the councils will operate with information regarding resource allocation, structure and leadership, and performance measurement.

Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.

Last week, Maryland Gov. Martin O'Malley released the results of 18 months of work by the Maryland Economic Development Commission (MEDC), laying out the state's strategy for economic growth over the next five years. MEDC's five-year plan provides many economic development policy recommendations, but lists innovation, commercialization and entrepreneurship as the first three foundations for growth. Part of this strategy includes the implementation of InvestMaryland, a recently passed initiative that would generate more than $70 million for seed and growth stage companies. Read more about the strategy at: http://www.governor.maryland.gov/pressreleases/110414.asp