In the March 12, 1999 Issue:

Copyright State Science & Technology Institute 2002. Information in this issue of the SSTI Weekly Digest was prepared under a cooperative agreement with the U.S. Department of Commerce, Economic Development Administration. Redistribution to all others interested in tech-based economic development is strongly encouraged — please cite the State Science & Technology Institute whenever portions are reproduced or redirected. Any opinions expressed in the Digest do not necessarily reflect the official position of the U.S. Department of Commerce.

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Venture Capital Investments Up 24% In 1998
U.S. venture capital investments for 1998 were 24 percent higher than record levels set in 1997, according to the latest Pricewaterhouse-Coopers Money Tree Survey. Results from the survey of deals made during the fourth quarter of 1998 revealed venture capital investment for 1998 totaled $14.27 billion — $2.78 billion higher than the total posted in 1997, and 78 percent higher than 1996 totals.

A sharp increase in technology sector investments is credited with much of the growth. Technology-based projects accounted for 76 percent of the deals made in 1998, nearly double what they were two years ago. With more than $3.5 billion posted, 1998 Internet-related deals rose 66 percent over 1997.

During the fourth quarter, 713 companies received a total of $3.67 billion, 11 percent higher than the same period in 1997. The following table shows the 1998 fourth quarter survey results by state and the state’s share of the total for the quarter. There were no venture capital investments reported for those states not included in the table.

More information about activity for the past four quarters may be found on the Pricewaterhouse-Coopers Money Tree site www.pwcmoneytree.com

STATE

# of PROJECTS

DOLLAR AMOUNT
(in Millions)

% of TOTAL $

AL

3

14.75

0.40

AZ

4

24.99

0.68

CA

247

1,448.96

39.51

CO

24

98.36

2.68

CT

8

76.75

2.09

DE

2

5.61

0.15

FL

8

74.41

2.03

GA

20

53.99

1.47

HI

2

0.13

0.00

IL

19

148.74

4.06

IN

1

0.50

0.01

IA

3

8.30

0.23

KS

1

8.50

0.23

KY

6

9.86

0.27

LA

5

22.18

0.60

ME

2

6.65

0.18

MD

13

119.88

3.27

MA

87

483.27

13.18

MI

11

21.50

0.59

MN

24

61.59

1.68

MO

7

47.12

1.28

NE

1

2.50

0.07

NV

3

1.53

0.04

NH

3

3.80

0.10

NJ

14

40.04

1.09

NY

35

208.85

5.69

NC

21

49.70

1.36

OH

9

27.49

0.75

OK

1

6.65

0.18

OR

4

17.86

0.49

PA

32

78.32

2.14

RI

1

5.00

0.14

SC

3

14.65

0.40

TN

7

8.56

0.23

TX

36

124.72

3.40

UT

4

27.80

0.76

VT

1

1.33

0.04

VA

14

153.33

4.18

WA

23

98.89

2.70

WV

1

1.10

0.03

WI

3

59.45

1.62

Total

713

$3,667.61

100.00

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MEP, SBA, Others Offer Y2K Action Week, Help

The Small Business Administration (SBA), the U.S. Department of Agriculture (USDA), the Manufacturing Extension Partnership Program (MEP) of the National Institute of Standards and Technology (NIST), and several other federal agencies have declared March 29 through April 2, 1999 as "Y2K Action Week." Several educational events and technical assistance opportunities are planned around the country, including a 2-hour satellite broadcast by the Department of Housing and Urban Development that will be hosted by Housing Authorities across America.

During the period, several Small Business Development Centers, MEP affiliates and SBA offices throughout the country will hold educational seminars, workshops and presentations on the Year 2000 computer problem and protective measures one can take. A complete state-by-state list of Y2K Action Week activities can be viewed on the SBA Y2K website: http://www.sbaonline.sba.gov/y2k/

Also, NIST MEP, USDA and the SMA have established the Y2K Help Center for Small Business, a free source of assistance and technical support to help companies address the computer problem. The center, housed in the NIST offices in Gaithersburg MD, has developed and is disseminating freely a Y2K Self-Help Tool, a Microsoft Access or Excel-based software program that allows businesses to conduct an inventory of computer equipment, identify core business systems and rate their importance to the survival of the business, develop contingency plans, and plan and manage remediation projects.

The Y2K Help Center also will help small businesses determine whether or not their computer products and equipment will have a Y2K problem by providing information on equipment manufacturers’ and vendors’ databases than contain Y2K compliance information.

The Y2K Help Center website is http://y2khelp.nist.gov. Most MEP websites also have links to the Center and additional Y2K resources.

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Maine Issues S&T Report Card

The Maine Science & Technology Foundation (MSTF) has released the 1998 Maine Science and Technology Report Card, a first look at the state’s performance across twenty science and technology related indicators. MSTF will use the report’s findings to develop benchmarks for the next revision of the state’s biennial strategic science and technology plan, due out this fall.

The 20 indicators used in the Report Card are divided among four categories characterizing the state: financial capacity, human capacity, infra-structure capacity, and innovation.

Two indicators of economic growth measuring change in employment and in workers’ wages are used to reflect the effectiveness or outcomes of the four capacity categories.

Major findings include:

Maine joins at least three other states to use the statistical snapshot of selected indicators to measure their economies: Massachusetts, Illinois, and Kansas.

Copies of the 1998 Maine Science & Technology Report Card may be obtained from the Maine Science & Technology Foundation by calling 207/621-6350.

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ASME Releases Position Paper on Kyoto Protocol

The American Society of Mechanical Engineers (ASME) has released a new paper that argues that even with maximum utilization of currently available technologies, the U.S. could not meet its carbon emission reduction obligations under the Kyoto Climate Change Protocol by 2008-2012.

The Kyoto Protocol calls for the U.S. to reduce its emissions of greenhouse gases to a level seven percent below 1990 levels.

ASME contends that in order to make significant progress toward meeting the goals, the U.S. would have to phase out the use of coal and maximize the use of natural gas as the primary fuel for electric power generation.

Copies of the paper can be found on the web at www.asme.org/gric or by calling ASME at  202/785-3756.

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