In the December 11, 2006 Issue:

Copyright State Science & Technology Institute 2006. 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.

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 New TBED Guide Helps During Times of Transition
Congress isn't the only place looking at dramatic changes in January. With 11 governors and hundreds of state legislators taking office for the first time, tech-based economic developers across the country are presented with both opportunity and challenge. A change in state leadership often presents the opportunity for positive changes in direction of outdated economic development policies and programs. Sometimes, however, governors feel the need to make changes just for the sake of giving their administration something to hang its hat on – to make the state's economic development strategy the governor's own.

One of the biggest challenges is new governors and legislators bring with them new staff, some with little understanding or experience in how tech-based economic development encompasses so many varied elements. In addition, key TBED personnel often change at the same time as governors, taking with them institutional memory of what works and what doesn't as they hand over the reigns. Good TBED programs and policies, as a result, can be at the same level of risk as bad ones during these times. It becomes most critical during transition times and the initial days of a new session to ensure elected officials recognize the importance of supporting the key elements of successful TBED strategies, as they set to work on new legislation and 2008 appropriations.

SSTI is excited to offer a new tool to help TBED professionals during these times of transition. A Resource Guide for Technology-based Economic Development provides a great introduction to the fundamentals to transition regional economies through strategic investments in science, technology, innovation and entrepreneurship. The book provides valuable insights into three of the most important elements of transforming regional economies:

While distinct, these three elements comprise the heart of most state TBED strategies and are closely interrelated. Readers of the guide, especially those new to the field, will benefit from the easy access provided in this single volume to useful information addressing all three. Each section of the book provides insight into the characteristics and qualities shared among the best TBED policies and practices. Examples of key strategies from across the country are included as well as special considerations, cautions or tips for each approach.

A Resource Guide for Technology-based Economic Development, produced with support from the U.S. Department of Commerce's Economic Development Administration, is available for download or purchase from SSTI. More information is provided in the article below.

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Is Your TBED Strategy on the Right Track?
A handy resource for bringing new staff, board members and legislators quickly up to speed on TBED, A Resource Guide for Technology-based Economic Development targets a primary audience of existing practitioners looking to implement new or update older programs. SSTI compiled the book's recommendations after conducting extensive interviews with dozens of the countries leading TBED experts. Some TBED leaders will be familiar with many of the programs and policies highlighted in the guide, but most will find much to learn from the candid advice offered by their peers.

The resource guide provides a starting point for transferring the collective wisdom of top TBED professionals from the past two decades to current practitioners. Each of the three main sections can serve separately or together as required reading before your next staff meeting, retreat or brainstorming session to help refine your approaches to transforming regional economies.

A Resource Guide for Technology-based Economic Development is available for download or purchase from SSTI. More information is provided in the article below.

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Universities as Drivers for Economic Transformation
Both the Bush Administration and incoming Congressional Democrat leadership plan to put higher education under the spotlight in 2007, stressing issues of accessibility and cost containment. While their approaches to the problems will be different, both sides agree universities will play even greater roles in maintaining U.S. economic leadership in the 21st century than they have in the past.

Accessibility and affordability are only two of the issues before the nation's universities and colleges. Increasingly, institutions of higher education are called on to support economic vitality through research and technology commercialization. States, local governments, foundations and business organizations are among those pushing academia in this direction through various TBED programs and policies.

Universities that have been most effective in launching and supporting knowledge economies perform world-class research with internationally prominent faculty, state-of-the art research infrastructures, and leadership who view universities as partners with industry and government. As a result, many states have adopted a variety of strategies to strengthen the research and technology commercialization capacity of their public and private institutions of higher education.

The new SSTI publication A Resource Guide for Technology-based Economic Development identifies the key features, success factors and issues to consider for each of the four most important approaches deployed by state TBED programs:

The guide includes successful examples of each approach and a discussion of the types and level of resources required for success.

A Resource Guide for Technology-based Economic Development is available for download or purchase from SSTI. More information is provided in the article below.

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Fostering Tech-based Entrepreneurship
It is unfortunate the word entrepreneurship has become as overused a buzzword as innovation because developing vibrant climates to support tech entrepreneurs remains one of the most important elements of successful state and local TBED.

Not all entrepreneurship is created equal, however. The country's standard of living will decline if it were based entirely on low-wage retail and service businesses – even if every single one of them was created by budding entrepreneurs.

The most successful regional economies in the U.S., according to the Small Business Administration, are built on a foundation of technology firms. Its tech entrepreneurship, then, that matters most.

This fact is not lost on nearly every state and local TBED program across the country. A wide variety of approaches have been implemented throughout the U.S. with equally varied degrees of success.

A Resource Guide for Technology-based Economic Development outlines the most effective strategies for facilitating entrepreneurship. These strategies, the guide points out, often are labor and capital intensive, whether the approach is intended to educate entrepreneurs or provide the resources to increase their success. Optimizing these public investments to support entrepreneurs, then, takes on some urgency.

The guide walks readers through the variety of approaches, examples of each and key factors to consider to increase the impact and effectiveness of entrepreneurship programs and policies.

A Resource Guide for Technology-based Economic Development is available for download or purchase from SSTI. More information is provided in the article below.

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Increasing Local Access to Equity Capital
The public role in increasing access to capital is, perhaps, the most controversial element of TBED – if any of the public's role in the 21st century to strengthen competitiveness in a global knowledge economy is controversial.

As researchers such as Paul Gompers and Josh Lerner have shown us, the availability of equity capital runs in cycles. In fact, presently, at the macro level and in some specific markets, there is an excess of private capital available. That 'fact' does not hold, however, in most regions of the country and even in many regions or industrial sectors of those states enjoying a surplus of capital.

Maximizing the impact of public involvement in either the 'have' or 'have not' regions of the country, then, becomes of upmost importance to ensure the free market system is not negatively affected by poorly executed public policy.

The research and interviews for developing A Resource Guide for Technology-based Economic Development revealed capital-related TBED efforts can be divided into two distinct camps:

The guide discusses the varied approaches offered within both camps, provides real-world examples of each and, most importantly, provides candid comments on the positives and negatives of strategies to increase access to equity capital.

A Resource Guide for Technology-based Economic Development is available for download or purchase from SSTI. More information is provided in the article below.

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Obtaining the Resource Guide for TBED
A Resource Guide for Technology-based Economic Development is available from SSTI as a free, downloadable PDF at http://www.ssti.org/Publications/Onlinepubs/resource_guide.pdf or as an inexpensive 90-page bound book (a format still more likely to be perused by most legislators or gubernatorial staff than a pile of printouts). Single print copies are $15 plus shipping and handling. SSTI members receive a 10 percent discount on each order. The guide can be ordered by calling SSTI at 614.901.1690 or ordering it online at SSTI's bookstore: http://www.ssti.org/Bookstore/merchant.mvc

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SSTI Brought 1,400+ Funding Opportunities to Subscribers in 2006
So far this year, SSTI's Funding Supplement has made its subscribers aware of more than 1,450 different opportunities to secure funding. Another 40-50 new opportunities will be included in this week's issue. If you aren't a subscriber, your client companies, academic researchers, and state and local TBED efforts are at a significant disadvantage. Finding alternate sources of cash to support the research and the commercialization goals of your client companies and academic researchers is a valuable service provided by the most successful state and regional TBED programs – those programs subscribing to the Funding Supplement.

Competition for federal research funding is growing, particularly as program budgets have been relatively flat or declining in recent federal budget cycles. But your tech companies and faculty researchers are at the greatest disadvantage if they are not even aware of all the opportunities available to them.

Don't remain in the dark for 2007. Sign up your organization as one of SSTI's affiliate members today to begin your subscription to the SSTI Funding Supplement.

Membership has additional benefits as well, including discounts on SSTI events and publications, to name two. More information is available at: http://www.ssti.org/benefits.htm

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SSTI Job Corner
Complete descriptions of the position openings described below are available at http://www.ssti.org/posting.htm.

The Connecticut Economic Resource Center (CERC), a nonprofit corporation that serves to promote Connecticut as a prime business location, is seeking a president and chief executive officer. Reporting to and working with the board of directors, CERC’s president and CEO develops a focused strategy consistent with the mission to enhance Connecticut’s economic growth. This strategy encourages and facilitates quality national and international businesses to locate, remain and expand in the state. A master’s degree in political science, economics, marketing or another related field is preferred.

New Economy Strategies LLC (NES), a national and ever-increasingly international technology-focused economic development consultancy, is looking for a professional to join its rapidly growing practice as chief project manager and senior consultant. This position reports directly to the CEO and works cooperatively with the chief operations officer. The position requires a master's degree in economics, business, urban affairs or a similar field, with at least five years of experience in economic development, public policy, or technology and innovation policy/strategy.

The New Jersey Economic Development Authority (EDA), an independent state entity dedicated to broadening New Jersey's economic base, is seeking a venture associate. This full-time position reports to the program manager of science and technology and serves to promote EDA financial offerings in order to create economic growth for the state's technology and life science sectors. Candidates should possess a bachelor’s degree, preferably with emphasis in finance, and have equivalent professional experience.

Purdue University's Information Technology at Purdue (ITaP) is seeking a research scientist to perform research, supervise graduate students and support activities involving advanced scientific visualization techniques and technologies. These activities include the design, development and deployment of software technologies that enable researchers to analyze massive data sets using resources ranging from PCs to immersive visualization environments with multiple platform rendering systems. A Ph.D. in computer science, computer graphics or a related field is required.

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