tbed

May 21, 2024, 3:00 p.m. ET

Which should be more valuable for an economic development minded investment program?

• Company A, which yields a 2x return on investment and has a technology that reduces carbon emissions and energy use,
• Company B, which returns 12x to investors through an impressive IPO but contributes more to climate change, or
• Company C, which returns 3x and the climate impacts of its technology and production process aren’t as easily measured so remain unknown.

Two senior leaders of state programs designed to help commercialize new intellectual property joined a TBED CoP webinar last week to discuss how they determine whether those initiatives are successful. John Hardin, executive director of the Office of Science, Technology & Innovation at the NC Department of Commerce, described the One NC Small Business Program and the evaluation process the office performs each year. They use surveys of award recipients and econometric analysis to demonstrate the program’s effectiveness. Vinit Nijhawan, managing director, MassVentures, discussed the START program targeted at deep tech companies and Catalyst grants, which support clean tech startup companies. Both programs have been shown to assist companies with commercialization activities. More than 100 attendees participated in the webinar, which generated many practical questions (and thoughtful answers) about how methods used in North Carolina and Massachusetts may be transferable to other states. The presentation and recording are available here.

Many federal funding programs have the potential to support technology-based economic development (TBED) initiatives, even when technology and innovation aren’t their explicit focus. This is the case with the Appalachian Regional Commission (ARC). SSTI recently sat down with Christy Johnson, ARC program analyst, to learn how three of ARC’s funding opportunities can support TBED activities in the Appalachian region.

Editor’s note (April 4, 2024): This article has been updated to reflect relevant programs included in the second of two FY 2024 omnibus appropriations bills.

In a webinar last week, staff from BioSTL and SSTI shared their organizations’ use of Salesforce for grant management and reporting. It facilitated a lively discussion among the more than 100 attendees about technical and practical challenges and solutions for the platform. The presentation and recording are now available here. In a poll last year, participants in the Tech-based Economic Development (TBED) Community of Practice identified Salesforce as the most commonly used customer management system (CMS) in the field (followed by Excel and with HubSpot and Microsoft Dynamics as other common solutions). SSTI previously shared a demonstration of AirTable’s use for managing TBED initiatives and seeks organizations willing to discuss other platforms. To volunteer your experience or to get more information about the TBED Community of Practice, contact tbedcop@ssti.org.

Leaders within the largest city in the United States, and one of the most influential in the world, recognize the daunting challenges resulting from New York City’s vulnerability to climate change—evidenced already in violent storms, flooding, and rising sea levels—as well as the economic opportunity that comes in combating the negative impacts of that change and reducing the city’s contributions to further temperature rise. As a result, it should not surprise Digest readers that the Green Economy Action Plan released by New York City Mayor Eric Adams on February 28 is saturated with innovation and TBED-centered initiatives.

Editor’s note: SSTI is committed to helping its members create economies that are equitable and inclusive. The following article is part of a series highlighting how different organizations ensure all people within their communities can benefit from today’s economy and lessons learned in their work.

Reminder!

The Economic Development Administration (EDA) announced 60 organizations receiving $53 million from the Build to Scale program today. This is the program’s 10th and largest award cycle, following years of consistent appropriations growth from Congress. The Build to Scale program, which includes the Venture Challenge and Capital Challenge, funds the launch or expansion of programs that address regional needs to achieve a more robust innovation economy. SSTI has been a staunch supporter of Build to Scale and participating organizations since it was first formed.