State & Local Tech-Based ED Round Up

Arkansas

The Arkansas Democrat-Gazette reports that Fayetteville city officals are looking at alternative locations to create the Arkansas Research and Technology Park since a wetlands has grown to consume 80 of the 289 acres originally purchased for the park in 1994. A possible front-runner site, according to the paper, is an area that would closely link the park to the University of Arkansas Engineering Research Center, the Genesis Technology Incubator, and the High Density Electronics Center. State, federal, and private funding sources currently are being investigated for the technology cluster-based economic development project.



Georgia 

The Georgia Research Alliance is leading the state's effort to transform Atlanta into a nationally recognized center for cancer research and treatment. The Atlanta Journal and Constitution reports the state legislature approved $44 million this year for construction of the first of three centers of excellence connected to universities and research hospitals. Plans call for spending up to $400 million of tobacco settlement funds to leverage $600 million in private investment toward the goal. The strategic plan for a Georgia Cancer Coalition to coordinate the effort and hire a Coalition director should be completed this summer. More information is available at http://ganet.org/governor/fact_sheet.html

Kentucky

The Lexington Herald-Leader reported in early April that Bill Brundage, Kentucky's Commissioner for the New Economy, wants the Commonwealth to invest $10 million to create two seed-capital funds. The public funds are expected to leverage an additional $15-25 million from private investors. Brundage made the recommendation after learning the state's existing 40 percent tax break for investments had been used only three times over the last decade. Critics point out the credit is not too popular since it bars venture capitalists from taking an active management role in portfolio companies.



Maryland

Unfortunately for Maryland biotech firms, two bills that would have made business less taxing died in committee when the state General Assembly ended its 2001 session. One bill created a "tax transfer" program for biotech companies similar to New Jersey's broader program. The other bill provided sales tax exemptions for biotech equipment purchases. MdBio, a biotech trade association, reports the state's biotech industry employs nearly 16,000 people at 258 companies.



North Carolina

This August, the N.C. Technology Development Authority will be opening 20,000 sq. ft. of wet-lab space in a new biotech incubator for Research Triangle Park. The News and Observer (Raleigh) reports biotech firms already employ 11,000 people in the area and captured one-third of the $156.2 million of venture capital raised during the fourth-quarter of 2000. The paper adds that only one percent of the 8 million sq. ft. of wet-lab space existing in the Triangle is available for lease.



Virginia 

In addition to cash prizes ranging up to $7,000, the four finalists of the 16th Annual Business Plan Competition held by the Darden Graduate School of Business in the University of Virginia have been given the opportunity to launch their new companies through the Darden Progressive Incubator program. The offer includes free office space, Internet access, leads for securing funding, mentoring, and a modest summer stipend. More info available at http://www.darden.virginia.edu/batten/