SSTI Digest

Inclusive workforce development, downtown revitalization, and an influx of funds for venture capital are among the proposals in an economic development strategy unveiled by New Jersey Gov. Phil Murphy earlier this week. In an effort to focus on bottom-up development rather than a package of tax incentive programs favoring big businesses, the strategy seeks to build the nation’s “most diverse and inclusive innovation economy.”

Perhaps the most notable proposal included in the plan is the creation of a $500 million New Jersey Innovation Evergreen Fund (IEF). Developed over a five-year period, roughly half of the funds for the IEF would come from an auction of tax credits to New Jersey corporations. Private venture capital firms hoping to do business with New Jersey startups would match the remainder of the fund, and any company receiving investments through the IEF will need to be based in New Jersey.

Vibrant Virginia (VV), a new program from Virginia Tech’s Office of Economic Development, is offering seed grants as a way to encourage faculty and graduate students to explore persistent public policy challenges spanning the state’s urban, suburban, and rural communities. Providing between $5,000 and $12,000 to university researchers targeting key issues facing the state, VV has an initial focus on Southwest Virginia, Hampton Roads, Northern Virginia, and Southside Virginia – regions located outside of the university’s traditional footprint. Examples of projects funded so far include programs that match public school students with internships, build online capacity at rural nonprofits, and use population health expertise to identify strategies around the opioid crisis. The VV program also funds regional conversations to help Virginia Tech become a more effective partner in advancing community changes, as well as academic projects, which seek to highlight important challenges and opportunities across the state. 

With at least six federal agencies supporting quantum computing research and at least 10 agencies supporting synthetic biology research, more collaboration is needed to effectively marshal the agencies’ efforts to maintain U.S. competitiveness, according to a new report from the U.S. Government Accountability Office (GAO). While the agencies do coordinate on the two areas through efforts such as conferences and interagency groups, the GAO found that the agencies have not fully implemented other practices, such as agreeing on roles and responsibilities and identifying common outcomes.

Experts interviewed for the report identified ways to maintain U.S. competitiveness through transformational technological advances that address federal and nonfederal entities’ roles. Such considerations include:

With the close of the primaries, the 36 gubernatorial elections are now taking shape. November’s election will see at least 18 new governors as those seats were term-limited, the incumbent was not seeking reelection, or did not win the primary.  In each of the 36 races, SSTI has reviewed the major party candidates’ positions relating to technology-based economic development and here outlines what those candidates have revealed on topics touching the field. If a candidate is not covered, it is because we were unable to discern specific positions or proposals involving creating a better future through science, technology, innovation and entrepreneurship.

Common themes in 2018 gubernatorial candidates’ positions include free tuition for some years of post-secondary education, expanded broadband access, addressing lagging rural economies, and apprenticeship and redesigned workforce development efforts.

Alabama

SSTI is publishing a series of FY 2019 budget updates to match Congress’s unusually early action. 

During the past decade, there has been rapid growth of the smart cities movement – improving critical public service delivery, while reducing cost over the long run, through the Internet of Things, real time data gathering, better sensors and integrated systems management. The pace of growth is resulting in a wide variety of do-it-yourself models for smart communities to address their IoT data management and analysis needs. If there are advantages in connecting all of the various components of the complex business of a local government, it follows that there have to be economy of scale opportunities for even greater efficiencies and innovations by connecting Smart Cities’ data systems to each other. US Ignite and the Alliance for Telecommunications Industry Solutions (ATIS) recently announced a strategic alliance to provide the platform to help municipalities of all sizes to work together to develop a blueprint for a “secure and interoperable exchange of data beyond city operational boundaries.”

As the National Science Foundation announces awards for five new regional academic centers to encourage underrepresented populations to pursue and attain college degrees related to science, technology, engineering and mathematics (STEM), a recent working paper from two Harvard researchers finds an explanation for the popularly perceived persistent shortage of STEM workers: changes in technology.  The rapid pace of technological change is making the skills of the existing STEM workforce obsolete in much shorter time than previously, flattening their wages and reducing opportunity for advancement after seeing an initial high wage premium at the beginning of their careers. 

Working together to address the skilled labor shortage in manufacturing, manufacturers across the nation participate in Manufacturing Day as an opportunity to change perception. Always the first Friday in October, thousands of manufacturers open their doors to the public to exhibit what they do in modern manufacturing. Many community and technical colleges also participate to educate the public on the changing nature of the industry and highlight the skills required for a well-paid career in the field. For information on a Manufacturing Day activity near you, organizers present an interactive map to find events in your area.

Addressing the skills gap in the equipment industry, a new workforce development toolkit from the Association of Equipment Manufacturers (AEM) provides methods to kick start recruitment efforts with students and people entering the labor pool. AEM notes that while filling the workforce pipeline “won’t happen overnight,” the toolkit provides ideas that can be put into action immediately.

Starting next month the SSTI Weekly Digest will bring you a special series of interviews conducted with leaders in the innovation economy. We will feature topics like driving regional innovation on modest R&D budgets, honing your value proposition, and tips on working with your state legislature and making innovation a priority with your governor. The Q&A series will provide a quick preview into some of the insights we will explore in greater depth during SSTI’s 2018 Annual Conference: Navigating the New Innovation Landscape, Dec. 3-5 in Salt Lake City. For more information on the conference, click here.

The 21st TCI Global Conference organized by the Institute for Competitiveness & Prosperity will be held in Toronto, Oct. 16-18. The conference is expected to draw more than 400 international practitioners and will focus on cluster leadership, governance and evaluation, as well as designing innovation networks for knowledge exchange, with the goal of furthering economic development. It will feature 11 unique immersion experiences on Toronto clusters, including advanced manufacturing, emerging technology, energy, and the innovation ecosystem. More information on the conference can be found here.

A new platform to match promising start-ups with experienced business executives, investors and startup mentors from participating school’s alumni ranks is reporting momentum. Following a year of development, the University of Kentucky last month announced the launch of the Southeast Executives-on-Roster (XOR) and the Midwest Executives-on-Roster (XOR) platforms, collaborations between regionally-partnered universities to broaden access to experienced entrepreneurial talent and match that talent to university-affiliated startups in need of executive management. SSTI learned more about the program through interviews with two of the universities involved.

American Community Survey released its one-year estimates for 2017 on Sept. 13, with new statistics on income, poverty, educational attainment and a variety of other topics. ACS reports that many large metropolitan areas saw an increase in income and a decrease in poverty rates between 2016 and 2017. The estimates are based on eight and a half months of data collected from January 2017 through mid-September 2017 when the collection was suspended due to the impact of hurricanes Harvey, Irma and Maria. In upcoming months, the Census Bureau will release additional ACS data, including 2017 ACS supplemental tables and five-year statistics. SSTI will take a closer look at the data with that release and reveal findings in a future issue of the Digest.