SSTI Digest

Borealis Ventures and the New Hampshire Business Finance Authority recently announced the creation of the Borealis Venture Fund, an early stage venture capital fund that will support the states's high-tech startups. Borealis Ventures will manage the fund, which is being backed by $4.5 million through the federal State Small Business Credit Initiative. The firm plans to raise an additional $25.5 million from private investors. Under the partnership, the state will share in any profits from Granite Fund investments, and will absorb the first 15 percent of any losses, according to a StateImpact-NPR article. Read the article...

New Hampshire's University System and Community College System recently committed to increasing the number of science, technology, engineering and mathematics graduates 50 percent by 2020, and then doubling that number by 2025. Currently, the two systems together graduate about 1,120 STEM students each year. Specific steps include the creation of new transfer pathways, cross-institutional sharing of facilities, staff and faculty and partnerships with the state's employers.

The fourth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Illinois, New Hampshire, Tennessee, and Rhode Island. The first three installments are available in the Jan. 11, Jan. 18 and Jan. 25 editions of the Digest. Illinois Gov. Pat Quinn, State of the State Address, Feb. 1, 2012 "Today, I'm announcing a $2.3 million dollar investment in '1871,' a new technology center at the Merchandise Mart in Chicago to foster and launch digital start-ups. "Today, I'm also announcing a $6 million dollar statewide competition to build ultra-high speed broadband in neighborhoods across Illinois. "Through this challenge, we want our neighborhoods to become Gigabit communities with Internet connections more than 100 times faster than today! Our goal is to build smart communities that will foster the job engines of the future." New Hampshire Gov. John Lynch, State of the State Address, Jan. 31, 2012 "There are tax reductions that can spur job growth here in New Hampshire. Innovative companies create jobs and lay the foundation for a stronger future for our state. Five years ago, we put in place a research-and-development tax credit to attract…

The sixth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Connecticut, Illinois, New Hampshire, New Jersey and North Carolina. The first five installments are available in the Jan. 5, Jan. 12, Jan. 19, Jan. 26 and Feb. 9 issues of the Digest. Connecticut Gov. Dan Malloy, Budget Address, Feb. 16, 2011 “We are combining our economic development efforts under one agency so we can have a single powerful voice when it comes to attracting, retaining, and growing jobs in Connecticut...like our new First Five initiative that will offer powerful incentives to the first five companies that bring hundreds of new jobs to Connecticut. “This program takes our best job creation tools, like the Reinvestment Tax Credit, the Manufacturing Assistance Act and the Job Creation Tax Credit, and allows them to be combined and the benefits increased for companies that bring more than 200 new jobs to the state.” Illinois Gov. Pat Quinn, Budget Address, Feb. 16, 2011 “We must support a vibrant entrepreneurial culture that capitalizes on Illinois' strengths: our strong work…

The second installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Arkansas, Connecticut, Idaho, Kansas, New Hampshire, Virginia, Washington, and Wyoming. Our first installment was in the Jan. 5 Digest. ArkansasGov. Mike Beebe, State of the State Address, Jan. 11, 2011"I want to tie funding for higher-education institutions more closely to coursework completion and graduation rates, not simply to enrollment. These tax dollars must produce college graduates, not just fill up seats. We can and must double the number of college graduates in Arkansas by 2025 if we are to stay competitive. This is a lofty goal aimed at the future, but we must begin implementing it today." ConnecticutGov. Dan Malloy, Inaugural Address, Jan. 5, 2011"We will put in place an economic development strategy that makes sense for the 21st century economy, aggressively competing with other states and nations for lucrative biotech, nanotech, fuel cell technology and stem cell research jobs. "We will join Connecticut to the Energy Economy, attracting companies that reduce our…

The third installment of SSTI’s Tech Talkin’ Govs’ series includes excerpts from speeches delivered in Delaware, Maine, Missouri, New Hampshire, Ohio, Rhode Island, South Dakota, Utah and Wisconsin. The first and second installments are available in the Jan 13 Digest and Jan. 20 Digest, respectively. Delaware Gov. Jack Markell, State of the State Address, Jan. 21, 2010 “We have a proud legacy of technology innovation that we will build on. Together, we will create a Delaware where entrepreneurs and inventors imagine the new products and services that make life better, more productive and more enjoyable for millions, and workers make good livings delivering these wonders to the world. “That is why I am supporting in this year’s bond bill plans to provide a center for high-tech laboratories, health sciences, alternative energy research and development, and other emerging industries at the old Chrysler site.” Maine Gov. John Baldacci, State of the State Address, Jan. 21, 2010 “… In the coming weeks, I will submit legislation to continue our aggressive pursuit of offshore…

Angel investors are reducing the average size of their investments, according to the latest report from the University of New Hampshire Center for Venture Research. In the first half of this year, total angel investment dollars fell by 27 percent from the same period in 2008, but the number of angel deals increased by six percent. As a result, the average deal size has fallen by 31 percent since early 2008. The report attributes the change to lower company valuations and to angel investors taking a more cautious approach to investing without decreasing their level of activity. Investors have also begun shifting their focus away from seed- and startup-stage firms in order to support their portfolio companies and reduce their risk. The trend toward smaller deals began in the second half of 2008, when private equity markets were affected by the global economic crisis. Total angel investment dollars fell by 26 percent last year, while the number of deals fell by only three percent. Though the crisis has constricted capital markets, the number of angel investors has remained steady since 2007. Angels have adjusted their investment strategy by investing fewer dollars rather…

Decreases in the number of young adults in the state are more a result of fewer children being born 25 to 35 years ago, and not because of a substantial brain drain or outmigration of talent from New Hampshire, according to a task force convened by New Hampshire Gov. John Lynch. However, attracting and retaining younger workers to the state is imperative because of the large share of baby-boomers in the workforce that will be retiring in the next decade. Coupling the state's skilled workforce needs with the demographic trend of a 23 percent reduction of 25 to 34 year-olds in New Hampshire from 1990 to 2000, the task force presented to the Governor recommendations for boosting the number of young adults in the state. New Hampshire's concerns are similar to select states across the U.S., as many regions are witnessing an aging of their population and a lack of in-migration. While the proportion of the entire U.S. population 65 years and older will be 13 percent in 2010, it sharply will increase to 16.1 percent in 2020 and 19.3 percent in 2030 before leveling off at about 20 percent in 2050, according to the U.S. Census Bureau. However, these demographic shifts in age…

DATELINE: CONCORD, N.H. The New Hampshire Business Resource Center issued the following news release: New Hampshire Manufacturing Extension Partnership (NH MEP) announced today that it has partnered with the New Hampshire Division of Economic Development to launch a research study to assess the progress of state manufacturers in adopting strategies to win in the global economy. The Next Generation Manufacturing Study is the first step in a long-term effort to help state manufacturers weather today's recession and improve manufacturing competitiveness over the next decade. The web-based study, which starts February 10 and ends March 15, is confidential and takes approximately 30 minutes to complete. Manufacturing participants will receive a customized benchmarking report comparing their progress to the overall results as well as to other respondents of similar revenue and number of employees. The questionnaire asks manufacturers to rank their progress toward the world-class performance benchmarks of Next Generation Manufacturing, a framework of strategies that will drive…

The second installment of the Tech Talkin' Govs series includes highlights from state of the state, budget and inaugural addresses delivered by the governors of Arizona, Colorado, Georgia, Idaho, Kansas, Mississippi, New Hampshire, Oregon and Vermont.  Arizona  Gov. Janet Napolitano, State of the State Address, Jan. 9, 2009 "Arizona must stay on the path toward a greener future..We also must work to limit our greenhouse gas emissions through the Western Climate Initiative, and move forward in building a strong renewable energy sector, particularly with respect to solar energy. The entire nation is going in this direction - and Arizona has much to gain by being a leader." Colorado  Gov. Bill Ritter, State of the State Address, Jan. 8, 2009  "By reviving the Colorado Credit Reserve Program, we can give thousands of small businesses vital access to credit and capital. .. ". By enacting House Bill 1001, the job-creation tax credit I announced last month, we can level the playing field with other states when it comes to attracting new companies and new jobs. ... …

New Hampshire Gov. John Lynch announced he will nominate his deputy chief of staff and policy director, Michael Vlacich, to be the state's next director of economic development.

Stuart Arnett announced he will step down as the director of economic development in the New Hampshire Department of Economic Development and Resources, effective Aug. 1, to pursue work in private sector.