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SSTI Digest

Geography: Connecticut

Connecticut Innovations Matches State Funds, Creates New Programs

Connecticut Innovations (CI), a quasi-public agency supporting high-tech industries, will match state funds to expand access to capital programs and launch new initiatives supporting tech transfer efforts. CI's board this week announced the deployment of $250 million over five years for activities including SBIR assistance, establishing three technology accelerator hubs and recruiting emerging tech companies nationally and internationally.

Support for Entrepreneurs, Manufacturers Included in Connecticut Jobs Package

Building on several of the new programs enacted during the regular legislative session (see the June 15, 2011 issue of the Digest), Gov. Dan Malloy last week signed into law HB 6801, a comprehensive legislative package that authorizes $626 million in bonds to support efforts aimed at job creation. The bill has several components to support high-tech entrepreneurship, workforce development, and incentivize manufacturers and small businesses.

To encourage more early stage investment in startup, technology-based businesses, the bill reduces the minimum cash investment to qualify for the angel investor income tax credit from $100,000 to $25,000. Aggregate new credits are limited to $6 million per year in FY12-13 and $3 million in FY14.

Connecticut Innovations, a quasi-public organization supporting high-tech industries in the state, is recapitalized with $125 million over five years under the bill. Of that amount, $15 million is reserved for the existing preeseed financing program, which provides capital and support services to businesses developing new concepts.

Seven States Selected to Identify, Implement Strategies for Enhancing Manufacturing

A newly established policy academy providing guidance and technical assistance will help seven states improve their environment for innovation and align state R&D investments, workforce development and education systems with current and future needs of advanced manufacturing industries. The policy academy will help each state develop a plan or overcome barriers for putting a plan into action through a highly interactive team-based process that includes input from NGA, MEP, EDA, SSTI, private sector consultants, and research organizations. Participating states include Colorado, Connecticut, Illinois, Kansas, Massachusetts, New York, and Pennsylvania. Ideas and strategies resulting from the academy's work will serve as models for all states. NIST, MEP and EDA are providing funding, leadership and technical assistance to the National Governors Association Center for Best Practices. Learn more...

Research Park RoundUp

As budgets for economic development tighten across all sectors, measuring and reporting impact becomes even more crucial for sustaining support. The Association of University Research Parks points to three impressive impact reports released this year from Indiana's Purdue Research Park, Nebraska Technology Park and North Dakota State University Research and Technology Park.

The Purdue study found the park network is responsible for a $1.3 billion annual impact for the state and more than 4,000 high-quality jobs paying an average annual salary that is 65 percent higher than the state's average. In Nebraska, researchers found the University of Nebraska Technology Park has an estimated $589.6 million annual impact on the state's economy, and North Dakota State University Research and Technology Park generates $10.9 million annually for local and state governments.

SSTI has compiled below recent announcements for development of tech parks from states including Alabama, Connecticut, Florida, Maryland, South Carolina, and West Virginia.

Job Corner

The University of Connecticut seeks a vice president for economic development to provide strategic leadership and direction in building and capitalizing on facilities, expertise and technology available at UConn and in improving state economic prospects in high-value industries. This is a new position reporting directly to the president.

Connecticut Legislature Passes Two Major Jobs Bills

Lawmakers passed two major jobs bills during the 2011 legislative session; one modifying several economic development programs and supporting entrepreneurship and innovation, and the other providing incentives to attract large companies to the state. A proposal dubbed Bioscience Connecticut, centered on renovating and expanding the University of Connecticut Health Center, also won legislative approval.

HB 6525 establishes and modifies several economic development programs, including two measures aimed at retaining recent college graduates. Under the new Learn Here, Live Here program, students graduating in the state after 2014 will be eligible for a first-time home-buyers tax credit up to $2,500. The bill requires recipients to remain in the state for five years. Another measure expands eligibility under the student loan reimbursement program to residents receiving degrees in biomedical engineering and the manufacture of medical devices. The program provides tuition reimbursement for students who obtain degrees related to green technology, life science or health information technology.

Research Park RoundUp

Included below are recent development plans and groundbreaking news for research parks announced by officials in Connecticut, Colorado, Kentucky, Massachusetts, Nebraska, North Carolina, Rhode Island and Wisconsin.

Lawmakers last week advanced a bill to provide $25 million for a new research park at the University of Nebraska-Lincoln as part of the Innovation Campus. The Innovation Campus includes a life sciences research center and a U.S. Department of Agriculture Research facility, reports Bloomberg.

University of Connecticut officials announced a plan to build an $18 million tech park financed with state bonds. The tech park will house large, flexible-use laboratories with specialized equipment for research and will provide space for business incubators and individual companies. The plan also includes $2.5 million in state funds to create the Innovation Partners Eminent Faculty program designed to attract top scientists.

TBED-Focused Bills Capturing Attention in Several States

Proposals that promise job creation and economic growth have taken center stage in several state legislatures. Lawmakers who recognize the importance of R&D, tech commercialization, access to risk capital, and investment in higher education are fighting for passage of TBED-focused bills in the final months of their states' 2011 legislative sessions. A bill to revive the Missouri Science and Innovation Reinvestment Act, which failed in the legislature last year, recently passed the House with broad, bi-partisan support, restoring hope for the program that aims to grow science and technology companies. Meanwhile, two bills in Connecticut seek to boost technology transfer and lawmakers in Alaska and Florida are pushing for statewide R&D tax credits. An overview of select bills relating to TBED is included below.

TBED People & Organizations

Ohio Gov. John Kasich named James Leftwich as the director of the Ohio Department of Development, effective March 25. Leftwich has worked at the Dayton Development Coalition for six years, including three years as president and CEO. Leftwich will take the post previously held by Mark Kvamme, a California venture capitalist named the state's development director in January. Kvamme was appointed director of Job Creation within the governor's office, effective immediately.

Mississippi Gov. Haley Barbour announced that Jackson businessman Leland Speed will return as executive director of the Mississippi Development Authority for the remainder of the governor's term that ends at the end of this year. Speed, who served as executive director from 2004 to 2006, will succeed Gray Swoope. Swoope recently announced his resignation at MDA to lead Enterprise Florida, that state's economic development organization.

Connecticut Gov Proposes Grant Consolidations, Incentives for Large Companies

Citing a lack of coordination among the state's economic development agencies as an obstacle for small businesses and entrepreneurs looking to set up shop, Gov. Dan Malloy unveiled a plan to consolidate job training and grant programs as part of the 2012-13 biennial budget. The governor's budget also would incentivize large employers through a competitive program rewarding the first five companies that create at least 200 new jobs within two years.

Tech Talkin' Govs, Part VI

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.

Tech Talkin' Govs, Part II

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.

Arkansas
Gov. 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."