SSTI Digest

Over the past four fiscal years, there have been 1,977 initial public offerings (IPOs) completed by companies headquartered in the U.S., according to PitchBook, yielding more than $549 billion in capital invested. These companies are located in 45 states, D.C., and Puerto Rico. Almost 20% of those companies are no longer publicly held, having been returned to private ownership, been acquired, merged or gone out of business.

Across the four years, data shows a spike of IPO size and count in 2021, with a total IPO count of 956 and total IPO size of $315.7 billion for the year. 

The Pitchbook data used in this analysis shows full transactions on completed IPOs for companies headquartered in the U.S. between October 1, 2018 and September 30, 2022. 

The map below shows the total number of companies that held their initial public offering in each state over the past 16 quarters (Q4 2018 to Q3 2022)). 

NIH just launched the funding opportunity announcement for the third cohort of its regional biomedical proof-of-concept and accelerator program, the Research Evaluation and Commercialization Hubs. On Dec. 12, NIH will be hosting a funding opportunity announcement pre-application webinar which will provide a question and answer opportunity with NIH SEED and NIGMS.

Two recent working papers — The Impact of High-Skilled Immigration on Regional Entrepreneurship from Columbia University and Getting Schooled: The Role of Universities in Attracting Immigrant Entrepreneurs from the Philadelphia Federal Reserve Bank — explore the impact of high-skilled immigrants on entrepreneurship and how universities attract immigrant entrepreneurs. Both papers find that high-skilled immigrants have a positive net effect on regional entrepreneurship and are critical to the entrepreneurial ecosystem.

New York became the first state to enact a temporary ban on new cryptocurrency mining permits at fossil fuel plants in a move aimed at addressing the environmental concerns over the energy-intensive activity. The legislation, signed by Gov. Kathy Hochul, will impose a two-year moratorium on crypto-mining companies seeking new permits to retrofit some of the state’s oldest fossil fuel plants into digital mining operations. The measure also requires New York to study the industry’s impact on the state’s efforts to reduce its greenhouse gas emissions.

The Federal Communications Commission (FCC) recently released the first draft of a new national broadband map providing a more granular look at broadband service throughout the country. The new broadband map was created to ensure that the $42.45 billion federal investment from the Bipartisan Infrastructure Law’s Broadband Equity, Access, and Deployment (BEAD) Program makes its way to the areas most in need of broadband service when it is allocated to states on June 30. This program provides each state with at least $100 million and additional funds according to the number of unserved or underserved areas.

Enough races have now been called in the 2022 midterm elections to confirm that the Senate will remain under Democratic party control while the House will switch to the Republican party. If any legislation is going to advance to the White House over the next two years, the parties are going to need to work together — both across and within each chamber (where Senate filibuster rules and House politics are likely to make bipartisan votes a necessity to passing bills).

A report from ITIF exploring the factors involved in ecosystem strength found that states in Germany generally perform better than states in the U.S., Italy, and Canada in terms of globalization, knowledge economy, and innovation capacity.

The Index reported that the critical factors influencing an ecosystem are the quality of education (especially in STEM fields), public and private R&D investments, the range of highly trained R&D personnel, economic dynamism, and entrepreneurship. Based on these indicators, ITIF ranked Massachusetts, California, Baden-Württemberg, Berlin, and Washington as the leading regions for innovation competitiveness.

Despite the success of Michigan’s numerous initiatives to provide tuition-free college, an analysis from New America exploring Michigan’s effort to increase the affordability and accessibility of higher education found that the fragmented approach reduces the state’s ability to reach all residents needing financial assistance. To make college more affordable and accessible to all Michiganders, the report recommends considering more straightforward free-tuition programs.

Thirty-six states held gubernatorial contests in Tuesday’s (Nov. 8) mid-term elections. By the end of the last week, winners in 32 states had been chosen. As of today, contests in Arizona, Nevada and Oregon have been called; while votes continued to be tallied in Alaska, which held its first ranked choice general election. Gov. Mike Dunleavy maintains a substantial lead and appears he will be re-elected. As such, Dunleavy will be the first governor to be elected to back-to-back terms in the state since former Democratic Gov. Tony Knowles won reelection in 1998.

Amazon is allocating $50 million from its Climate Pledge Fund — Amazon’s venture capital program that invests in companies pioneering decarbonizing technologies and solutions — to invest in women-founded and women-led climate tech companies, as well as incubators and accelerators that prioritize women-led entities.

As opportunities in science, technology, engineering and math (STEM) develop around the country, different inclusion programs are being put in place to increase participation for women in the field. SSTI previously released an article highlighting the lack of female participation in certain STEM careers, like computer science and engineering, despite tech industries growing in different cities around the country. This week’s story focuses on different efforts that are in place to help turn that tide and increase women’s participation in STEM fields and the results the efforts are having.

Going into Tuesday’s 2022 mid-term elections, less electoral shakeup in state legislatures was expected after states’ redistricting efforts shored up many safe seats for incumbents — with the one notable exception being Michigan, thanks to an independent commission that had drawn a competitive map that put both legislative chambers in play. The results detailed below reveal the new, and some still-standing, makeup of statehouse leadership changes as the result of Tuesday’s election.