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SSTI Digest
Tennessee Innovation Strategy Targets High-Tech Research Jobs
Gov. Phil Bredesen has released a comprehensive job creation strategy with a particular focus on producing high-quality research jobs by supporting statewide innovation. Announced earlier this month, "Next Steps: Job Creation" is a four-point plan intended to attract and foster new businesses.
The strategy addresses the state's need to develop a more skilled workforce, invest in broadband and utility infrastructure, encourage local economic development leadership, and provide incentives to high-tech entrepreneurs. Bredesen, who has unveiled the plan with less than two months remaining in his bid for re-election, believes that the plan will help spur the state's job market by creating a more appealing business climate. One part of the plan, the new Innovation Tennessee initiative, will directly assist entrepreneurs and researchers in bringing their ideas to market.
Milken Finds California, U.S. Lead Biotech Transfer
Separate MERIT Study of European Tech Transfer Contradicts Some Conclusions
A new study from the Milken Institute confirms the success of California universities in commercializing life science research and reaffirms the international leadership of the U.S. in transfer of biotechnology from universities. Using some of the same data, however, a recent paper from the Netherlands found European tech transfer rates have been generally underestimated and intercontinental comparisons not as easy as one might assume.
Milkens Findings
Whither U.S. Industry?
The stock market is flirting with record highs. Venture capital coffers are overflowing. Most states and national tax revenues are greater than projected. The bad boys of Enron and Worldcom are in jail. Everythings right in the corporate world, right?
Perhaps. But the generalized character of the U.S. industrial sector emerging in the 21st century seems to be one quite different than the past according to three new papers and tech-based economic development efforts will see the impact if several trends in particular continue to develop along their current lines.
Job Corner: EMTEC Seeks Candidates for Three Positions
The Edison Materials Technology Center (EMTEC), a collaborative technology development organization based in Ohio, has position openings for a Small Business Development Center (SBDC) program lead center director/business counselor and two Procurement Technical Assistance Center (PTAC) program positions. The SBDC position is responsible for directing a nine-county SBDC program in the Dayton region. The two PTAC positions, respectively, are responsible for directing a 33-county PTAC program in the Dayton, Cincinnati and Columbus regions and for providing counseling efforts to the PTAC office in the Columbus region. More information on these opportunities is available through the SSTI Job Corner at http://www.ssti.org/posting.htm.
How Should TBED Adjust to the Changing Face of U.S. Industry?
How Should TBED Adjust to the Changing Face of U.S. Industry? Join your peers and colleagues from around the country at SSTI's annual conference to discuss the trends described in "Whither U.S. Industry" (see story above) and other critical issues. More information is available at http://www.ssti.org/conference06.htm.
SSTI Conference Brochure Available Online
SSTI is pleased to give regular Digest readers the first peek at a PDF version http://www.ssti.org/Conf06/brochure.pdf of the brochure for SSTI's 10th Annual Conference, Transforming Regional Economies, to be held in Oklahoma City on October 31- November 2, 2006.
A quick glance at the brochure reveals why the event is the premier professional development experience of the year for the tech-based economic development (TBED) community. The brochure includes:
- The full conference agenda with a keynote address focusing on the role of the media transforming regional economies;
- 23 breakout sessions covering the most important issues for today's TBED practitioner, drawing session presenters, panelists and participants from the country's top organizations;
Maryland TEDCO Tops VC List for Third Year in a Row
For the third year, the Maryland Technology Development Corporation (TEDCO) has been named the nations most active source of early-stage or angel capital. TEDCO leads the list of the 100 top venture capital firms, based on the quarterly MoneyTree survey published by PriceWaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association (NVCA). The 2005 list appears in the July issue of Entrepreneur magazine.
Each venture capital firm on the list reported at least three deals in 2005. Because of ties, this years ranking includes 120 firms. Maryland TEDCO improved on its figure of 15 deals in 2004 to fund 23 early-stage firms.
TEDCO bucked the national trend, which showed the number of initial venture capital deals dropping significantly. Entrepreneur reports the total number of companies that won initial capital fell from 654 in 2004 to 608 last year. On average, these companies received $4.8 million, for a total of $2.9 billion. Both figures are at their highest point in four years.
ITIF Says: Federal Research Tax Credit Should Be Expanded
The rate of R&D investment by U.S. majority-owned affiliates performed outside of the U.S. increased twice as much as R&D performed within the U.S. from 1998 to 2003, as more countries around the world increased their R&D tax credits relative to those offered by the U.S. In a recent paper by the Information Technology and Innovation Foundation (ITIF), The Research and Experimentation Tax Credit: A Critical Policy Tool for Boosting Research and Enhancing U.S. Economic Competitiveness, Dr. Robert Atkinson makes the case for why the Research and Experimentation Tax Credit should be extended and expanded by the U.S. Congress.
When the Research and Experimentation Tax Credit was created in 1981, it was the most generous credit offered by any nation in the OECD. Over the years, additional countries offered more and more financial incentives to attract R&D activities. As a result, in 2004 the U.S. dropped to the 17th most generous OECD nation to offer R&D tax credits.
Harvard Prof Receives Kauffman Prize Medal for Research on Social Networks and Innovation
The Ewing Marion Kauffman Foundation has awarded its second Kauffman Prize Medal for Distinguished Research in Entrepreneurship to Professor Toby Stuart of the Harvard Business School. The medal is given every two years to a scholar under the age of 40 whose research has made a significant contribution to the study of entrepreneurship and innovation. Stuart accepted the medal last month, along with a cash award of $50,000, at the Academy of Management's annual meeting in Atlanta.
At the ceremony, the Kauffman Foundation cited Professor Stuart's pioneering research on social networks and their effect on entrepreneurship as an example of outstanding contribution to the field. Stuart's latest research suggests that entrepreneurs must be perceived positively within their local entrepreneurship community in order to create successful new firms.
As a service to those Digest readers who do not regularly review the latest academic research in the field, SSTI offers the follow summaries of a selected set of Professor Stuart's most recent articles:
Four Appointed to SSTI Board
SSTI is pleased to announce four new appointments to our board of trustees:
Job Corner: Maine Department Seeks Director for Office of Innovation
The Maine Department of Economic and Community Development is seeking a qualified, energetic, collaborative person to serve as director of its Office of Innovation. The Office of Innovation seeks to advance Maine's economic well-being and to expand employment opportunities by encouraging and coordinating the state's R&D activities and fostering collaboration among its higher educational and nonprofit research institutions and the business community. A four-year degree; experience in science, engineering, technology and/or business; and experience in the management of organizations that innovate, commercialize and deploy technology are among this position's minimum requirements. More information on this opportunity is available through the SSTI Job Corner at http://www.ssti.org/posting.htm.
People
The Idaho Falls-based Partnership for Science and Technology selected M. Lane Allgood as its new executive director.
Indiana Economic Development Corp. President Mickey Maurer will resign at the end of 2006, fulfilling his pledge to Gov. Mitch Daniels to serve two years.
Michael Relyea has been named executive director of New York State Foundation for Science, Technology and Innovation, the public benefit authority that oversees the New York State Office of Science, Technology and Academic Research (NYSTAR). Dr. Russell Bessette, executive director of NYSTAR, will serve as chief science advisor for the foundation and its board.