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SSTI Digest
Useful Stats: Real Gross State Product, 2001-2005
The U.S. Bureau of Economic Analysis (BEA) recently released advanced real gross state product (GSP) estimates for 2005. According to the data, real GSP grew in all 50 states and the District of Columbia from 2001-2005. Western states dominated the lead in U.S. economic growth, with Nevada incurring the largest increase in real GSP growing from $75.1 billion in 2001 to $96.6 billion in 2005 -- a 28.56 percent change. Along with Nevada, four other states experienced an increase of more than 20 percent in real GSP over the five years: Oregon, Idaho, Florida and Arizona.
Nationally, real U.S. GSP grew by 12.19 percent over the most recent five years, up 2.23 percent from the period 2000-2004. Twenty-four states experienced real GSP growth less than the national average, including Louisiana with the lowest in the nation at 4.74 percent, followed by Michigan (4.83 percent), Connecticut (7.36 percent), Illinois (7.43 percent), and Ohio (7.98 percent). The minimal increase in real GSP for Louisiana was directly related to the effects of Hurricanes Katrina and Rita, according to the BEA.
People
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.
Connecticut Innovations has named Kevin Crowley as its director of investments.
The South Dakota Board of Regents announced that Scott Meyer will become system vice president of research, effective June 26.
Jeff Nesbit was appointed director of the National Science Foundation's Office of Legislative and Public Affairs.
People
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.
People
The South Dakota Board of Regents announced that Scott Meyer will become system vice president of research, effective June 26.
People
Jeff Nesbit was appointed director of the National Science Foundation's Office of Legislative and Public Affairs.
SSTI Job Corner
Complete descriptions of the position openings described below are available at http://www.ssti.org/posting.htm.
The Delaware Economic Development Office (DEDO) is seeking someone to serve as its capital resource director. The incumbent will provide financial incentives and tools to assist businesses in creating, expanding or retaining employees, among other responsibilities. Toward that effort, the director will work with various other financial sources, external partners and resource centers to provide more opportunities to all clusters, entrepreneurs and various individuals. He or she should have a bachelor's degree, with 3-5 years in specific industry experience. A Master in Business Administration degree is preferred.
Legislative Actions & Tech Talkin' Govs 2006, Part III
The third installment to Walkin' the Tech Talkin' Gov Walk (see the April 17 and May 8 issues of the Digest) covers the outcomes of the 2006 legislative sessions for two states, Illinois and Wisconsin. Following is a synopsis of bills passed and budget appropriations relevant to tech-based economic development and the priorities outlined in respective gubernatorial addresses at the beginning of 2006.
Illinois
Indiana Pension Fund Allocates $100M to VC
With assets totalling more than $15 billion, the Indiana Public Employees Retirement Fund (PERF) has decided to place $100 million into higher-risk equity placements through its first Indiana Investment Fund. The fund will exclusively target venture capital deals within Indiana, according to the PERF news release. Like pension funds in many states, PERF has a requirement to place a certain percentage of its assets in private equity. The PERF goal is 5 percent and includes real estate deals as well. The new fund will help, as only one-half percent of PERF assets presently are invested in a manner to meet the requirement.
The Indiana Investment Fund I will be managed by Credit Suisse, which is chipping in $5 million to raise the total available for placement to $100 million. Indiana business investment opportunities in the $1 million to $15 million range will be targeted. PERF's traditional investment decisions, for comparison, are typically in the $50 million to $100 million range.
Rural, Liberal Arts College Seeds New Angel Fund
The opportunity for innovation and the need for angel capital are not limited to the major metropolitan areas and large research universities, as the board of trustees for Taylor University and leaders of the Grant County Economic Growth Council in rural Indiana will attest. The east-central Indiana county is home to just over 70,500 residents and, soon, two angel funds.
Taylor University, a Christian-based liberal arts college with an enrollment of 1,875 students, recently created an angel fund to encourage and support an entrepreneurial climate at the university and the Upland, In., community. In addition, the Grant County Economic Growth Council, based in Marion, In., is in the early stages of establishing a local angel fund to be a part of the Indiana Venture Network.
Maryland University-Industry Program Sees 74 Percent Boost in Funding
Maryland General Assembly approval of a $1 million boost for the Maryland Industrial Partnerships (MIPS) Program, one of the nation's oldest continually run programs to support university-industry research projects leading to technology commercialization, marks a 74 percent increase above the $1.35 million program budget for 2006. The increase was proposed by Gov. Robert Ehrlich in his fiscal year 2007 supplemental budget.
MIPS was authorized by the state in 1987 to promote the development and commercialization of products and processes through industry-university research partnerships. The program provides funds to Maryland companies to pay for university research. Since its inception in 1987 through 2003, 32 rounds of awards were completed.
Measuring Creativity in Phoenix
While the Phoenix Metropolitan Statistical Area (MSA) has the recipe for a creative economy - people in creative occupations, industries with a creative workforce, and an environment that supports creativity - it falls short of the national average in more than 75 percent of all creative occupational categories, a new study by the Maricopa Partnership for Arts and Culture (MPAC) finds.
Creative Connections: Arts, Ideas, and Economic Progress in Greater Phoenix provides an in-depth examination of the region's strengths and weaknesses in building a creative economy and offers recommendations to attract and retain talent to the area. According to the report, Phoenix boasts a workforce of more than 100,000 people in creative occupations, including arts, design, culture and those rooted in new ideas and methods -- science, engineering and advanced technology, for example. These occupations represent 10 percent of the total wages in the region, with average wages of $56,729, compared to $33,705 for the region overall.