SSTI Digest

The Nashville Area Chamber of Commerce unveiled a new website targeting the region’s entrepreneurial community. The Nashville Entrepreneurial Center provides insight and advice on starting a new company, local business and innovation news and several ways to connect to other entrepreneurs and investors. Though the site already offers a blog and social networking features, the group plans to expand their services to include additional resources for entrepreneurs seeking funding and other types of assistance. The project is the result of two years of planning by the chamber and other regional groups. In 2007, Partnership 2010, an economic development outreach effort by the chamber, convened a task force to study the needs of the local entrepreneur community. The task force issued a list of short- and long-term recommendations to help the region leverage its relatively high-level of entrepreneurship into new jobs and greater regional wealth. The recommendations called for an online entrepreneur center that could serve as a focal point for outreach to this community. The new site is intend to help the region accomplish several goals including giving entrepreneurs a way to…

After near unanimous passing in both chambers of the state legislature, the "Tennessee Small Business Investment Company Credit Act" was sent this week to Gov. Phil Bredesen for his signature. The legislation, designed to create a pool of at least $84 million in capital, utilizes a competitive process to select several venture capital funds to make direct investments in small business headquartered in Tennessee. These venture capital funds can be for-profit or non-profit partnerships, corporations, trusts, or limited liability companies. Similar to the CAPCO mechanism utilized by a handful of states to attain investment capital, the Tennessee legislation specifies the investment capital is to be derived from deferred insurance premium tax credits. These tax credits are offered to insurance companies in exchange for commitments of investment capital. However, unlike the CAPCO model, the Tennessee legislation does not have clawback provisions on the tax credits that have required funds in other states to purchase a performance bond to guarantee that the insurance companies receive the value of the tax credits. Instead, the program levies substantial fines on…

Using $62.5 million earmarked from the state energy program federal grant provided under the American Recovery and Reinvestment Act of 2009, Tennessee will create a solar institute, a solar farm five-megawatt power generation demonstration project, and implement additional renewable energy activities as part of the Volunteer State Solar Initiative approved last month by lawmakers. Gov. Phil Bredesen first announced plans for the solar initiative in his state of the state address earlier this year (see the Feb. 25, 2009 issue of the Digest) and released further details in May. Under the plan, a Tennessee Solar Institute at the University of Tennessee (UT) and Oak Ridge National Laboratory will be established to focus on basic science and industry partnerships to improve the affordability and efficiency of solar products, according to the governor's office. Additionally, the state will acquire 1,700 acres for the Haywood County industrial megasite to house a 20-acre power generation facility that will serve as a demonstration tool for educational, research and economic development purposes. Although the state will own the solar farm, the Tennessee Valley…

In the midst of a national economic recession contributing to a record number of job losses in traditional industries, forward thinking states are exploring ideas and committing funds to help grow and diversify their economies and strengthen their renewable energy portfolios. Over the past several months, governors, legislators and economic development groups have announced new initiatives aimed at job growth and energy independence in the new economy. The following overview provides a sampling of green energy initiatives and investments from numerous proposals and announcements across the nation. Arizona Science Foundation Arizona (SFAz) announced a recent investment of $4 million to support five science-based businesses in the solar industry, according to an article in The Arizona Republic. SFAz also formed a new branch called the Solar Technology Institute to further support the industry. Projects approved for funding include development of reflectors that concentrate sunlight on solar panels, expansion of a photovoltaic testing laboratory, and development of software to help determine where to build power plants, storage sites and other energy…

SSTI has an effective new learning tool for TBED policymakers and practitioners seeking guidance in approaches to building and sustaining tech-based economies. Through exclusive interviews with Excellence in TBED Award recipients, find out first-hand how these award winning initiatives successfully responded to a critical need by applying innovative approaches to generate substantial economic gains for their region. Technology 2020 2007 Winner for the Building Entrepreneurial Capacity category Listen to this 12-minute clip of SSTI's interview with former Technology 2020 President and CEO Tom Rogers and Shawn Carson, Director of the Center for Entrepreneurial Growth. Technology 2020 is a public-private partnership established in 1995 in the East Tennessee Valley Region. Leveraging the assets of the region's federal technology resources with its own business development program, access to capital through three distinct equity programs, and the support of an innovation technology council, Technology 2020 has…

The sixth installment of the Tech Talkin' Govs series includes highlights from state of the state addresses from governors in Tennessee and West Virginia. Tennessee Gov. Phil Bredesen, State of the State Address, Feb. 9, 2009 "While we are interested in a broad range of business, there is one area where we have a great toehold and prospects, and that is the area of clean energy technology. . ". We are extraordinarily well-positioned here and in the next couple of years, I want to wrap this up even tighter. Here's an idea about how we might go about that: develop a Solar Institute in Tennessee that is the basic research leader in making solar power practical. ". I ask each of you: the General Assembly, the private sector, our university system, and Oak Ridge to work with me in the months ahead to invent a way to become a national leader in basic solar research - to invent a solar institute. If we can, it will pay huge dividends to our state and our citizens for decades to come." West Virginia Gov. Joe Manchin, State of the State Address, Feb. 11, 2009 "Tonight, I am introducing a bill, called the…

Massachusetts Gov. Deval Patrick's secretary of Housing and Economic Development, Daniel O'Connell, resigned for personal reasons and was replaced by Greg Bialecki, an undersecretary who has been responsible for business development SRI International announced that Stephen Ciesinski has been appointed Vice President of Strategic Business Development. John Fremstad has left his post at the Metro Orlando Economic Development Commission to join the BE&K Building Group. Maryland Gov. Martin O'Malley announced the appointment of Christian Johansson, a Harvard University-educated entrepreneur who most recently ran a Baltimore-based business and government alliance, as the secretary of the Department of Business and Economic Development. Johansson, who must be confirmed by the Senate, would replace David Edgerley. The South Dakota Wind Energy Association, a group geared toward supporting the development of wind energy in South Dakota, has been established. Suzy Ticknor joined Oak Ridge National Laboratory as the director of the Industrial Partnership Program. Previously she was vice president of the Council on Competitiveness.

Complete descriptions of these opportunities and others are available at http://www.ssti.org/posting.htm. The University of Kentucky is seeking an executive director for its new Office of Technology Transfer (OTT). This position is responsible for the oversight of the university’s growing intellectual property and data base system. The executive director provides the overall leadership, management and administration of OTT, executing its assessment, negotiating and licensing functions. The position requires an M.B.A. (preferred), J.D. (desirable) or other advanced degree, with at least 10 years of experience in industry and in a university setting dealing with patent protection, licensing and compliance. The Oak Ridge Economic Partnership is seeking a director of technology. This position is responsible for leveraging the East Tennessee region’s technology resources to help foster new private sector investment and job creation in the region. Working with a consultant team, the incumbent will identify the core technology strengths at leading research institutions and in the region as a whole, and develop and execute a new technology-driven economic…

It's no wonder SSTI's Annual Conference presents such a broad range of perspectives and approaches to TBED each year, when our organization draws in active membership from organizations from all across the continent! For example, with the involvement of the Alaska Manufacturing Extension Partnership, SSTI now has active members in 47 states, the District of Columbia, and Canada. Membership allows access to the most comprehensive information about tech-based economic development activities across the nation. Our members tell us that one of the greatest benefits of membership is the ability to turn to SSTI when seeking answers to questions or advice on programs. Having answers to our member’s questions and finding the information they need is our top priority. Additional information regarding membership benefits is available at http://www.ssti.org/benefits.htm. SSTI Welcomes Newest Members State Sponsors Tennessee Technology Development Corporation Utah Science Technology and Research (USTAR) Vermont Department of Economic Development Affiliates Alaska Manufacturing Extension Partnership Detroit Renaissance…

Legislators in Alabama, South Carolina and Tennessee recently approved spending plans for the upcoming fiscal year. Highlights of appropriations supporting TBED are included below.   Alabama Alabama legislators wrapped up a special session over the weekend resulting in the passage of a $6.4 billion education budget. Lawmakers agreed to a $5 million increase ($40.8 million total) for the Alabama Math, Science, and Technology Initiative. The appropriation is $5 million less than Gov. Bob Riley’s recommendation of $45.8 million. The initiative, which received a substantial boost during the last legislative session (see the June 13, 2007 issue of the Digest), was created in 2002 to improve math and science education throughout the state.   South Carolina Legislators supported the governor’s recommendation to fund the Endowed Chairs program, providing $10 million in FY09. The endowment program was created in 2002 to receive $30 million per year from lottery profits through 2010. A bill to extend the matching endowment program indefinitely by allowing interest earnings from the fund to be used for programmatic support, H.…

Lori Broyles was appointed coordinator of the Women's Business Center in Oklahoma City. University of Arizona Economic Development recently made three staff changes: Molly Gilbert was promoted to assistant director of the Office of Economic Development. Ken Marcus, previously the director of the University of Arizona Science and Technology Park (UASTP), continues in the role of chief financial officer (CFO) for UASTP and the Arizona Center for Innovation and expands his duties as the CFO for the Arizona Bioscience Park and the Arizona Research Park Authority. Marshall Worden was named director of UASTP. The Angel Capital Association and Angel Capital Education Foundation have named Stephanie Hanbury-Brown – founder of Golden Seeds LLC, an innovative network of primarily women angel investors who identify and invest in women-led ventures – as the recipient of the 2008 Hans Severiens Award. The award recognizes one person each year for outstanding accomplishments in the advancement of angel investing. Mike Kluse is now the permanent director of Pacific Northwest National Laboratory (PNNL) after having served as PNNL's interim director for 16…

A strong research base, a climate where entrepreneurs can thrive, access to risk capital, and a network of partner organizations have long been considered by policymakers and practitioners the formula for success and sustainability in technology-based economy. The Tennessee Technology Development Corporation (TTDC) unveiled its new strategic plan last week, leveraging these resources to build the state’s economic development portfolio by strengthening the science and technology sectors.   The new plan is TTDC’s solution to creating and implementing an innovation-based competitiveness agenda with a statewide scope – a task handed down by the Tennessee Department of Economic and Community Development this year with a $5 million investment.   The strategic plan calls for the creation of four new boards, each comprised of members of the TTDC board of directors and individuals recognized as experts in scientific research, entrepreneurship, and capital formation in rural and urban communities. They include: Tennessee Strategic Research Board – This board is charged with growing Tennessee’s research base by…