SSTI Digest

Price Waterhouse recently announced that venture capital investments in the first quarter of 1998 hit $3.6 billion, just slightly below the all-time high of $3.7 billion set in the fourth quarter of 1997. Compared to the first quarter of 1997, investments increased 54%. These findings were released in the Price Waterhouse Venture Capital Survey, a quarterly report of venture capital investments throughout the United States.

The following listing shows the amount of venture capital dollars invested by region in the first quarter of 1998 by Region, Investment Amount, and % of Total:

Ross Youngs, president of Univenture, Inc. of Columbus, Ohio, has been named the National Small Business Person of the Year. Youngs was selected from a field of 53 Small Business Administration (SBA) small business winners representing the fifty states, the District of Columbia, Puerto Rico, and Guam.

The national entrepreneur award is a highlight of SBA's national Small Business Week celebration. Small Business Week, now in its 35th year, honors the contributions of the nation's small business owners. Winners are selected on their record of stability, growth in employment and sales, sound financial reports, innovation, and the company's response to adversity, and community service.

Youngs founded Univenture ten years ago after developing a lighter, cheaper and more environmentally friendly product for displaying and storing compact discs. Today, Univenture is a $15 million dollar business that employs 119 people.

Rita Colwell was confirmed by the Senate on May 22 as the new National Science Foundation (NSF) Director. She is expected to be sworn in within a few weeks. Dr. Colwell was the President of the University of Maryland Biotechnology Institute and former President of the American Association for the Advancement of Science. She has a Ph.D. in marine microbiology from the University of Washington.

Maine lawmakers have passed an R&D investment package to increase the state's research and development capacity. The package includes a $20 million bond issue that must be approved by the voters in November.

The bond initiative would provide:

The State of Tennessee has created a private, not-for-profit corporation--- the Tennessee Technology Development Corporation---to stimulate economic development through Tennessee's science and technology resources.

The corporation's responsibilities include:

• Promoting Tennessee's science and technology resources
• Coordinating the state's assistance to technology-based firms in Tennessee
• Assisting in the creation and financing of new technology-based businesses
• Coordinating the State's participation in major technology-based activities and proposals

The corporation is seeking an Executive Director who will be responsible for:

The Manufacturing Extension Partnership (MEP) and its nationwide network of centers are stepping up efforts to help smaller manufacturers avoid being bitten by the "millennium bug." The Stamford, Conn.-based GartnerGroup, a leading authority on information technology issues, has reported that as of 1997, 88 percent of all companies with fewer than 2,000 employees had not yet started Year 2000 remediation projects.

"Many companies that are addressing problems with their computer systems may be overlooking potential problems embedded in other systems such as machine controllers and telecommunications," said Kevin Carr, director of the NIST MEP.

MEP centers nationwide will be conducting seminars to raise smaller manufacturers' awareness and understanding of the problem and helping client manufacturers assess their systems to determine if they have problems. If needed, MEP centers also will help smaller companies plan remediation.

Dr. Eugene Wong has been named assistant director for engineering at the National Science Foundation. As the head of NSF's engineering directorate, he will oversee a $320 million annual budget. His most recent position was with a start-up California company.

Durand Smith, the director of the New Mexico Department of Economic Development's Science and Technology Division, has returned to the private sector. Marsha Oldakowski is serving as acting director of the division.

Patrick Neary, executive director of Wyoming's Science, Technology & Energy Authority, has also returned to the private sector. Jeff Suddeth is serving as interim director.

Bill Eads, the Tennessee governor's science and technology advisor, has announced his retirement.