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SSTI Digest
Geography: Missouri
Incubator RoundUp: Growing and Sustaining High Technology Companies
Offering customized workspace such as wet laboratories and specialized research equipment is one of the many benefits provided by technology-focused incubators. Access to university research, business mentoring and administrative support services often accompany the reduced rent facilities with the goal of growing technology companies into successful, self-sustaining enterprises. Following are select announcements of recently launched incubators and partnerships from across the nation.
GateWay Community College recently received a recommendation from the Phoenix Parks, Education, Bioscience and Sustainability subcommittee of the Phoenix City Council to enter into an intergovernmental agreement with the college to build a bioscience incubator laboratory with wet lab space, the Arizona Republic reports. The wet lab would be a minimum of 5,000 sq. ft. and located near the Phoenix Biomedical Campus.
Missouri General Assembly Approves Funds for Life Science Research, STEM
The General Assembly approved the fiscal year 2009 budget last week, providing $21 million for the Life Sciences Research Trust Fund. Established in 2003, the fund was created to support life science research, commercialization, and technology transfer using a portion of the state’s tobacco settlement funds. The FY09 appropriation will be administered by the Life Sciences Research Board, which is responsible for awarding grants and contracts for research.
Last year, the General Assembly approved a one-time appropriation of $13.4 million for the fund dedicated to research focusing on animal and health nutrition, renewable energy and plant sciences (see the May 21, 2007 issue of the Digest).
People & TBED Organizations
Bob Calcaterra announced he is resigning as president of the Nidus Center for Scientific Enterprise, effective this spring, to help form a venture capital fund.
People & TBED Organizations
Bo Fishback is the new vice president of entrepreneurship for the Kauffman Foundation.
People & TBED Organizations
RiverVest Venture Partners, a life science venture capital firm headquartered in St. Louis, announced it will be opening an office at the BioEnterprise facility in Cleveland. The office will be managed by Karen Spilizewski, who is joining RiverVest on a part-time basis as a vice president on Jan. 1.
Study Finds Angel Groups Receive Returns Consistent with Other Investments
By nature, angel investing is a risky endeavor. Angels are often involved with unproven seed- and early-stage companies and are frequently the first outside investors to become involved in a new venture. Despite these risks, a report released by the Ewing Marion Kauffman Foundation and the Angel Capital Education Foundation argues that angel investors working through investor groups often achieve attractive returns. Although only about half of all angel deals result in a profitable return, angels who maintain a portfolio of investments and have the resources to devote to extensive due diligence and company oversight frequently see returns that are competitive with other types of equity investment.
The authors of the report, Robert Wiltbank of Willamette University and Warren Boeker of the University of Washington, conducted a survey of 539 active angel investors to find out more about their background and the results they had seen from their investments. Since there are no legal reporting requirements for angels, the sample was limited to investors who are associated with angel groups.
Missouri Group Lobbies for Statewide TBED and Capital Strategy
Although Missouri frequently ranks in the top 20 states for federal research grants and academic R&D, the state consistently ranks much lower in the creation of new high-tech companies. A recent report by Dr. Mark Parry of the University of Missouri-Kansas City Bloch School of Business suggests that early-stage high-tech entrepreneurs and companies have been unable to secure sufficient capital to launch successful ventures. Part of this capital deficit has been due to a lack of state investment in capital formation and access programs, he contends. While neighboring states spent an average of $2.79 per resident in 2006 on capital formation initiatives and similar states such as Arizona, Ohio and Minnesota spent $2.94, Missouri spent only $0.10. Parry argues that this lack of spending has contributed to the state's persistent difficulty in translating its intellectual capital into new companies.
People
Dr. Paul Kedrosky has joined the Ewing Marion Kauffman Foundation as a senior fellow.
SSTI Job Corner
Complete descriptions of these opportunities and others are available at http://www.ssti.org/posting.htm.
The Missouri Small Business Technology Development Center, which focuses on strengthening the technological competitiveness of Missouri's businesses, is seeking someone for the position of technology commercialization specialist/counselor. This person will serve as a statewide specialist to provide leadership, expertise and training to university faculty and staff and private sector clients, as well as guidance for commercialization of products and development of companies. A master's degree in engineering, business, science or a related area with appropriate coursework, along with five or more years of relevant experience, is required.
TBED People
Thom Ruhe is leaving JumpStart Inc., a venture organization in Cleveland, to become director of online initiatives at the Ewing Marion Kauffman Foundation.
Missouri Approves $32M for Bio-Ag Research, TBED
Two bills passed by the Missouri General Assembly last week include more than $32 million to support new initiatives to promote TBED activities in the state. Programs to support bio-agricultural research, technology commercialization and business growth won the lion's share of the new appropriations.
People
Jan Lesher was named director of the Arizona Department of Commerce, replacing outgoing Gilbert Jimenez.