SSTI Digest

North Carolina does not, at first glance, seem to be a venture capital underperformer. In 2006, venture capitalists invested close to $510 million in North Carolina, almost $60 million of which was invested in seed and early-stage businesses, according to the Pricewaterhouse Coopers Moneytree Survey of VC investment. However, while the state ranks 12th in seed/early-stage investment, many in the state perceive the lack of seed funding to be a major obstacle to economic growth. Earlier this year, a survey conducted by the Wilmington-based Council on Entrepreneurial Development (CED) revealed that access to capital, particularly to seed-stage equity investment, was one of the top concerns of entrepreneurs in the state.

 

Building on past reports calling for higher levels of educational achievement in the South, the 2007 Southern Growth Polices Board Report outlines a three-pronged strategy to aid the southern region in attaining its goal of building a globally competitive workforce. The annual Report on the Future of the South, released earlier this month, labels its new approach "Convene-Connect-Commit," addressing the process in detail.



The report condenses information from many sources to illustrate the status of the Southern workforce. The authors reveal that, in 1980, 16 percent of the nation’s population 25 years and older had attained a bachelor’s degree or higher, compared to 14 percent in the South. However, in 2000, these numbers had risen to 24 percent for the nation and 20 percent for the South. While the percentage of degree attainment is rising, the gap is widening.

Several U.S. states have introduced plans in attempts to take the early lead in the country's emerging biofuels industry. For example, in 2006, the Washington legislature approved the initial components of the state's Bioenergy Program. Tennessee Gov. Phil Bredesen also has proposed a $73 million investment in biofuels research over the next five years though a new Biofuels Initiative at the University of Tennessee, and the Oklahoma legislature is mulling a $40 million Bioenergy Center to coordinate state research.

 

Southern Growth Policies Board is polling citizens on their attitudes and ideas about building a competitive Southern Workforce. Visit http://www.southern.org/surveyintro.shtml and share your ideas on how to build a competitive, entrepreneurial workforce to support the southern region's economic development initiatives in high-growth industries. The 16-question survey only takes a few minutes to complete and your feedback will be included in Southern Growth's 2007 Report on the Future of the South and in presentations at the Southern Workforce Summit conference on June 3-5, 2007. To learn more about the Southern Workforce Summit conference, visit http://www.southern.org/conf.asp.

Complete descriptions of the position openings described below are available at http://www.ssti.org/posting.htm.



The Allegheny Conference on Community Development, a nonprofit organization dedicated to providing private sector leadership to grow the economy and improve the quality of life in the 10-county Pittsburgh region, is seeking a senior vice president for its Workforce Quality Program. This position represents an opportunity to work at the highest levels of corporate, government and community leadership to ensure the Pittsburgh region develops a skilled workforce of sufficient size and quality to satisfy the needs of businesses. A postgraduate degree and 10-plus years of relevant experience are required.

The venture capital fund investing in biotechnology companies that locate to the North Carolina Research Campus is doubling its holdings to $200 million. This substantial increase is a result of a donation provided by David Murdock, the billionaire businessman and owner of Castle and Cooke Inc. who also provided the initial $100 million to start the fund. The venture capital fund is an integral component of the $1.5 billion biotechnology hub being constructed in Kannapolis, N.C. 

 

Located between Charlotte and the Research Triangle, Kannapolis is a city of 39,000 residents that was heavily impacted by the bankruptcy of the Pillowtex textile corporation in 2003. The subsequent closing of the local manufacturing facility laid off 4,300 employees in Kannapolis, alone, part of the largest permanent layoff in the history of North Carolina.

 

Dr. Raymond Taylor has joined the Southern Growth Policies Board leadership team as senior fellow and director of the organization's Council on the New Economy Workforce.