Search

After its first year of work, India's National Innovation Council has released a report on development of a long-term innovation roadmap. The keystone of this strategy is a Rs 5000 crores ($968,615,000 U.S.) India Inclusive Innovation Fund to support small businesses, paired with an Industry Innovation Cluster Initiative. The report provides background on other Indian initiatives, such as the pilot University Innovation Cluster at the University of Delhi, the country's twenty Design Innovation Centres and the new State Innovation Councils.

Innosphere and the Colorado Enterprise Fund are joining forces to launch the Colorado Catalyst Fund, a $20 million community development venture capital fund. The model for the fund was drawn from existing community development venture funds established predominately on the East and West Coast, and will be the first of its kind in the state. The fund will be managed by the Community Development Venture Capital Alliance, which has formed or advised more than 40 of the 70 existing funds across the country.

MassVentures, Massachusetts's pioneering quasi-public capital fund for early-stage technology companies, has announced that its portfolio companies have now attracted more than $1 billion from outside sources over the lifetime of the organization. MassVentures was one of the first state efforts in the U.S. to address the lack of investment capital for early-stage firms. Since its launch in 1978, the organization has leveraged $14 million in state funding to make $91 million in investments.

Leasing the state's wholesale liquor distribution system to JobsOhio to provide a dedicated funding source of about $100 million annually for job creation is a key component to reforming Ohio's economic development efforts under Gov. John Kasich. The governor unveiled the plan last week as part of the 2012-13 biennial budget. The proposed budget also sets aside $33 million in the second year of the biennium to facilitate the transfer of economic development initiatives from the Ohio Department of Development (ODOD) to the newly established nonprofit corporation.

Nevada legislators recently approved $10 million in funding for the state's Knowledge Fund, a technology development and commercialization support program first introduced in 2011.

Nova Scotia, New Brunswick, and Prince Edward Island are collaborating to increase access to capital through the Build Ventures fund, a private early stage capital investment organization based in Halifax, Nova Scotia. The fund helps entrepreneurs build startups and invests $1 to $5 million (CAD) per venture. The provinces of Nova Scotia and New Brunswick will both contribute $15 million (CAD) to the fund, while Prince Edward Island will provide $2.5 million (CAD). Together with private contributions, Build Ventures has raised $50 million (CAD).

The budget agreement reached by Texas lawmakers earlier this week includes $50 million in new funds to provide grants to technology companies for research and commercialization activities under the Emerging Technology Fund (ETF). A bill to address accountability and transparency of the fund was passed in the House, but later removed from the Senate calendar despite controversy surrounding the decision-making authority of the grants.

Gov. Martin O'Malley last week unveiled details of his proposed $100 million venture fund announced last year during his re-election campaign as an initiative to grow the state's knowledge-based industries, particularly within the life sciences sector (see the June 9, 2010 issue of the Digest).

The third installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Colorado, Georgia, Nebraska, and South Dakota. The first and second installments are available in the Jan. 5 and Jan. 12 editions of the Digest.

As the 2013 legislative session draws to a close for several states, lawmakers approved measures to create new opportunities for economic growth or expand investments in programs demonstrating positive outcomes. Lawmakers in Georgia increased funding for established university-based research initiatives and set up a state-run venture capital fund to invest in innovative companies. In Virginia, a new cybersecurity accelerator will help propel technology and companies in an emerging sector.

In the January 2011 edition of the Harvard Business Review, Michael Porter and Mark Kramer called for a redesign of the existing business model and their role within society. Instead of simply embracing corporate responsibility and corporate giving, businesses should work to create shared value within their community by helping to support local clusters and institutions to address societal needs and issues.

The third installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Georgia, Hawaii, Indiana and Michigan. Our first two installments were in the Jan. 9 and Jan. 16 issues of the Digest.

Borealis Ventures and the New Hampshire Business Finance Authority recently announced the creation of the Borealis Venture Fund, an early stage venture capital fund that will support the states's high-tech startups. Borealis Ventures will manage the fund, which is being backed by $4.5 million through the federal State Small Business Credit Initiative. The firm plans to raise an additional $25.5 million from private investors.

The state of Washington's Governor Chris Gregoire announced the state will contribute $5 million to the W Fund, a new $25 million investment fund intended to spin more startups out of research labs at the University of Washington, Washington State University and other state research institutions. Administered by the Washington State Department of Commerce, key growth sectors targeted by the W Fund include biotech and clean tech. The fund intends to start considering investments in early 2012.

Lawmakers and technology industry leaders in Georgia and Kentucky are hoping to establish capital programs during the 2012 legislative sessions in an effort to support new business creation and remain competitive with states already offering lucrative incentives.

Gov. Jay Nixon last week signed into law the Missouri Science and Innovation Reinvestment Act (MOSIRA) nearly two years after first proposing the initiative (see the Jan. 6, 2010 issue of the Digest). MOSIRA creates a funding source to grow research and technology companies by capturing a percentage of the growth in state revenue over a base year (fiscal year 2010) from a designated group of science and innovation companies.

Illinois Governor Pat Quinn recently released details about Advantage Illinois, an initiative that will provide financing and assistance to entrepreneurs and small businesses. Initial funding for the initiative will be provided by the federal government through the U.S. Treasury's State Small Business Credit Initiative (SSBCI). The Illinois Department of Commerce and Economic Opportunity will administer the program, will use the $78 million in federal funding to spur private lending to small- and medium-sized businesses.

The U.S. Department of Treasury has released details on its latest funding approvals from the State Small Business Credit Initiative (SSBCI). Eleven states, and Washington, D.C., are slated to receive a portion of the $360 million that will be used to expand state small business lending and capital programs. In order to qualify, states must demonstrate that their relevant programs will generate at least $10 in new private lending for every $1 in federal funding.

Lawmakers last week passed a measure establishing the Innovate NY Fund to invest $25 million of federal funds in technology development organizations, research universities, and seed-stage investment funds. The Empire State Development Corporation will administer the fund and establish a competitive process for evaluating applicants. Investment priority is given to companies involved in commercialization of R&D or high-tech manufacturing.

The State of Wisconsin Investment Board (SWIB), on of the largest public pension funds in the country, plans to invest $80 million in a new "Catalyst Portfolio", intended to create profitable returns from venture investments and to attract the attention of coastal venture firms. SWIB intends to use to funds to invest in one or more venture funds, likely through a firm on the East or West coast. That investment would allow the board to act as a matchmaker between large investors in other states and Wisconsin's investor community.