Tech-based ED Around the Country

Alabama

Senate Bill 130, which would create $80 million in tech-based venture capital funding if passed, was introduced during the current special session of the Alabama state legislature. Using the certified capital company or CapCo model, the bill allows insurance companies to redirect tax payments into qualified investment firms. According to a recent Birmingham Business Journal article, backers of the bill concede the current fiscal environment and short session will probably lead to the bill’s reintroduction when the regular session begins in January.



Atlanta, Georgia

The Metro Atlanta Chamber of Commerce has created a task force to develop a strategy to position the region as a center for biotech innovation, capital, talent and business. Working in conjunction with the Georgia Research Alliance, the task force includes leaders from the business community, academia, public health organizations and research. Implementation of the Atlanta region biotech strategy is expected to begin later in 2002. More information is available at: http://www.metroatlantachamber.com/

Buffalo, New York

The University of Buffalo (UB) has created a new Office of Science, Technology Transfer and Economic Outreach to commercialize successful university research and to nurture local economic development efforts. The new office will incorporate offices and functions previously under the direction of the UB Business Alliance, and include a new Industrial Liaison Partnership, which will focus on relations with corporations involving economic development issues and a new Research and Venture Funding Division. For more information, visit: http://www.buffalo.edu/reporter/vol33/vol33n6/f2.html

Fairfield, Maine

At an October 4 Town Hall meeting, all but one of the approximately 100 residents in attendance voted to use the community’s good credit rating to borrow up to $2 million for the Fairfield Economic Development Corp. to construct 15,000 sq. ft. of lab space to lease to biotech companies. Jackson Laboratory is expected to sign a lease for a portion of the incubator space before the town borrows the money. The space will be part of the $4.5 million Thomas M. Teague Biotechnology Center of Maine, one of seven applied technology centers established in part with a grant from the Department of Economic and Community Development this year.



Grand Forks, North Dakota

The University of North Dakota Center for Innovation Foundation has received a grant of $3.5 million from Mr. James C. Ray and the Ray Foundation of Minden, Nevada, to create two endowments for entrepreneurship. Mr. Ray established a $2 million endowment to fund the Center for Innovation outreach efforts to technology entrepreneurs and a $1 million endowment to establish a chair of entrepreneurship within the College of Business & Public Administration. The remaining cash gift will fund the initiative until earnings from the endowment can sustain the programs.



The UND Center for Innovation Foundation serves as a link between successful entrepreneurs and the Center or Innovation and its Rural Technology Incubator at the 55-acre University Tech Park on the UND campus. The Center also manages the Technology Incubator, which hosts 18 entrepreneur ventures employing more than 80 people. Since it was formed in 1984, the Center has helped launch more than 300 new ventures and technologies. More information is available from: http://www.innovators.net/

Iowa

In an effort to reverse the state’s brain drain, Governor Tom Vilsack has proposed offering annual tax credits for up to ten years to Iowa college graduates who remain working residents of the state. Under the proposal, community college graduates meeting the qualifications would receive credits of almost 100 percent of their tuition costs, or $200 annually for a decade. Graduates of Iowa's public universities would be eligible for credits totaling roughly 50 percent of their tuition, or $600 annually, and graduates of Iowa's independent colleges would be eligible for credits of nearly 20 percent of their tuition. More than 250,000 graduates of Iowa colleges and universities could be eligible for the tax credit over the next 10 years. For more information, visit: http://www.state.ia.us/governor/news/2001/October/October0901._1.html

Morgan County, Indiana

The Commissioners of Morgan County are considering a proposal to levy a $50 fee on all new lots to support the operations of a new county economic development office, according to the October 13 edition of the Indianapolis Star. The fee is expected to raise $25,000 - $30,000 annually for the proposed countywide office. Morgan County is located in the southwest corner of the Indianapolis metro area.



Nebraska

Today's issue of TechDaily's State Roundup by Liza Porteus alerted us to a bill passed by the Nebraska legislature this year to create a Nebraska Venture Capital Forum. The act requires the Nebraska Department of Economic Development to establish a system to facilitate and match the state's private seed, venture and angel capital funds to local investment opportunities. The bill is available at: http://www.unicam.state.ne.us/PDF/FINAL_LB225_1.pdf

Oldsmar, Florida

The Greater Oldsmar Chamber of Commerce has created a Manufacturers Council to be of more direct assistance to the 160 local manufacturing firms in the community, according to the October 15 edition of the St. Petersburg Times. In addition to providing networking and educational opportunities for manufacturers, the council is to identify specific technical, workforce and other needs that can be addressed through the council, chamber, and other public-private partnerships. To help get it off to the right start, the group is drawing assistance and expertise from the Florida Manufacturing Extension Partnership. More information on the council is available by calling the Chamber at (813) 855-4233.



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