San Francisco, Austin Seek to Include More Residents in Tech Prosperity
On the heels of a recent memo from the President’s Council of Advisors on Science and Technology (PCAST) highlighting the difficulty middle-skill workers are having finding a route into the modern economy, reports from two tech hotspots suggest that local action is needed to ensure that tech success translates into widespread economic prosperity.
TBED and the 2012 Ballots
Voters in 37 states will decide on more than 170 ballot measures this year, many of which are related to tech-based economic development (TBED). Tax measures seem to be dominating ballots this year, with questions relating to both decreases and increases for sales, property and income taxes. Several states are counting on voters to agree to temporary increases to help fill budget deficits and ensure steady funding for education.
Useful Stats: Share of U.S. Venture Capital Investment by State, 2009-2014
California-based companies received about 56 percent of all U.S. venture capital dollars in 2014, the state's highest share of venture activity since the dot com boom of the early 2000s. Over the past 15 years, investment activity has steadily become more concentrated in California and a few other states. In 2009, about 67 percent of all deals and 74 percent of venture capital dollars flowed to the top five states. By 2014, those states' share of venture dollars grew to 80 percent, according to NVCA/Pricewaterhouse Coopers data.
State Budget Roundup: IN Legislators Approve Funding for Regional Cities Initiative
Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many state legislatures have begun approving budgets, the Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Alaska, Colorado and Indiana.
EDA Grants Support Regional Innovation
The U.S. Department of Commerce’s Economic Development Administration (EDA) announced a number of grants last week to aid regional innovation and entrepreneurship efforts through infrastructure improvements, the creation of new spaces, and business improvements in regions across the country. The grants fund projects in AR, AZ, CA, ME, MI, and OH.
California College Students Promised New Graduation Incentives
Students at several California community colleges as well as California State University (CSU) campuses have access to a new incentive to graduate in four years through new state “promise” programs. Gov. Jerry Brown Jr. signed SB 412 and AB 1741 creating “promise” programs that act in conjunction with a new 2025 Graduation Initiative, aiming to boost the number of students graduating from those institutions in four years to 40 percent. Success in the programs is intended to help address future workforce needs of California and improve achievement gaps.
Innovative Funding at the Edges
Venture development organizations are reaching into new territory for funding partners and finding success in innovative models. Two new funds, the San Diego Tech & Life Science Investor Syndicate and Rev1 Fund I in Columbus, OH, have recently opened with less traditional funding sources, testing the waters of crowdfunding and heavy corporate backing, respectively. The San Diego fund, launched by CONNECT, allows anyone wanting to invest $1,000 the opportunity to participate alongside more experienced lead investors.
States Commit to Improve Economic Prosperity Through Increased Broadband Access
A month after a federal court ruled that high-speed Internet service can be defined as a utility, four states have announced commitments to expand high quality, reliable broadband services to rural areas and other underrepresented groups. Two Midwest states, Wisconsin and Minnesota, will provide funding to help support projects that improve access to broadband and spur economic prosperity.
Economic and Education Ballot Measures Get Mixed Results
Bond issues supporting higher education goals got mixed results in Tuesday’s election. A bond issue in Rhode Island to be used for the renovation and construction of the University of Rhode Island’s College of Engineering buildings was a winner in this year’s election, receiving 59.3 percent approval. The bond issue that would have created the Montana Biomedical Research Authority was not as lucky, with 56.9 percent of voters there rejecting the measure.
NSF Awards $74M for Engineering Research Centers
The National Science Foundation (NSF) has announced that it will award $74 million total for the creation of four interdisciplinary research and education centers as part of the third generation of NSF Engineering Research Centers. In addition to their primary focus on commercialization and education, these centers will emphasize innovation, entrepreneurship, small business collaboration, and international partnerships. For the first time, two of the ERCs will be co-funded by the Department of Energy.
Incubator Round Up
Spending time at a technology or business incubator may be the key to learning about entrepreneurship. Some universities, seeking to ramp up entrepreneurship programs, are turning to incubators as real-world teachers.
Statewide Strategic Plan Outlines California's Shift to a "Production Economy"
Lt. Gov. Gavin Newsom hopes that by the fall, lawmakers will enact a comprehensive legislative reform of state economic development entities in order to begin implementing a plan for growth and competitiveness that builds on the diverse strengths of California's regional economies. The lieutenant governor last week presented the first statewide economic plan in more than 10 years, outlining steps to develop a new economic model that "embraces the shift from a consumption-based economy to a production economy focused on global trade."
States Push Green Energy Initiatives to Combat Recession, Create Jobs
In the midst of a national economic recession contributing to a record number of job losses in traditional industries, forward thinking states are exploring ideas and committing funds to help grow and diversify their economies and strengthen their renewable energy portfolios.
Breaking into the Market: End of the Green Pipeline
One of the biggest challenges for green technologies and products is breaking into the market. Achieving the critical mass that allows production volume to drive down prices is difficult, particularly when the commodity being sold is, at least initially, more expensive to make because more of the actual cost of production is captured in the green company's business model.
Incubator RoundUp: Top Performing Incubators Named in NBIA Awards
The role of a technology incubator or accelerator for supporting nascent firms generally is regarded with the utmost importance by the tech-based economic development community. Tech incubators provide essential resources for startup companies to develop and commercialize new technologies, leading to the creation of high-quality jobs.
California's Green Economy Remains a National and Global Leader, According to New Report
California's green economy remains strong through the Great Recession, according to a new report — the 2010 California Green Innovation Index. The yearly report published by Next 10 provides dashboard of indicators that track changes over time. This year's report indicates that California's clean tech companies continue to attract venture capital (VC) investments, the state leads the nation in clean tech patents and green manufacturing has grown.
Sacramento Leads California in Cleantech Job Growth
Sacramento's Green Capital Alliance reports that the six-county region is now home to 13,000 clean technology jobs and 98 clean energy companies. In a five-year progress report on Sacramento's clean energy cluster roadmap, the group document's Sacramento's rise as one of the country's key hubs for clean energy technology development. The report provides a detailed look at the alliance's efforts to leverage regional partners over the past few years and its immediate plans to expand the region's data gathering and smart grid infrastructure.
Tech Talkin' Govs, Part IV
Tech Talkin' Govs, Part I
Entering its tenth year covering governors’ State of the State, Budget and Inaugural Addresses, SSTI’s Tech Talkin’ Govs series highlights new and expanded TBED proposals from across the nation. The first edition includes excerpts from speeches delivered in the following states:
Arizona
Gov. Janice Brewer, State of the State Address, Jan. 11, 2010
Los Angeles County Adopts New Strategy for Job Creation
The Los Angeles County Economic Development Corporation has approved what is being called the region's first consensus strategic plan for economic development. The plan includes support for local research and commercialization activities, sector-based worker training and placement programs and provides assistance to entrepreneurs. Read more at: http://www.lacountystrategicplan.com.
Tech Talkin' Govs, Part IV
The fourth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Alaska, Connecticut, Maryland, Michigan, Nevada, and Oklahoma. The first three installments are available in the Jan 13, Jan. 20 and Jan. 27 Digests.
SBA Selects 10 Regional Efforts for Cluster
The Small Business Administration (SBA) announced the selection of 10 regional economic development and job creation efforts through a new pilot program, Innovative Economies, that supports small business participation in regional economic clusters. SBA's funding is designed to expand the opportunities and the role small businesses play in these regional collaborations. The awardees were selected from among 173 applicants. Awards went to organizations in: Alabama, California, Connecticut, Illinois, Michigan, Minnesota, Mississippi, North Carolina, Ohio and South Carolina.
California Candidates Champion Clean Energy, Tax Cuts to Grow Jobs
California's next governor will inherit a dire budget situation and an unemployment rate that is above the national average. While the two main candidates vying for the job offer different visions for enhancing California's economy, both plans set forth policies and incentives to encourage renewable energy development and deployment and provide resources to support entrepreneurs. Jerry Brown (D) has a clean energy jobs plan that he says will produce half a million jobs in research, development, manufacturing, construction, installation, and maintenance over the next decade.
Several Statewide TBED Issues Win Voter Approval
The outcome of Tuesday's election resulted in several wins and some defeats for TBED among the more than 150 ballot measures presented to voters across the nation. Outlined below are the unofficial election results of select ballot measures from each state's respective election office and local media reports as of Wednesday, Nov. 5.