People
Alaska Gov. Frank Murkowski appointed Bill Noll as commissioner of the Department of Commerce, Community, and Economic Development. Noll has been serving as the governor's communications director.
People
Albert Clough is the new Commissioner of the Alaska Department of Commerce, Community and Economic Development, following the resignation of Edgar Blatchford last week.
Incubator Round Up
Recent announcements of new and emerging technology incubators range from Google's selection of Cape Town, South Africa to launch a pilot incubator supporting technology entrepreneurs that it hopes to replicate globally to Alabama Gov. Robert Bentley's plan to create a statewide business incubator focusing on workforce training. Select announcements from across the globe are highlighted below.
TBED-Focused Bills Capturing Attention in Several States
Proposals that promise job creation and economic growth have taken center stage in several state legislatures. Lawmakers who recognize the importance of R&D, tech commercialization, access to risk capital, and investment in higher education are fighting for passage of TBED-focused bills in the final months of their states' 2011 legislative sessions.
TBED People
Tom Thornton, president and CEO of the Kansas Bioscience Authority, submitted his letter of resignation to the board effective immediately. David Vranicar, president of the authority's Heartland BioVentures division, was named interim president and CEO.
Legislation Expands Michigan's Jobs Program to Include More Advanced Technology Industries
Gov. Rick Snyder signed into law a measure expanding the scope of the state's 21st Century Jobs Fund allowing more industries involved in research and advanced technology to compete for funds through the program. Although many tech-focused industries such as life sciences and alternative energy companies can already apply for funding under the program, the new legislation expands eligibility to include an even wider range of companies — information technology and agricultural processing.
Legislature Adds $50M for Michigan's Business Attraction Efforts
The Michigan Economic Development Corporation (MEDC) will be armed with $100 million for efforts to attract new businesses and help existing businesses grow in the coming year — an additional $50 million above Gov. Rick Snyder's request. Another $25 million was approved for a new innovation and entrepreneurship program.
Alaska Lawmakers Endow Performance-based Scholarships with $400M
To ensure funding is available in future years for students who complete a more rigorous high school curriculum focused on math and science, the legislature set aside $400 million for performance-based scholarships in the capital budget. The FY12 operating budget also includes $6 million in first-year funding for the program, which will be available to high school students graduating in 2011.
State and Local Economic Development Centering on Regional Approaches
Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.
$3B Toolkit for Economic Gardening Announced in Michigan
Michigan state agencies in collaboration with the Michigan Economic Development Corporation and several private industries and organizations will offer economic development incentives, startup capital, and support services valued around $3 billion to help grow Michigan-based small businesses in emerging industry sectors. The Pure Michigan Business Connect initiative matches people with resources and strengthens relationships to fuel economic growth, according to a press release.
TBED People and Job Opportunities
James Weyhenmeyer has been named the vice president for Research and Economic Development at Georgia State University.
TBED People and Job Opportunities
Maine Gov. Paul LePage has nominated George Gervais, the acting commissioner of the Maine Department of Economic and Community Development as commissioner. His nomination must be reviewed by the Joint Standing Committee on Labor, Commerce, Research and Economic Development and confirmed by the Senate.
TBED People & Orgs
Pamela Goldberg has been appointed as the executive director of the Massachusetts Technology Collaborative. Currently, Goldberg serves as director of entrepreneurial leadership at Tufts University.
Michigan Orgs Awarded $25M to Support Entrepreneurs
The Michigan Economic Development Corporation (MEDC) recently announced the recipients of $25 million in awards from Michigan's 21st Century Jobs Fund. Each of the eight organizations receiving the awards will use the funding to support Michigan entrepreneurs and technology commercialization. The largest single allotment, $10.8 million, will benefit Ann Arbor SPARK, which plans to replenish its Michigan Pre-Seed Capital Fund with the award. Other recipient organizations will be offering capital and business assistance around the state.
Kiva's New Initiative brings Microloans to U.S. Small Business in Cities of "Need"
The Kiva City program will extend small business access to microloans in U.S. cities facing the greatest small business stress. Kiva, a nonprofit organization, offers personal microlending services. Building upon Kiva's Internet-based lending model, the goal of the Kiva City program is to spur job growth and economic recovery through microfinance by building connections between Kiva's global network of 592,000 individual lenders and small business owners across the country.
SBA Licenses First Impact Fund In Michigan
Michigan's InvestMichigan! Mezzanine Fund is slated to become the Small Business Administration's (SBA) first licensed Impact Investment Fund through the agency's new Impact Investment Initiative. The SBA initiative, which is part of the White House's Startup America initiative, uses the existing infrastructure of the Small Business Investment Company (SBIC) program to encourage small business growth. Participating funds must make place-based investments in small businesses in underserved areas, or investments in the clean energy and education sectors.
Three Universities Intend to Fuel Innovation and Grow Regional Economies with New Initiatives
Michigan State University, Rutgers University and the University of Michigan all have announced new initiatives that are intended to fuel innovation and grow regional economies. Michigan State established the University Center for Regional Economic Innovation — a university-based, economic development research center focused on generating businesses and jobs statewide. Rutgers University created a Disruptive Innovation Fund to provide up to $1 million to support the commercialization of innovative products.
TBED People & Orgs
Jeffrey Brancato has recently joined NorTech as vice president. Prior to joining NorTech, Brancato was the associate vice president for Economic Development at the University of Massachusetts.
Randal Charlton has announced his retirement as executive director of TechTown, the Wayne State University research and technology park. Leslie Smith, the general manager of TechTown has been appointed to fill the position beginning Nov. 1.
$3M Grant Awarded for Regional Network to Support MI Entrepreneurs
A $3 million grant from the New Economy Initiative for Southeast Michigan recently was awarded to a group of four business accelerators working together to support area entrepreneurs and grow Michigan's knowledge-based economy. The grant will support efforts of the newly formed Business Accelerator of Southeast Michigan, which includes Ann Arbor SPARK, Automation Alley, Macomb-OU INCubator, and TechTown.
TBED People
Ray Gilley resigned as chief executive of the Metro Orlando Economic Development Commission after nine years on the job. Gilley was responsible for helping lure the Sanford-Burnham Medical Research Institute to Central Florida.
Peter Ginsberg joined the North Carolina Biotechnology Center as vice president of Business & Technology Development.
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.
Michigan's Programs Having Significant Impact
Since 2006, Michigan's economic development programs designed to transition its economy from the traditional manufacturing-based economy to an economy driven by clusters of innovative manufacturers and service providershave led to more than 24,407 direct and indirect jobs created or retained, the creation of approximately 1,500 new companies and almost 900 patents.
TBED People
Neal Wade will resign his position as director of the Alabama Development Office in November and has been named senior vice president of economic development for St. Joe, one of Florida's largest real estate development companies.
TBED People
The Tennessee Biotechnology Association has changed their name to Life Science Tennessee.
Ann Arbor SPARK recently added Bill Mayer as director of their business accelerator team.
Michigan Lawmakers Pass Angel Investment Tax Credit Legislation
Michigan lawmakers last week passed a measure aimed at increasing access to capital for small businesses by allowing taxpayers to collect an income tax credit worth 25 percent of a qualified investment in emerging industries such as advanced manufacturing and life sciences. Under HB 5921, the investment must be at least $20,000 and certified by the Michigan Strategic Fund (MSF). MSF can certify up to $9 million in credits in a single year with up to $250,000 for each business. Gov.