New Jersey is launching a new program to stimulate new investment, business growth and job creation in the biotechnology and life sciences industries through a special fund to be established through the Business Employment Incentive Program (BEIP).

Two separate news stories covering different New Jersey's technology-based economic development initiatives may give one of the first peeks at Governor James McGreevey's plans for science & technology in the Garden State.

Alaska Technology Councils To Merge

Alaska

Tthe five winners of the 2001 Malcolm Baldrige National Quality Award, the nation's premier award for performance excellence and quality achievement, include, for the first time, three winners in the education category: 

Democrats took the year’s only two races for governor, electing Jim McGreevey in New Jersey and Mark Warner in Virginia. 

Alaska 

There is so much happening in state and local tech-based economic development across the country that we’re adding a new Digest feature: the Regional Roundup. Our goal is to provide 1-2 sentence coverage of news stories, reports and resources demonstrating the variety of activities underway to build a stronger tech-based economy. Of course, whenever possible, we’ll include a link or contact for more information.

Editor’s Note: During the next few weeks, nearly every Governor will present a State of the State and/or budget address outlining new initiatives or priorities for the upcoming year. In the past, SSTI has compiled excerpts relevant to tech-based economic development for publication. This year we will highlight significant proposals in the SSTI Weekly Digest and provide links to the actual speech, related background, press releases, etc.

After discovering that only 10 percent of the venture capital raised in New Jersey is invested in New Jersey companies, a new venture fund has been established combining private, state, and federal resources. The seed investment fund will be used to assist New Jersey start-up technology businesses get off the ground.

"High paying jobs in growth areas are critically needed to offset the decline in wealth and employment from Alaska's North Slope. These new jobs require technical innovation, capital, management, and trained workers."

State Also Begins Work on $150M Stem Cell Research Center An agreement between Gov. Jon Corzine and state legislative leaders will result in a $450 million bond referendum being put before New Jersey voters this fall. If approved, the money will be used to augment support for the state’s stem cell research initiative over the next 10 years.

The Fourth of July might just be a paid holiday for New Jersey's tech-based economic development agency after all. Since Governor James McGreevey released his FY 2004 budget request six months ago, the New Jersey Commission on Science and Technology has been living under a June 30 death sentence. Facing a deficit forecast in excess of $4 billion, the governor had called for the elimination of the $15 million program.

Whether it is oil, gas, logging or fishing, only one other state in the nation, Alaska, is as dependent on natural resource extraction as Wyoming. Using tech-based economic development to diminish the impact of the boom and bust cycles experienced by all "colonial" economies to diversify the state's economy has been one of the goals of Alaska's gubernatorial leaders since 1988, with the creation and continuation of the Alaska Science and Technology Foundation (ASTF).

Gov. James McGreevey recently appointed Alfred Koeppe as the new Chairman of the Economic Development Authority of New Jersey.

President Bush announced he will nominate Assistant Secretary of Commerce Sandy Baruah to serve as the administrator of the Small Business Administration.

The Rensselaer County Regional Chamber of Commerce has created the Economic Development Partnership to help businesses relocate to or expand in the county.

Connecticut Innovations appointed Dr. David Reed to the position of executive in residence.