Georgia, Virginia Lawmakers Expand Investments in Research, Cybersecurity
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.
Persistent Skills Gap Hindering Economic Recovery in Cities; Promising Models Found in Norfolk, VA, Charlotte, NC
Amid a national economic recovery, city officials report a recent and persistent skills gap that may signal structural challenges and present serious barriers to sustained growth for metros. Nearly nine in 10 city officials (88 percent) note that workforce alignment has not improved over the past year, according to a recent survey on city fiscal conditions from the National League of Cities (NLC).
Federal Government Stepping Up to Coordinate State Cybersecurity Efforts
Threats to America's cybersecurity continue to make headlines, underscoring the growing importance of protecting our country's digital infrastructure. As national security experts continue to grapple with how to address the challenge, the federal government is stepping up to coordinate state cybersecurity efforts. In an effort to promote our country's economic security and boost innovation and competitiveness, the National Institute of Standards and Technology (NIST) is working with states and the private sector to develop a framework for national cybersecurity standards.
Universities Turn Focus on Entrepreneurship to Boost Regional Economies
Recognizing startup businesses as a powerful force in building stronger local economies, a number of universities across the country have announced significant expansions in their entrepreneurship offerings over the last few weeks. Universities in Missouri and Virginia have announced new and expanded entrepreneurship programs for students, while a nationwide network of top business schools, including Babson College, Stanford University and the University of California, San Francisco, plans to launch an online entrepreneurship program that can be licensed to other schools. The U.S.
NASA Transition Continues to Spur University, Industry Partnerships
The winding down of the space shuttle program in Florida’s Space Coast by the Obama administration in 2010 spurred a transition in NASA’s areas of focus, including an increased emphasis on commercializing technologies and industry partnerships. NASA recently announced several new initiatives with tech firms, universities, and state agencies geared toward investing in cutting-edge research and technology and developing an educated workforce.
Voters Reject Tax Increases, Back Bonds for Higher Ed
While election night's main focus was on the presidential race, the importance of ballot measures for states and metros is growing as public services and budgets are being severely trimmed. A recent article in The New Republic reports on a new trend where states are embracing ballot measures as a potential source of dedicated funds for targeted investments in regional economic growth and development.
Looming Revenue Shortfalls Latest Challenge for Many States
Amid the economic uncertainty surrounding fiscal cliff negotiations, and what it means for states, some governors are erring on the side of caution when it comes to funding recommendations for the upcoming year. At the same time, several state budget officers are projecting significant revenue shortfalls in the current fiscal year or biennium as a result of lower than expected tax collections.
TBED People & Orgs
Gov. Lincoln Chafee has nominated Deputy Director William Parsons to lead the Rhode Island Economic Development Corporation.
Gov. Rick Perry has appointed J. Bruce Bugg, Jr. as president and chairman of the Texas Economic Development Corp.
Gov.-elect Steve Bullock tapped Meg O'Leary to be the Montana Commerce Department director.
Tech Talkin' Govs: Part I
SSTI's Tech Talkin' Govs series has returned for its 13th annual edition. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses across the nation. The first edition includes excerpts from speeches delivered in North Dakota, New Hampshire, New York, and Virginia.
VA Gov Wants Additional $10M for Entrepreneurship, Workforce Measures
Through a combination of new funding in the current budget and legislative measures aimed at coordinating state efforts and measuring progress, Gov. Bob McDonnell hopes to showcase Virginia as the premier destination for entrepreneurs to start or relocate a business. New funding, to the tune of nearly $10 million, would be used to establish a regional accelerator grant program, cybersecurity accelerator, and career pathways development program, among others.
PA One Step Closer to Budget Deal; HI, NM, VA Govs Outline Spending Plans
While many states have begun negotiations on budget plans for FY17 and beyond, Pennsylvania has made some progress on FY16 spending. Gov. Tom Wolf signed a partial budget that funded many agencies and programs related to economic development, but that did not include higher education funding and other operations. In the coming months, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Hawaii, New Mexico, Pennsylvania and Virginia.
Delta Regional Authority Releases Economic Development Strategy for 252 Counties Across Eight States
The Delta Regional Authority (DRA) released the Regional Development Plan III (RDPIII) – an economic development strategy to help guide DRA’s 252-county region’s economic growth over the next five years. In RDPIII, DRA identifies three goals and related action items to guide its economic development efforts in the Delta region:
Workforce Efforts in AL, TX, VA Look to Build, Maintain Talent Pipelines
While the recent Job Openings and Labor Turnover Survey (JOLTS) has some economists concerned that the U.S. economy is running out of qualified workers to fill existing openings, several states have announced workforce programs that are intended to address the skills-gap and build the talent pipeline in their respective states.
Tech Talkin’ Govs: Energy, Workforce Initiatives Prominently Featured in Gubernatorial Addresses
SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.
States Seek Slice of Growing Unmanned Aircraft Industry
As the Federal Aviation Administration continues to propose regulations around the fledging unmanned aircraft system (UAS) industry in order to ensure that it integrates into the current system as well as possible, states are beginning to act in order to improve their own competitiveness.
Universities Build Diverse Partnerships to Fund Startups
In the face of declining state funding and drawn-out budget negotiations, universities are moving beyond traditional budget procedures to secure funding for their economic development activities. Over the past few months, several universities have leveraged new sources of public and private funds to establish seed funds for university technology. These efforts are intended to increase the number of businesses emerging from their respective educational and research programs and spur regional economic prosperity.
VA Youth Entrepreneurship Council to Expand Student IP Rights, Opportunities
A new Virginia council will coordinate the state’s efforts to help young people create businesses. Gov. Terry McAuliffe recently signed Executive Order 47 establishing the Governor’s Council on Youth Entrepreneurship, following up on a series of roundtables with students and faculty.
VA Gov Set to Sign Package of ED Bills Including New Research Fund
On April 20, the Virginia General Assembly sent three economic development-focused bills (HB 1343, HB 846, and HB 834) to Gov. Terry McAuliffe. The bills include the creation of a new research fund and the creation of a network of regional economic development councils. Although the bills have yet to be signed, Gov. McAuliffe has publicly supported each of them. This package of economic development initiatives was originally proposed in the governor’s economic development strategy as well as his recent budget proposal. However, it took some compromise between the governor’s original proposals and the General Assembly to reach a final package.
Pilot program matches researchers with economic and community development issues
Vibrant Virginia (VV), a new program from Virginia Tech’s Office of Economic Development, is offering seed grants as a way to encourage faculty and graduate students to explore persistent public policy challenges spanning the state’s urban, suburban, and rural communities.
States’ fiscal picture improves with growing economy
The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.
The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.
Most states ended their fiscal year with a surplus and continue to recover from the Great Recession, with a growing economy and job gains. However, they face continuing demands on their budgets, with expanded Medicaid payments and the growing opioid crisis confronting nearly every state. Such decisions affect the state’s ability to fund innovation efforts, from the amount of support available for higher education and STEM programs, to funding for entrepreneurship, and forging public private partnerships to strengthen innovation programming that the private sector cannot fully support.
Our analysis found that some states that rely on the energy sector to fund their spending priorities continue to struggle, while others are already factoring in anticipated revenues as a result of new Supreme Court rulings involving gaming and online sales tax collections.
AR, ID make innovation investments
As the state budgeting process comes to a close, SSTI will report over the coming weeks on actions taken by state legislatures to invest in economic growth through science, technology, innovation and entrepreneurship. Up this week is a look at commitments that legislatures in Arkansas and Idaho have made including funds for a new accelerator program, Manufacturing Extension Partnership (MEP) centers, and more than $14 million for a biosciences research institute.
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.
State grants, partnerships focus on workforce needs in several states
Noting a growing need for additional education to meet workforce needs, several states have announced programs focusing on education and workforce needs, channeling state funding to grants that will focus on aligning learning opportunities with business and industry needs, or creating new initiatives in the private sector. Reaching a higher educational attainment among a greater percentage of the workforce by 2025 is also a goal set by several of the states.
Universities announce investment funds for local startups
While many universities maintain startup investment funds targeted at growing university-affiliated startups, several universities are looking beyond their walls for investment opportunities that will create a return on investment (ROI), but also support economic prosperity. Through these investment funds, universities are able to make strategic investment in startups that will contribute to the future growth of their community, region and state. Massachusetts provides a recent example where MIT will invest $25 million in local startups.
VA Expands Registered Apprenticeships to Cybersecurity Careers
In June, Virginia Gov. Terry McAuliffe announced that Virginia businesses can offer registered apprenticeships to individuals in three cybersecurity occupations – Information Security Analyst; Cyber Security Analyst; and, Incident Response Analyst. The Virginia Apprenticeship Council approved the three new registered apprenticeships as well as the criteria that registered apprentices in cybersecurity must learn and demonstrate through the program for the necessary proficiency in the cybersecurity field.