Facing a $1.6 billion budget deficit, Arizona legislators set their sights on the state's three-year old 21st Century Competitive Initiative Fund. A group of four Republican lawmakers led the effort to remove the program's $22.5 million from the 2009 state budget, which was signed by new Governor Jan Brewer last week. The fund was started under former Democratic Governor Janet Napolitano, who recently left office to join the Obama administration as secretary of Homeland Security.

Kentucky Highlands Investment Corporation has named Jim Carroll as director of its Center for Entrepreneurial Growth.

The following overview is a synopsis of select recent announcements from research parks across the nation, including groundbreakings and development plans to support vibrant regional economies based on science, technology and innovation. 

Indiana University is launching a $10 million venture capital fund to invest in technology companies coming out of the university. Half of the fund will be dedicated to seed- and early-stage companies, while the other $5 million will support later-stage firms. Last month the university dedicated a new $10 million Innovation Center, which will work with the fund to support university-affiliated companies.  Read more at: http://newsinfo.iu.edu/news/page/normal/12745.html

Indiana University is launching a $10 million venture capital fund to invest in technology companies coming out of the university. Half of the fund will be dedicated to seed- and early-stage companies, while the other $5 million will support later-stage firms. Last month the university dedicated a new $10 million Innovation Center, which will work with the fund to support university-affiliated companies.  Read more at: http://newsinfo.iu.edu/news/page/normal/12745.html

Shortly after President Obama announced that the federal government would seek out new partnerships with private companies to improve science and technology education in the U.S., the Arizona Technology Council unveiled three new offerings for Arizona students. The group will collaborate with tech companies and nonprofits to hold a statewide science fair, to develop a four-year engineering curriculum for high school students and to create an online directory of STEM opportunities.

Robert Fritzinger has been named the director of the new SUNY Fredonia Business Technology Incubator.

Ioanna Morfessis, a consultant from Phoenix, was unanimously appointed as the executive director of the Rhode Island Economic Development Corporation by the board of directors. Morfessis is expected to start work in January, and will serve as acting director until the Senate confirms her appointment.

While maintaining a $1 billion reserve over the next biennium, the 2009-11 budget signed into law by Gov. Mitch Daniels reduces by half funding for the state's 21st Century Research and Technology Fund and appropriates only a fraction of the requested $70 million for the Indiana Innovation Alliance, an initiative to grow the state's life science industries.

President Obama nominated Francis Collins, a physician and scientist who helped guide the Human Genome Project to completion, as the next director of the National Institutes of Health.

Rebecca Bagley, who left her position as deputy secretary for the Technology Investment Office within the Pennsylvania Department of Community and Economic Development, was appointed president-elect of NorTech. Bagley will succeed Dorothy Baunach, the founding staff director of NorTech, as president and chief executive officer. Baunach will become president emeritus, serving as an adviser until December 2010.

Rebecca Blank, the acting U.S. secretary of Commerce, is expected to be the next chancellor of the University of Wisconsin at Madison. The Board of Regents is scheduled to vote on the recommendation April 5.

Two universities, the University of New Mexico (Albuquerque, NM) and the University of Arizona (Tucson, AZ), are expanding or restructuring their economic development operations to improve commercialization of technology stemming from faculty research and the coordination and business development in their communities.

NIST MEP has finalized cooperative agreements to create new MEP Centers in Arizona and Rhode Island. NIST is awarding $1 million to the Arizona Commerce Authority and $750,000 to the University of Rhode Island Research Foundation to serve small- and mid-sized manufacturers in their states. Read the release...

With a commitment of $25 million over the next two years to establish a biosciences institute, Indiana lawmakers gave their stamp of approval to a major policy goal touted by Gov. Mike Pence during the campaign. The governor and lawmakers hope to build an endowment of $300 million to $400 million over the next five to seven years drawn from corporate and philanthropic sources.

Sean Greene has joined the Case Foundation as entrepreneur in residence. Greene most recently served as associate administrator for Investment and special advisor for Innovation at the U.S. Small Business Administration.

Governor Mike Pence has released details on Indiana's statewide public-private collaborative life sciences partnership. The estimated $360 million Indiana Biosciences Research Institute will receive $25 million for the biennium from the state of Indiana to cover startup costs, which will be augmented by another $25 million from industry and philanthropic sources (see the May 8 issue).

W. Steven Burke is the new president of Biofuels Center of North Carolina.

In a special session on Tuesday, the Vermont Legislature enacted the state's FY10 budget, overriding last week's veto by Governor Jim Douglas. The budget eliminates or reduces funding for many programs related to economic development and TBED, cutbacks which were cited as concerns by Gov. Douglas in his veto announcement.

J. Mike Books is leaving his post with the Indiana Health Industry Forum to become the first economic development director for the city of Columbia, Missouri. He also will serve as president of the Regional Economic Development Inc. Brooks will assume his new responsibilities on July 15.

During his presentation of the fiscal year 2009-11 budget last week, Gov. Mitch Daniels said the state's weakening economy will require the suspension of funds for some initiatives supported by his administration.

As governors across the nation seek to fill record deficits, many new and longstanding TBED initiatives are facing challenging cuts or elimination. At the same time, governors are shoring up support for critical, targeted investments in the economy that they say are needed now more than ever.