R&D Tax Credits in Many States Seek to Help Business Development, Innovation
A number of states recently have taken action to expand R&D tax credits and other legislation that would support innovation, commercialization and manufacturing. Hawaii, California, Maryland, Texas, and Florida have signed into law tax incentives and R&D tax credits and an R&D tax credit in New Hampshire went into effect. The Maine legislature also passed a capital tax credit that will begin in 2014.
SSTI Examines Trends in Innovation Policy from the State Legislatures
As many state legislative sessions wind down, a clearer picture of the current direction of state innovation policies is emerging. This week’s SSTI Weekly Digest presents a few of the major trends in technology-based economic development initiatives approved by state legislatures during their most recent sessions. While this review is not meant to be comprehensive, it should illuminate the shifts states are making to refine their investments in the high-tech economy by providing smarter, more targeted support.
L.A. Follows Trend of Harbor Redevelopment with $155m Tech Cluster Project
The city of Los Angeles is working with a consortium of public and private partners to redevelop unused docklands into space that will support new industry cluster development. The project highlights a trend of high-profile projects across the country, with cities like Brooklyn and Philadelphia repurposing dockside warehouse space to seed tech startups and advanced manufacturing.
CA Universities Increase Online Learning Opportunities; Controversial Bill Held for 2014
With additional funding directed to higher education as part of the FY14 budget, the California State University (CSU) and University of California (UC) systems announced efforts to boost access to online courses for current full-time students this fall. The goal is to overcome space shortages in classrooms and help graduate more students on time.
New APRA-E Program Awards $36M for Electric Vehicle Development
Electric vehicles may be gaining momentum.
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.
Review Calls for External Scientific Oversight for CA Stem Cell Research
In a new report, the National Academies' Institute of Medicine (IOM) praises the remarkable research output of California's Institute for Regenerative Medicine (CIRM) during its first seven years, but recommends several changes in oversight that could improve the quality and defensibility of its work. IOM suggests that external scientific reviews and independent oversight of the institute's management could help ameliorate concerns about conflicts of interest and increase transparency.
TBED People and Orgs
Leslie Guice officially was approved by the University of Louisiana System Board of Supervisors to become the 14th president of Louisiana Tech University. Guice will take office July 1, 2013.
Camille Saltman has joined MD Revolution as president. Saltman was previously president of CONNECT and continues to be a member of CONNECT's board of directors.
To Spur Regional Economic Growth, Community Colleges Look Beyond National Graduation Goals
In July 2009, President Obama challenged community colleges to graduate an additional five million students by 2020. According to the president's speech, community colleges uniquely are positioned to fuel the future of U.S. competiveness by developing an educated, skilled workforce to address the needs of a 21st century workplace.
Share of U.S. Venture Capital Dollars, Deals by State, 2007-2012
After dipping just under 50 percent in 2011, California reclaimed its spot as the site of a majority of U.S. venture capital investment last year, according to the National Venture Capital Association/PricewaterhouseCoopers Moneytree Survey. About 53 percent of all U.S. venture capital dollars were invested in California companies in 2012, the largest share captured by the state since the annual survey began in 1995.
Tech Talkin’ Govs: CA, KY, VT Govs Pitch Energy Goals, Higher Ed Reform To Spur Economic Growth
Now in its 15th year, 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. The first edition includes excerpts from speeches delivered in California, Kentucky, and Vermont.
State Budgets Target Investments in Workforce, Higher Education
As governors around the country begin their newest terms, their proposed budgets are beginning to take shape. Although few governors specifically target technology based economic development, after the first wave of budgets a variety of initiatives related to workforce development and higher education have garnered support.
Have State Stem Cell Programs Been Effective in Boosting Research?
Over the past decade stem cell research has been touted as a game-changer in the life sciences and a potential fount of new biomedical innovations. As a result, several states have launched targeted programs to support stem cell research, despite the controversy that tends to surround the field. New research suggests that these programs have been effective at increasing the output of researchers in their respective states.
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.
U.S. Venture Capital on Track for Historic Year
In the first three quarters of 2015, U.S. venture capital firms have invested $47.2 billion, more than the year-end totals for 17 of the past 20 years, according to new data from the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PwC). About $16.3 billion was invested in 1,070 deals in the third quarter, bringing the 2015 total to $47.2 billion in 2,239 deals. Investment activity is on track to reach its highest annual level since 2000, and the second highest year since the beginning of PwC’s Moneytree report.
Bay Area Council Releases Roadmap for Economic Resilience
In his 1962 State of the Union address, John F. Kennedy said, "The time to repair the roof is when the sun is shining." Despite its foggy reputation, perhaps no region has had the sun shine on them more economically since that speech than California’s Bay Area. Currently, in spite of its strengths as a hub for talent, research, and innovation, the Bay Area lacks a cohesive and comprehensive regional economic strategy for sustaining economic growth, weathering business cycles and supporting shared prosperity.
CA Community College Board of Governors Approves Comprehensive Workforce Plan for Middle-Skill Jobs
The California Community College Board of Governors unanimously approved a comprehensive workforce development plan to coordinate efforts across its 113-college system to help California close its considerable job skills gap, which is defined as the state needing one million workers credentialed for middle-skill jobs.
Venture Investors Flock to Silicon Valley Biotech
Biotech is in the midst of an investment boom, at least in Silicon Valley. In the first quarter of this year, biotech firms in the region raised $574 million, the third highest quarter on record, according to data from PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA) and reporting by the San Jose Mercury News. This peak represents a 103 percent increase over the same quarter the previous year.
Budget Update: Education Spending Vetoed in IA, Stable in CA, OH
Now that many governors have signed spending bills and legislative sessions are drawing to a close, the SSTI Digest will check on the status of proposals related to the innovation economy, and examine the state of technology-based economic development funding in the states. This week, we review spending bills in California, Iowa, Ohio and New Jersey.
New Developments in Capital: Strong Results Announced, New Funds Created
In the last month, major new developments have occurred in TBED capital programs. Launch Tennessee and Pittsburgh-based Innovation Works both announced positive findings about the growth of their startup investment ecosystems with $1 billion being raised by Tennessee startups from 2012 to early 2016 and over $279 million invested in Pittsburgh startups in 2015. Meanwhile in Ohio, both Youngstown-based and Cincy-based startups will see an influx of capital, while a new $150 million fund focused on stem cell companies and regions has been launched.
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.
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.
2014 Bills Tackle Crowdfunding, Tax Credits, Startup Capital and More
Several bills aimed at supporting startups, advancing research and improving the workforce have been introduced with the start of the 2014 sessions. Some of the proposed legislation offers a glimpse into the investment priorities of governors and lawmakers in the wake of economic recovery. Providing innovative companies with access to startup funds is a continued theme from previous years. Some states are seeking to expand tax credits for angel investors or offer new tax credits to encourage emerging industries. Other bills focus on generating more skilled workers quickly and positioning universities to enhance regional economic competitiveness.
Highly Educated Workers Gravitate To, Between New York, Los Angeles and Chicago
Los Angeles County (CA), New York County (NY) and Cook County (IL) topped the list of places where people older than 25 with graduate or professional degrees moved to between 2007 and 2011, according to the latest data from the U.S. Census Bureau’s County-to-County Migration Flows Tables. Middlesex County (MA) and Fairfax County (VA) also ranked among the top destinations for highly educated transplants. The Census report provides data on domestic migration at the county level, including data on income and educational attainment.
NIST MEP Awards MTAC pilots in CA, GA, OR, TX, WI
The National Institute for Standards and Technology (NIST) Manufacturing Extension Partnership (MEP) program recently awarded $2.5 million for five pilot projects to improve small U.S. manufacturers' supply chain competitiveness and foster their readiness to adopt advanced technologies. The projects will be led by MEP centers and bring together teams of experts in specific technology areas. MEP centers in California, Georgia, Oregon, Texas and Wisconsin each will receive approximately $500,000 for the pilot efforts, which, in most cases, involve partners in other states.