Illinois Creates $60 Million Tech VC Fund
The Illinois General Assembly has passed legislation to encourage venture capital investment in technology businesses across the state. HB3212 creates the Technology Development Fund, which permits the State Treasurer to use up to 1 percent of the state's total investment portfolio for equity investments through Illinois venture capital firms.
Illinois Quadruples Number of Technology Enterprise Corporations
On Thursday, Illinois Governor George Ryan announced nearly $3 million in state grants for eight Illinois Technology Enterprise Corporation (ITEC) centers, quadrupling the number of ITECs. Funded by the Illinois Department of Commerce and Community Affairs (DCCA), the centers assist technology-based start-up businesses and serve as incubators for the new ventures.
People
The Illinois Biotechnology Industry Organization has appointed David Miller to serve as president, effective September 3.
Tech-based ED Prominent in Illinois Governor's '07 Budget Request
Stem cell research, an expanded tax zone redevelopment initiative and faculty/researcher recruitment are all beneficiaries in the fiscal year 2007 budget proposal submitted by Illinois Gov. Rod Blagojevich last week. In addition, while overall funding for the state Department of Commerce and Economic Opportunity (DCEO) is down 16 percent from the FY 2006 appropriation, the governor's request includes several new programs to assist technology entrepreneurship.
People
John S. Maxson has been named as the new president of The Illinois Coalition. Mr. Maxson fills the position vacated by Shaye Mandle earlier this spring.
People
The Illinois Innovation Initiative has named Jerry Mitchell to serve as commercialization manager. Mr. Mitchell is also president of the Midwest Entrepreneurs Forum.
Organizational Updates
The State of Colorado is creating an office to recruit and assist space technology businesses, the Associated Press reported. Approximately $240,000 has been raised for the office, which will be led by a yet-to-be-named "Colorado space advocate." One fourth of the funds are provided by the state, with the balance received from the private sector.
Illinois Governor Regionalizes ED Efforts
In mid-September, Governor Rod R. Blagojevich unveiled a new approach to economic development in Illinois– regionalism. While several other states currently use or have explored a regionalized approach to delivering state economic development services, the concept is new for Illinois.
Colorado Exploring Incentives for Math and Science Teachers
Colorado leaders want to encourage more college students to go into science and teaching and two recent proposals, coming from Governor Bill Owens and the state's Commission on Higher Education, are designed to do just that.
Technology/Research Park Development News
Carbondale, Illinois
Chicago Adopts New Tech-Based ED Strategy
With 90 percent of Chicago’s economy in slow-growth sectors such as manufacturing, retail, financial services and real estate, leaders from business, academia, government and nonprofit groups have joined forces to develop and implement a strategy to establish the city as a key player in the New Economy.
Job Corner: Illinois Technology Development Alliance Seeks President
The Illinois Technology Development Alliance (ITDA) is a private, nonprofit 501(c)(3) corporation providing entrepreneur training, commercialization, and technology transition services for government, major research institutions, and corporations. ITDA is looking for a president who will work closely with the organization's board to establish a work plan and priorities to fulfill the mission of the ITDA and will have operating responsibility for the successful implementation of the plan.
People
The Northern Colorado Economic Development Corp. has named Larry Penley, president of Colorado State University, the recipient of its first Regional Economic Development Excellence Award.
Understanding Renewable Energy's Role in Rural ED
An increasing number of states are realizing the potential role renewable energy can play in their tech-based economic development strategies (TBED) and future growth.
People
The Association of University Technology Managers (AUTM) selected Vicki Loise as its first executive director.
People
Hunt Lambert was selected as the new associate vice president for economic development in the Colorado State University system.
People
Jim Pennekamp will be the executive director of Southern Illinois University Edwardsville's research and business park, effective Dec. 1.
State and Local Tech-based ED RoundUp
Colorado The Rocky Mountain Technology Alliance (RMTA) is a recently formed regional development organization for applied research and technology development whose membership includes universities, government organizations and private businesses.
Tech Talkin' Govs 2005, Part Five
The first four installments of SSTI's annual look at how TBED will play in the 2005 legislative priorities of the governors can be found in the Digest archives on our website: http://www.ssti.org/Digest/digest.htm
Kentucky
New Agency Spun Out of Illinois Coalition
Goal is improved service delivery, advocacy for tech community
To produce a more focused and effective effort in the areas of commercialization and advocacy, the Illinois Coalition has divided into two separate public-private organizations.
Illinois Uses Executive Order to Fund Stem Cell Research
While some state legislatures debate banning public funds for some or all stem cell research, others are using whatever funding tools they have available to advance the controversial science. Some states use tobacco settlement money, others use revenue bonds, and still others use direct appropriations. Some states use voter referenda while most stay within the traditional state legislative process. The newest twist comes from Illinois, where Illinois Gov.
ITDA Seeks Venture Development Director
The Illinois Technology Development Alliance (ITDA) is looking for a Venture Development Director for its Chicago office. Duties include management/operations consulting; client’s screening/selection; coordination entrepreneurship mentoring; consulting/technical assistance; technical review of commercial potential of technologies. Qualified applicants must posses an MBA/B.S. in Engineering with at least five years of experience in the fields of business development/consulting.
The Up and Down of CAPCO Programs
One starts up. Another bites the dust. The Certified Capital Company (CAPCO) Program, a complicated and controversial tool used by some states to encourage venture capital investments, finds its beginnings in one region while seeing its demise in yet another.
SBA Releases Regional Entrepreneurship Index
Glenwood Springs, Colo., is the nation’s most entrepreneurial region, according to a study recently released by the U.S. Small Business Administration's Office of Advocacy and the Edward Lowe Foundation. The region's ranking is based on the Regional Entrepreneurship Index, a measure intended to standardize assessment of entrepreneurship within and across regions.