Adding to a growing number of governors proposing to consolidate state economic development agencies, Gov. Jodi Rell last week announced in her budget request her intention to overhaul Connecticut's job creation infrastructure by merging several state agencies into the Department of Economic and Community Development (DECD).

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. 

SSTI has an effective new learning tool for TBED policymakers and practitioners seeking guidance in approaches to building and sustaining tech-based economies.

This year as states were wrestling with significant deficits, several proposals to consolidate TBED initiatives with other units of government emerged. The most recently decided was in Connecticut, where the General Assembly did not move forward with a plan to merge the state's two primary financing agencies, Connecticut Innovations and the Connecticut Development Authority to form a new Connecticut Economic Innovations Authority. Gov. Jodi Rell had proposed the consolidation.

The national recession that began at the end of 2007 is "very likely over," according to Federal Reserve Chairman Ben Bernanke. Recovery, however, may be a long way off. Because states were affected differently by the economic downturn in both timing and impact, recovery for state and local economies is likely to occur at different times. Moody's Economy.com predicts, according to an MSNBC article, that job growth will return first in five states: Colorado, Idaho, Oregon, Texas, and Washington.

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

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.

Governors across the nation are trying to find ways to prevent their state finances from falling further in the red as revenues continue to fall while costs for Medicare and unemployment remain high. Deficit-reduction plans announced in two states seek to delay payments and cut funding to biomedical research initiatives that were established to expand the states’ research capacity and generate wealth.

Connecticut

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.

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.

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).

Connecticut's General Assembly approved a biennial budget that includes major increases for science and technology research and education at the University of Connecticut and a boost in funding for the state's others higher education institutions. The $44 billion budget also includes continued funding for the state's economic development programs.

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.