In an attempt to attract more bioscience firms, Florida will invest up to $1 billion of its $102 billion employee pension fund into venture capital, the State Board of Administration recently announced. A forum was held last week by Enterprise Florida, the state's economic development agency, to outline the investment plan to more than 80 venture capitalists in attendance.

Michelle Bauer, executive director of the Tampa Bay Technology Forum, announced she will resign from her position in early 2005.

Many minority population groups are historically underrepresented in science, technology, engineering, and math (STEM) fields. This is particularly true of the country's Latino population, one of the fastest growing segments of the U.S workforce. As a result, several state and regional tech-based economic development programs are looking for ways to broaden participation in STEM fields. A recent evaluation of a Texas program finds encouraging results, perhaps suggesting a model for others to replicate.

Gov. Rick Perry announced last month a long-term, strategic job creation plan that will focus state efforts on six industry clusters that economists say will be the engine of future job creation and economic growth in the U.S. Although the state already has an advantage in terms of a growing workforce, the key is retaining workers that are skilled and trained in emerging technology fields, the governor said.

Forum Aims to Support Entrepreneurs in Southern New Jersey

Rowan University Wins Approval for Technology Park Loan

With state revenues posting a surplus, Florida Gov. Jeb Bush used his 2006-07 budget proposal to make his largest request yet to support efforts to diversify the state's economy through technology-based economic development (TBED). In total, the budget provides $630 million for several new research-focused initiatives, business recruitment funds, and other economic development programs.

With a $310 million commitment passed by the state legislature and as much as $200 million in additional support from the county government, the California-based Scripps Research Institute has agreed to locate its first branch or satellite office in northwest Palm Beach County, Fla. In return for the financial support, Scripps is to work toward employing as many as 545 workers on the site by 2011.

The Florida Venture Forum named Robin Kovaleski as the first executive director for the organization.

The availability and use of equity capital for early-stage investments varies greatly across the country. Seen as an integral component of most tech-based economic development, access to venture capital (VC) is on the agendas of several states — but several different approaches are used to address the problem. Recent announcements in four states illustrate the point:

Texas Voters Likely to Decide on Similar Level for Cancer Research

After years of legal challenges to the California Stem Cell Research and Cures Act, the path for funding the $3 billion initiative has been cleared by the California Supreme Court. Texas may soon join the race to fund medical research with its own $3 billion bond issue supporting cancer research.

 

Enterprise North Florida Corp. is closing after 11 years of operation.