States Outline Competitiveness Goals Ahead of 2012 Sessions
With less than three months until the start of the 2012 legislative session for many states, governors and state economic development groups are working to define areas of investment seen as key to their state's competitiveness. In Florida, Gov. Rick Scott unveiled a job creation and growth agenda that prioritizes science, technology, engineering and mathematics (STEM) education to produce more graduates for a competitive workforce. Meanwhile, leaders in Mississippi and Virginia issued reports that identify industry sectors most likely to grow their states' economies.
Florida Introduces Loan Program for University Spinouts
Florida's Institute for Commercialization of Public Research has launched a new loan program for early stage and life science companies developing technologies out of the state's universities and research institutions. The Seed Capital Accelerator Program will match private investment in university spinouts through loans of $50,000 to $300,000. The program is intended to help attract the attention of angel and venture firms to promising university research.
States Pass Innovation-Focused Legislation
Investments and policy to support innovation-focused agendas have flourished with the close of the 2014 legislative sessions in several states. Crowdfunding legislation, incentives for attracting talent, higher education affordability, punishing patent trolls, and encouraging greater accountability are some of the areas where lawmakers focused their efforts.
Innovation, education victims of FL governor’s veto pen
Among the $410 million in items Gov. Rick Scott struck from Florida’s 2018 budget were more than 100 appropriations totaling more than $20 million that would support STEM education, higher ed, R&D and innovation. Instead, the governor wants the state to spend more money promoting tourism. Scott vetoed more than $20 million for innovation-oriented economic development items.
Legislative sessions ending; AL, FL, NV, TN budgets reviewed
As more state legislatures are coming to the close of their sessions, more state budgets are being finalized.
AL, CT, FL, MI, MO, OK, PA and WI budget proposals boost and cut TBED
In the latest round of state budget proposals, TBED initiatives receive mixed reviews. Some governors are boosting funding while others in cash-strapped states are proposing cuts.
SSTI Welcomes Our Newest State Members
Recently, Enterprise Florida Inc. and the Minnesota Department of Employment and Economic Development joined SSTI as state sponsors. We are pleased to have 38 state science and technology (S&T) organizations show their commitment to technology-based economic development as state sponsors. Our members see value in the educational opportunities, technical assistance and quality research information SSTI provides.
People
Gov. John Huntsman, Jr. named Jack Brittain, dean of the University of Utah Business School, vice president in charge of the new Office of Technology Ventures. Brittain, dubbed the "innovation czar," will continue to lead the business school in addition to his new position.
People
David Harmer, executive director of the Utah Department of Community and Economic Development (DCED), announced his retirement. Chris Roybal, senior advisor to Gov. Jon Huntsman Jr. for economic development, will take on many of Harmer's responsibilities.
People
It is an unfortunate and annoying consequence of politics that sometimes, with the change of gubernatorial administrations even within parties, excellent people with enviable records of delivering results for tech-based economic development programs lose their positions. SSTI has learned that Rod Linton and Michael Keene were among 33 "at-will" economic development staff at the Utah DCED fired en masse last Thursday. Gov. Huntsman, who began his term of office on Jan.
People
Michelle Bauer, executive director of the Tampa Bay Technology Forum, announced she will resign from her position in early 2005.
People
Jeff Edwards recently was named interim president and CEO of the Economic Development Corp. of Utah (EDCU). Edwards replaces Christopher Roybal, who will serve as the senior adviser for economic development for Gov. Jon Huntsman Jr., starting next year.
Florida Slowly Discovering Truer Costs of Landing Scripps
When Florida Gov. Jeb Bush surprised the world last October by announcing the state had landed an East Coast campus for the Scripps Research Institute, the draw from the public coffers cost was pegged at $510 million. The state was contributing $310 million and the county's share was up to $200 million for land acquisition and building construction.
States Building R&D Capacity Through Endowed Faculty Positions
Studies have shown a strong correlation between high-wage economic growth and university research activity. Examination of nearly every strong regional technology center across the country will reveal at least one research university within its boundaries. As a result, many state and local technology-based economic development (TBED) efforts strive to increase the quantity and quality of university R&D undertaken within their boundaries.
Florida Commits $1B in Pension Funds to Venture Capital Firms
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.
Utah Universities Could Own Stock in Inventions under Constitutional Amendment
Legislators in Utah have passed a constitutional amendment that, with approval by voters, would allow the state's universities to take ownership in private businesses in exchange for intellectual property. The proposed amendment cleared the Utah State Legislature with relative ease, despite some concerns it will thwart the incentive of researchers wanting to commercialize their results.
People
The Florida Venture Forum named Robin Kovaleski as the first executive director for the organization.
Recent VC Developments in the States…
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:
People
Rod Casto was recently appointed to the position of Associate Vice President for Economic Development in the University of South Florida's Office of Research. Mark Laurenzo also has been named the new Deputy Director of the Division of Patents and Licensing in the USF office.
People
The director of the Nebraska Department of Economic Development, Al Wenstrand, is leaving to become executive director of the Florida's Great Northwest, an economic development agency serving the Florida Panhandle.
People
Utah State University named J. Michael Brooks as director of its Innovation Campus. He will also serve as associate vice president for research and economic development, beginning Sept. 20.
Tech Council News
Forum Aims to Support Entrepreneurs in Southern New Jersey
Research Park News
Rowan University Wins Approval for Technology Park Loan
People
BioFlorida named Diana Robinson as its new president.
Florida Budget Requests $60M for TBED Initiatives
The 2005 budget request submitted this week by Florida Governor Jeb Bush includes $20 million to establish two more Centers of Excellence at Florida universities.