Michigan's InvestMichigan! Mezzanine Fund is slated to become the Small Business Administration's (SBA) first licensed Impact Investment Fund through the agency's new Impact Investment Initiative. The SBA initiative, which is part of the White House's Startup America initiative, uses the existing infrastructure of the Small Business Investment Company (SBIC) program to encourage small business growth. Participating funds must make place-based investments in small businesses in underserved areas, or investments in the clean energy and education sectors.

While there is no question that the economic recession has taken a toll on states' fiscal conditions, the degree by which states are affected can vary widely from one state to another, as evidenced most recently in Arkansas and Georgia. In Arkansas, legislators wrapped up their 2009 session with a plan to distribute a $300 million surplus, while the budget agreement made in Georgia would cut spending by $1.6 billion in the coming year.

In the midst of a national economic recession contributing to a record number of job losses in traditional industries, forward thinking states are exploring ideas and committing funds to help grow and diversify their economies and strengthen their renewable energy portfolios.

Within the last two weeks, both Kentucky and Michigan announced major developments in their ongoing efforts to build a statewide advanced battery industry. With these initiatives, the states hope to better position themselves for upcoming rounds of advanced battery development grants from the federal government and other future sources of investment.

The role of a technology incubator or accelerator for supporting nascent firms generally is regarded with the utmost importance by the tech-based economic development community. Tech incubators provide essential resources for startup companies to develop and commercialize new technologies, leading to the creation of high-quality jobs.

The Tennessee Biotechnology Association has changed their name to Life Science Tennessee.

Ann Arbor SPARK recently added Bill Mayer as director of their business accelerator team.

Michigan lawmakers last week passed a measure aimed at increasing access to capital for small businesses by allowing taxpayers to collect an income tax credit worth 25 percent of a qualified investment in emerging industries such as advanced manufacturing and life sciences. Under HB 5921, the investment must be at least $20,000 and certified by the Michigan Strategic Fund (MSF). MSF can certify up to $9 million in credits in a single year with up to $250,000 for each business. Gov.

The Georgia Tech Enterprise Innovation Institute (EI2), Community Innovation Services, is seeking a group manager for research. The EI2 Community Innovation Services team supports communities with economic and community development research, analysis and planning. Projects range from strategic planning to workforce analysis, from fiscal impact analysis of new or expanding firms to sustainable development strategies for communities of all sizes.

SSTI Board member Phillip Singerman has been named as the Associate Director for Innovation and Industry Services for the National Institute of Standards and Technology. He will assume this position on January 31.

Alabama Gov.-elect Robert Bentley named former house speaker Seth Hammett as the director of the Alabama Development Office.

Ann Arbor SPARK is seeking qualified applicants to become their next CEO. The CEO will be responsible for continuing the momentum and positioning SPARK as a key leader in economic development. The ideal candidate has demonstrated P&L experience, preferably as a CEO; can build and manage a high performance team; has outstanding communication skills; has a strong financial and fundraising skillset and experience base; is able to quickly and effectively develop strong partnerships and relationships.

Maine Governor Paul LePage named Phillip Congdon as the new commissioner of the Department of Economic and Community Development. Cogndon is a licensed professional engineer who spent more than 20 years with Texas Instruments in Dallas. He replaces Acting Commissioner Thaxter Trafton.

The third installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Colorado, Georgia, Nebraska, and South Dakota. The first and second installments are available in the Jan. 5 and Jan. 12 editions of the Digest.

Gov. Andrew Cuomo announced plans to direct $200 million in existing funds to establish 10 regional economic development councils to allocate funds and provide business assistance programs across the state. At the same time, the governor would consolidate programs supporting high-tech companies currently administered by the New York State Foundation for Science, Technology and Innovation (NYSTAR) with the Empire State Development Corporation (ESDC) — a move he says will eliminate duplicative functions and save the state $1.9 million in the coming year.

The fourth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Alaska, Delaware, Hawaii, Michigan, Missouri, Nevada, and Vermont. The first three installments are available in the Jan. 5, Jan. 12 and Jan. 19 issues of the Digest.

Funding for university-based research initiatives would be cut significantly under Gov. Nathan Deal's proposed FY12 budget as the governor aims to close a projected deficit of nearly $1 billion. The Georgia Research Alliance (GRA), a nationally recognized model for creating and sustaining tech-based economies, would receive $4.5 million in FY12, a 75 percent reduction from the current year. The governor's budget also would transfer GRA funds to the Department of Economic Development, a move that would align TBED with the state's more traditional economic development efforts.

With no significant boost in funding for Michigan's economic development efforts proposed in the executive budget, Gov. Rick Snyder outlined steps to reform the way businesses are incentivized and modify the state's approach to job creation by better supporting local and regional initiatives as a means to transform the state's economy.

SSTI recently reported on two important bills passed by lawmakers in Michigan late last year and in New Jersey earlier this year that would provide incentives for taxpayers who invest in emerging technology companies. As an update to the Dec. 8, 2010 and Jan. 12, 2011 stories, both former Michigan Gov. Jennifer Granholm and New Jersey Gov. Chris Christie have taken action on the bills with opposing outcomes. Gov.

Bob Crowley, president of the Massachusetts Technology Development Corp., will step down June 30. Crowley has held the position since 2002 and has been with the quasi-public agency since its beginning in 1978.

Mitch Adams, executive director of the Massachusetts Technology Collaborative is resigning after leading the agency for nearly a decade.

Gov. Sonny Perdue last week outlined an $18.2 billion budget for FY11 that reduces spending across several state agencies, including a $9.6 million reduction for R&D activities through the Research Consortium. The governor’s budget also would eliminate two science, technology, engineering and mathematics (STEM) programs within the Department of Education.

The fourth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Alaska, Connecticut, Maryland, Michigan, Nevada, and Oklahoma. The first three installments are available in the Jan 13, Jan. 20 and Jan. 27 Digests.

Sandy Baruah has been selected to become the president and CEO of the Detroit Regional Chamber, effective March 15.

John Collar, the chief executive officer and president of the Colorado BioScience Association, resigned this week to pursue other business opportunities. Denise Brown has been selected serve as the organization's interim executive director while a search is conducted for Collar's replacement.

A plan to provide loans and specialized training to foster entrepreneurship recently was announced by Gov. Jennifer Granholm. The two-pronged, $43 million strategy consists of a loan partnership between credit unions and Michigan Small Business and Technology Development Centers with specialized training provided through the Michigan Economic Development Corporation's FastTrac NewVenture Program.

Ray Gilley resigned as chief executive of the Metro Orlando Economic Development Commission after nine years on the job. Gilley was responsible for helping lure the Sanford-Burnham Medical Research Institute to Central Florida.

Peter Ginsberg joined the North Carolina Biotechnology Center as vice president of Business & Technology Development.

The Small Business Administration (SBA) announced the selection of 10 regional economic development and job creation efforts through a new pilot program, Innovative Economies, that supports small business participation in regional economic clusters. SBA's funding is designed to expand the opportunities and the role small businesses play in these regional collaborations. The awardees were selected from among 173 applicants. Awards went to organizations in: Alabama, California, Connecticut, Illinois, Michigan, Minnesota, Mississippi, North Carolina, Ohio and South Carolina.