ISU's Research Park Provides Economic Boon to Iowa
A recent study by Iowa State University researcher David Swenson suggests the ISU Research Park's substantial and diverse economic activity bolsters Iowa's economy. Focusing on current tenants, Swenson's research shows that the park links directly to almost $88 million in total industrial output. Businesses that provide goods and services to park customers and employees are said to generate an additional $46.3 million in economic activity.
SBIC Bill Could Have $200M Impact on VC Availability
U.S. Senator Olympia Snow (R-Maine) recently introduced a bill to boost the flow of venture capital to small businesses by allowing tax-exempt entities, such as pension funds and university endowment funds, to invest in Small Business Investment Companies (SBIC) without incurring unrelated business taxable income.
Rhode Island EPC Consolidates Slater Centers
Yesterday's Providence Journal-Bulletin reports the Rhode Island Economic Policy Council (RIEPC) has reduced by merger the number of Slater Centers. With the goal of increasing the impact of the state's annual $3 million investment, the restructuring from six to four centers is intended to reduce overhead and administrative costs, allowing more of each resulting center's funding to flow into emerging businesses.
People
Katherine O'Dea has been named executive director of the Rhode Island Technology Council.
RI Governor to Legislature: Double Slater Funding, Attract VC
Rhode Island, like nearly every state in the country, is facing a projected budget deficit in FY 2004. To deal with a $175 million or 6.6 percent shortfall, 21 agencies are facing budget reductions in Governor Don Carcieri's first budget request to the Rhode Island General Assembly. However, demonstrating his commitment to "make strategic investments to promote job growth," Gov. Carcieri calls for increased support for several tech-based economic development initiatives.
TBED Organizations & People Update
To reduce administrative costs by up to $500,000 and to improve operational efficiencies, the Slater Fund Board of Directors has approved plans to consolidate Rhode Island's four Slater Centers into a single entity, the Slater Technology Fund, Inc. The fund will retain its four technology thrusts of biomedical technology, interactive technologies, design and manufacturing, and marine and environmental technologies.
TBED Organizations & People Update
The Iowa Entrepreneurs Coalition has been formed to help advance an innovation- and entrepreneur-friendly agenda in the Iowa legislature.
States Finding Innovative Approaches to Stem 'Brain Drain'
A recent proposal by Senate Republicans in Iowa to eliminate the state income tax for residents under the age of thirty has brought the issue of the out-migration of young, educated adults once again to the forefront.
People
Gary Carter is stepping down as the executive director of the Tax Increment Financing Commission in Kansas City to become a senior vice president of Davenport One, a regional economic development agency in Davenport, Iowa.
People
Randy Weiss will serve as an entrepreneur-in-residence within the University of Iowa Research Foundation.
Iowa Group Offers Health Care to Self-employed Entrepreneurs
With the rapidly rising cost of health insurance, entrepreneurs frequently find themselves unable to pay their premium in the early stages of business ownership. Often, this means going without health insurance or abandoning plans to launch a new firm. The North Central Iowa Alliance (NCIA) has announced a new initiative to lower this barrier facing new business owners.
Iowa Approves $100M to Fund Renewable Energy Research and Adoption
The 2007 Iowa state legislative session has looked very favorably on TBED. One of the centerpieces of Iowa Gov. Chet Culver’s campaign last year was his pledge to "develop the next-generation energy ecomony in Iowa" through a $100 million state fund (see the Feb. 19, 2007 issue of the SSTI Weekly Digest). The Iowa Power Fund was approved by the state’s General Assembly late last month and closely resembles Gov. Culver’s original plan.
People & TBED Organizations
Thomas Rainey was named the new president and CEO of the Northern Arizona Center for Emerging Technologies.
Rhode Island to Host Statewide Robotics Challenge
Starting next year, every Rhode Island high school student will be able to participate in the Vex Challenge, an international robotics competition that gives students firsthand experience with project management and engineering. A coalition of education and science and technology advocates, led by the nonprofit Business Innovation Factory, will cover the costs to schools and funding for an annual statewide tournament beginning in 2007. Rhode Island Gov.
People
The Northeast Iowa Business Accelerator named Brian Dalziel as its first regional director.
Iowa Governor Wants $50M for Advanced Manufacturing
On the heels of the release of two roadmaps calling for increased state support for advanced manufacturing and information technology (IT), Iowa Gov. Tom Vilsack announced plans to spend $50 million "to attract leading scientists to Iowa and spark new research and product development," according to the Des Moines Register.
Iowa Researcher Finds Limits to the Economic Impact of Ethanol
In recent years, Iowa, like many midwestern states, has experienced a boom in ethanol production. Iowa's natural competitive advantage in growing and processing corn has helped it to move to the forefront of the emerging biofuels industry. The state provides numerous incentives and assistance programs through its Department of Natural Resources to help spur the creation of ethanol-related companies and jobs.
Growth Capital for Targeted Industries at Center of Rhode Island Economic Plan
Using the state’s regional advantage, the Rhode Island Economic Development Corporation (RIEDC) wants to create high-wage jobs in targeted industry sectors and establish new equity and financing programs that provide growth capital to sustain the ventures, the agency announced last week.
Reports Examine Two States' Experience with Economic Incentives
Incentive packages to attract companies are nothing new in economic development. In recent years, though, incentives have been used to recruit technology companies, and these incentive packages are growing in scope and complexity, with some in the hundreds of millions of dollars. Two recent reports that take a close look at experiences in North Carolina and Iowa may be of interest to communities and states using incentive packages to recruit companies to their area.
North Carolina
People
Gov. Chet Culver has appointed Mike Tramontina as director of the Iowa Department of Economic Development.
TBED People
Curtis Brown announced that he will resign as executive director of the Mason City Economic Development Corp., effective July 11, to become the economic development coordinator for the City of Ankeny, Iowa.
People
Mary Lawyer is leaving the Iowa Department of Economic Development to be the president and CEO of Des Moines' Downtown Community Alliance, effective Sept. 14.
Rhode Island Announces State's First Centers of Excellence
The State of Rhode Island has selected two Research Centers of Excellence designed to expand research initiatives and encourage investment and job opportunities. The Rhode Island Center for Cellular Medicine and the Ocean Technology Center are the state's first technology centers.
People
Rhode Island Gov. Donald Carcieri promoted Saul Kaplan to serve as the new director of the Rhode Island Economic Development Corp. Kaplan replaces three-year veteran Michael McMahon, who left to launch a new equity firm.
People & Organizations
John Cronin was named state director of the new Rhode Island Small Business Development Center at Johnson and Wales University in Providence. Cronin is CEO of the Rhode Island Manufacturing Extension Partnership.