$50M Tech Fund Makes Cut for Maine Bond Package
A $295 million three-part bond referendum package passed by the Maine State Legislature last week includes a number of components central to the state’s TBED strategy, including funds to support continued development of the state’s research enterprise, expanded broadband access and increased rural/economic development financing.
People & TBED Organizations
Publisher's Note: SSTI notes with much sadness the March 5 passing of Indiana State Sen. David Ford, following a battle with pancreatic cancer. David was a good friend not only of SSTI's, but also of the tech-based economic development community across the nation. In addition to being a tireless and cheerful advocate for investing in science and technology, he was also a gentleman in the true sense of the word, and we miss him greatly.
People & TBED Organizations
The Beaver County (Pa.) CO-OP announced it will change its name to StartingGate. The incubator will continue to assist entrepreneurs and new business start-ups and help expand existing businesses.
Joe Dedman was chosen as the first executive director of the Southeast Indiana WIRED.
Brian DuBoff was named the director of Maryland's southern region Small Business Development Center, which is hosted by the College of Southern Maryland.
Recent State Budget Actions Produce Mixed Results for TBED
A growing number of state governments face revenue uncertainties in the near future. More than half now expect budget deficits and shortfalls in the upcoming fiscal year and beyond. Despite the bleak outlook, however, legislators nationwide are continuing to invest in science and technology with many lawmakers projecting high returns to their state in the coming years. Following are highlights of TBED investments and reductions in recently approved budgets in Kentucky, Maine and Nebraska.
Kentucky
Recent Research: Measuring the Effectiveness of State R&D Tax Credits
Two weeks ago, Idaho Gov. C.L. “Butch” Otter vetoed legislation to repeal state R&D income tax credits for Idaho companies. Among his reasons for the veto, Gov. Otter claimed removing the credits would put Idaho at a competitive disadvantage because surrounding states over similar incentives. Was he right?
Follow-up Study Evaluates Maine’s Technology Cluster Development
A recent study prepared for the Maine Technology Institute and the Office of Innovation within Maine’s Department of Economic and Community Development examines and ranks 16 identified technology clusters in Maine - defining eight as sustainable clusters, five as potential clusters, and three as emerging clusters. These labels are based upon an extended view of clusters, namely that successful clusters depend on knowledge generation and knowledge spillovers and not just specification within certain industries.
Maine Governor Pocket Vetoes Fund of Funds Legislation
“I recognize the importance of attracting venture capital and new investments to Maine,” Gov. John E. Baldacci said. The governor later added, “However, as it is currently written the bill carries enormous risk. This bill would guarantee a rate of return for venture capital investors while Maine would shoulder all the risk. The potential liability for the State is too great for me to sign this bill.”
Illinois Tech Index Launched
Last week, NASDAQ saw the debut of the Illinois Tech Index (symbol: ILTI), currently recognized as the only technology index in the U.S. tracking publicly traded technology companies within an individual state. Based on 61 firms with their headquarters in Illinois, the Illinois Tech Index is derived from the aggregate value of the firms’ total shares outstanding. When the index officially started on Monday, May 19, the base value of the ILTI was 1000.00. As of Wednesday’s close of markets, the Index finished at 969.20.
Two Reports Highlight Opportunities for State Broadband Policies
Although the U.S. broadband infrastructure has expanded rapidly over the past decade, 45 percent of rural areas still lack access to high-speed Internet services. A recent issue brief from the National Governors Association (NGA) Center for Best Practices provides a number of strategies that have proven effective in expanding broadband access, particularly in underserved rural areas.
Assessment Finds MTI’s Impact Positive for Maine Economy
A new study of the Maine Technology Institute (MTI) reveals MTI's award programs have been effective in contributing to the success of its awardees and in increasing high-tech employment in the state. The MTI evaluation, conducted by the Center for Business and Economic Research (CBER) at the University of Southern Maine, also found that the success rate of MTI's funded projects improved over the five-year history of the organization.
Exciting Opportunities Available on SSTI’s Job Corner
Did your New Year's resolutions involve making a career change? If so and you've yet to fulfill that resolution, visit the SSTI Job Corner at http://www.ssti.org/posting.htm.
In addition to the new opportunities described below, the SSTI Job Corner has openings for these positions:
People
Gov. John Baldacci has sworn in John Richardson as the new commissioner of the Maine Department of Economic and Community Development.
Illinois Boosts TBED Strategy with New Entrepreneurship Initiatives
With rumors of recession building, several of the nation’s governors are announcing new TBED-focused initiatives in 2008 – many of which will be presented to lawmakers for funding in the coming months. In Illinois, Gov. Rod Blagojevich unveiled two new initiatives encouraging entrepreneurship to grow high-technology businesses throughout the state.
People & TBED Organizations
Lisa Porter was named the first director of the new Intelligence Advanced Research Projects Activity. Porter, NASA's associate administrator of the Aeronautics Research Mission Directorate, said she will leave the agency in February.
TBED People
George Dycio was hired as an economic development specialist for the Lewiston-Auburn Economic Growth Council.
TBED People
Nicole Witherbee has joined the Maine Center of Economic Policy as a federal budget analyst and communications coordinator.
Lawmakers Approve Funding for TBED Initiatives in Tennessee, Maine
As July 1 approaches, the beginning of the 2008 fiscal year for most states, several state legislatures are still working to wrap up their appropriation bills. Maine and Tennessee are two of the most recent to close their books on next year’s budgets, and each has included increased funds to support TBED initiatives. Highlights for both states are provided below.
Maine
Opportunity Maine Uses Cash to Stem Brain Drain
A bill designed to keep new Maine graduates living and working in the state after college became law last week with Gov. John Baldacci’s signature. The Opportunity Maine bill, LD 1856, creates a tax credit to assist graduates with their student loan payments and enables employers of graduates to pay off the student loans.
Election Preview: States Consider TBED-Related Ballot Measures
Voters in four states will consider several TBED-related measures at the polls next week, including a $3 billion cancer research proposal, state funding for stem cell research, and an R&D bond proposal to spark job creation in emerging technology sectors.
Texas
SSTI Job Corner
A complete description of this opportunity and others is available at http://www.ssti.org/posting.htm.
People
Sally Bilancia was selected to replace Sally Bates as the development director in the City of Bangor, Maine.
People
Jeff Coney was named Northwestern University's first director of economic development.
People
Catherine Renault is the new director for the Maine Office of Innovation within the state’s Department of Economic and Community Development.
ITDA Seeks Venture Development Director
The Illinois Technology Development Alliance (ITDA) is looking for a Venture Development Director for its Chicago office. Duties include management/operations consulting; client’s screening/selection; coordination entrepreneurship mentoring; consulting/technical assistance; technical review of commercial potential of technologies. Qualified applicants must posses an MBA/B.S. in Engineering with at least five years of experience in the fields of business development/consulting.
Illinois Uses Executive Order to Fund Stem Cell Research
While some state legislatures debate banning public funds for some or all stem cell research, others are using whatever funding tools they have available to advance the controversial science. Some states use tobacco settlement money, others use revenue bonds, and still others use direct appropriations. Some states use voter referenda while most stay within the traditional state legislative process. The newest twist comes from Illinois, where Illinois Gov.