Excelsior Program to Replace NY Empire Zone Program
A job creation program to replace New York's Empire Zone Program, often criticized by Gov. David Paterson for its lack of results and soaring cost, was approved this week by lawmakers. The Excelsior Program carries a much smaller price tag than its predecessor and limits the focus to seven industry sectors seen as having high job growth potential. Funding for the program is capped at $50 million per year for a total $250 million when fully implemented. Annual Empire Zone expenditures exceeded $550 million, according to the governor's office.
17 Governors Sign Accord to Promote Clean Energy, Economic Prosperity
A bipartisan group of 17 governors signed the Governors’ Accord for a New Energy Future – a joint commitment to support the deployment of renewable, cleaner and more efficient energy technologies and other solutions to make the U.S. economy more productive and resilient as well as spur job creation in member states.
IL, MI, NJ Face Difficult Decisions in Upcoming Budget Negotiations
Governors around the country continue to lay out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Illinois, Michigan and New Jersey.
Over $2B in Investments Announced at NY’s Regional Economic Development Awards
New York Gov. Andrew Cuomo announced $2.25 billion in economic and community development awards as part of the fifth installment of the state’s Regional Economic Development Council (REDC) Initiative. Of this total, $1.5 billion over the next five years will go to the three regions (Central New York, Finger Lakes, and the Southern Tier) that were selected as the winners of the Upstate Revitalization Initiative.
New York Ventures to Oversee State’s Innovation Investment Funds
This week marked the launch of New York Ventures, an Empire State Development program dedicated to encouraging innovation and fueling economic growth in communities across New York. The program is derived of three separate funds: the $100 million New York State Innovation Venture Capital Fund; the $45 million Innovative NY Fund; and, the $2 million Minority- and Women-Owned Business Investment Fund. As part of the New York Ventures launch, Empire State Development also announced the NYS Innovation Venture Capital Fund’s close on financing for two New York-based tech companies.
NY Gov Cuomo Announces Next Phase of $1.5B Nano Utica Initiative
New York Gov. Andrew Cuomo announced the next steps of his administration’s Nano Utica initiative, an effort to revitalize the Mohawk Valley regional economy through nanotechnology innovation.
SUNY Research Foundation Seeks Information on University-Focused Venture Investment
The Research Foundation for State University of New York (SUNY) is seeking feedback regarding the translation of SUNY research and innovation into meaningful startup company formation, acceleration and growth through targeted venture investing. In particular, the foundation seeks ideas on how SUNY could connect research experts to entrepreneurial leaders, advisors, or mentors in order to build upon emerging industry sector strengths.
IL, MI Report Significant Uptick in University Economic Impact
Illinois and Michigan are among the few states that support regular comprehensive examinations of the role higher education plays in the overall innovation economy. Organizations in both states recently completed studies on university-generated entrepreneurship, licensing, investment and employment, finding a steady rise in university economic impact over the past five years. In both cases, the increase in university impact was linked to an expanding university role in supporting entrepreneurs and researchers.
NY Gov Proposes Continued Support for Upstate Economies; ID, IA Govs Pitch Workforce Efforts
With the start of the new year, many governors around the country have begun laying out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Idaho, Iowa and New York.
IL, NM Invest in Venture Funds to Bolster Capital Access for Startups
This week, leaders in Illinois and New Mexico announced new investments to help seed and early stage technology startups access equity capital. The Illinois Treasurer will launch the Illinois Growth and Innovation Fund, which would invest $220 million over the next three years in 15-20 funds across the state. No more than 15 percent of the money will be placed with any particular fund. The state’s investment will target emerging tech companies, beginning later this quarter.
IL Unveils New Private, Nonprofit Partnership to Support Economic Competitiveness
At his State of the State address last week, Gov. Bruce Rauner announced that Illinois’ principal economic development organization, the Illinois Department of Commerce & Economic Opportunity, as well as some of the state’s business leaders will collaborate to organize a newly formed private, nonprofit organization exclusively focused on increasing Illinois’ competitiveness for job creation and investment.
Tech Talkin' Govs: Part IV
The fourth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Illinois, New Hampshire, Tennessee, and Rhode Island. The first three installments are available in the Jan. 11, Jan. 18 and Jan. 25 editions of the Digest. Illinois Gov. Pat Quinn, State of the State Address, Feb. 1, 2012 "Today, I'm announcing a $2.3 million dollar investment in '1871,' a new technology center at the Merchandise Mart in Chicago to foster and launch digital start-ups.
Governors in KS and NY Outline TBED Proposals
Chicago Economic Plan Emphasizes Advanced Manufacturing
his week Chicago mayor Rahm Emanuel released the first draft of a long-term plan for the city's economic growth and job creation. The plan provides ten over-arching strategies to guide Chicago's economic development efforts, the first of which is a focus on advanced manufacturing. The plan also calls on the city to support entrepreneurship and innovation in emerging technology sectors.
National Broadband Adoption Stagnant, TechNet Finds
A new report from TechNet finds that on the two-year anniversary of the National Broadband Plan aimed at getting more Americans to use broadband at home, the adoption rate remains about the same. The study identifies several reasons behind the plateau and calls for better coordination among policymakers and private stakeholders to improve adoption rates. Meanwhile, some states have big plans in the works to improve their broadband networks, including governors in Hawaii and New York pushing for funding to expand Internet access to underserved areas.
Illinois, Massachusetts, Maine Release Innovation Indices
While many state programs provide periodic reports on their activities and impacts, a few states provide regular data on their innovation economy as a whole. These reports can be useful in assessing a state's overall approach to TBED and in finding new areas for strategic intervention. Recently, groups in Massachusetts, Maine and Illinois separately released innovation indices that provide quantitative guides to their state's progress in fostering innovation.
NY Budget Agreement Advances Gov's Regional Economic Development Agenda
Funding is inlcuded for Gov. Andrew Cuomo's regional economic development initiatives under a FY13 budget agreement between the governor and legislative leaders announced earlier this week. This includes a new round of funding for the state's 10 regional councils and university challenge program initiated last year. The agreement also provides a down payment on the Buffalo Regional Innovation Cluster and funding to create a statewide energy initiative.
TX, GA, NY, TN Incubators Top Global University Business Incubator Index
Rice University's Rice Alliance for Technology and Entrepreneurship has been named the top university business incubator in the world by the University Business Incubator (UBI) Index based in Sweden. The group reviewed 550 university business incubators and studied 150 incubators to determine the top incubators in the world based on their value for the ecosystem, their value for clients, and their attraction rate and past performance. Other U.S.
TBED People and Orgs
Yuka Nagashima, executive director of the High Technology Development Corp. and center director for the Innovate Hawaii program, has resigned from both posts and will leave the state agency in August. Nagashima will be leaving for Denmark to support her husband's research career. Len Higashi, current senior economic development manager, was selected to become the acting executive director.
States, Universities Support Lean Innovation Approach Driving 3D Printing Renaissance
Industry support for additive manufacturing is exploding as startups find new ways to market the technology to businesses. States and universities are taking advantage of this growing trend to form partnerships with companies that support the lean innovation approach is driving the 3D printing renaissance.
Lawmakers Move to Support Workforce Training, Strengthen Industry Clusters
At the close of many recent legislative sessions, states across the country moved to strengthen their high-tech workforce while supporting industry cluster development.
SSTI Examines Trends in Innovation Policy from the State Legislatures
As many state legislative sessions wind down, a clearer picture of the current direction of state innovation policies is emerging. This week’s SSTI Weekly Digest presents a few of the major trends in technology-based economic development initiatives approved by state legislatures during their most recent sessions. While this review is not meant to be comprehensive, it should illuminate the shifts states are making to refine their investments in the high-tech economy by providing smarter, more targeted support.
Research Centers Gaining Momentum with Help from Private-Sector Partners
The co-locating of researchers, donated equipment, and capital are recent examples of key elements provided by private-sector partners to help accelerate technology commercialization. In the past month, leaders from universities and nonprofit organizations across the country have announced new efforts to expand research capacity and bring more products to market by launching innovative centers in collaboration with corporate partners.
The Gigabit Community: Broadband and the Future of the U.S. Innovation Economy
FCC Chairman Julius Genachowski called for all 50 states to be outfitted with at least one gigabit-speed community by 2015 in an op ed piece run by Forbes earlier this month. Approximately 42 communities in 14 different states already fit the bill and more are joining the effort in what Genachowski termed the “Gigabit City Challenge.”