U.S. companies investing in foreign R&D
U.S. companies spent 18 percent of their research and development dollars outside of the United States in 2013, according to data recently released by the NSF. The $73 billion in foreign R&D is concentrated in the information industry, pharmaceuticals, semiconductors, and automobiles and parts. Those four industries accounted for 52 percent of all foreign R&D performance by U.S.
Maryland legislation encourages manufacturing jobs, training
New legislation in Maryland that takes effect in June provides $1 million in workforce development scholarships and builds on current apprenticeship programs, while also providing tax incentives for new and existing manufacturers to create jobs in areas of the state that need them most. Gov. Larry Hogan signed the More Jobs for Marylanders Act into law last week, a key piece of his jobs initiative. The new legislation establishes scholarships for eligible students enrolled in job training programs at community colleges, and contains measures to encourage high schools to offer additional vocational training, as well as requiring state agencies to analyze their registered apprenticeship programs.
Maryland invests in education, workforce
Earlier in the month, Maryland Gov. Lawrence Hogan announced the 2017 Maryland Jobs Initiative, a legislative package that would eliminate all state taxes for 10 years for new manufacturing employers that create jobs in high unemployment areas, as well as incentives for current employers who expand their workforce in those areas.
Growth Dashboard Highlights Startup Growth in UK Regions
The Growth Dashboard, an annual report released by the Enterprise Research Centre, a policy advisory group with researchers from five United Kingdom business schools, and the government’s Business Growth Service, serves as a source of evidence to inform discussions on the country’s business support priorities.
MN Adopts Equity Crowdfunding; MD Organizations Announce Partnership Crowdfunding Portal
Last month, Minnesota Gov. Mark Dayton signed the MNVest bill – an intrastate securities exemption that allows Minnesota-based companies and entrepreneurs to raise money through equity crowdfunding. To qualify for the exemption, businesses must show evidence of several requirements including being organized under state laws and that its principal office is located in Minnesota. Companies can raise capital from both accredited and non-accredited investors from across the state.
Recent Research: Does Feedback on Business Plans Help Entrepreneurs?
One of the recurring characteristics of entrepreneurs, based on numerous biographies and case studies, is a driven self-confidence that may border, in some circles, as excessive or even narcissistic. Closer scrutiny, of course, shows there is no such thing as the “self-made” person, but entrepreneurship still is described often as a heroic, lone-wolf quest. Is it paradoxical to advocate for and even expect mentoring and “how to” entrepreneurship training to work? Wouldn’t “real” entrepreneurs leading promising startups succeed without the advice? A recent working paper describes an experiment that attempted to address this issue.
Maryland Innovation Initiative Announces Initial Slate of Programs
Maryland's Innovation Initiative (MII), launched earlier this year, unveiled two inaugural programs on Monday aimed at commercializing technologies at the state's universities. The new Innovation Discovery Program will help universities identify promising technologies and potential collaborations by reimbursing them for the costs of employing on-site, part-time "site miners." The Innovation Commercialization Program will provide cash awards to support research, commercialization planning and product development.
TBED People & Orgs
SSTI is pleased to welcome Reese Neader to our team as a research associate. Reese is the former policy director for the Roosevelt Institute Campus Network and is a political science graduate from Denison University.
Renée Winsky has been appointed the executive director of the Chesapeake Innovation Center.
Mark Kvamme has resigned from JobsOhio effective Nov. 1. He is succeeded as president and CIO by John Minor, formerly the managing director at JobsOhio.
Around the World in TBED
In the face of the spiraling unemployment in Greece and Spain, the European Union (EU) received encouraging news regarding the economic recovery of firms across its 27-member states.
Around the World in TBED: China's Five-year Economic Plan Focuses Heavily on S&T
In a recent speech in front of China's National People's Congress, China's Premier Wen Jiabao outlined the country's 12th five-year plan (2011-2115). The plan will focus heavily on boosting consumption through sustainable growth fueled by renewable energies and state support of strategic, emerging industries. Expenditures on R&D should reach 2.2 percent of GDP. Much of this R&D investment will be targeted in three sectors — healthcare, energy and technology.
Recent Research: New Study Examines the Returns from Cardiovascular and Stroke Research
Basic biomedical research has a greater academic impact and clinical research a greater societal impact over a 15 to 20 years timescale, according to the findings of Project Retrosight — a multinational, four-year study from RAND Europe and the Health Economics Research Group (HERG) at Brunel University. This study was based on data collected from 29 case studies on basic biomedical and clinical cardiovascular and stroke grant-funded, research projects in Australia, Canada and the United Kingdom.
Incubator Round Up
Recent announcements of new and emerging technology incubators range from Google's selection of Cape Town, South Africa to launch a pilot incubator supporting technology entrepreneurs that it hopes to replicate globally to Alabama Gov. Robert Bentley's plan to create a statewide business incubator focusing on workforce training. Select announcements from across the globe are highlighted below.
Job Corner
The National Heart, Lung, and Blood Institute, National Institutes of Health in Bethesda, Maryland is seeking a dynamic and innovative biomedical/biotechnology expert to provide strategic leadership as the director of the newly created Office of Translational Alliances and Coordination (OTAC). The OTAC is charged with accelerating the translation of basic discoveries and innovations into new diagnostics, devices, and therapeutics, and facilitating the development of new technologies via SBIR initiatives.
Maryland Passes Venture Capital Bill and Releases Innovation-Oriented Five-Year Plan
Last week, Maryland Gov. Martin O'Malley released the results of 18 months of work by the Maryland Economic Development Commission (MEDC), laying out the state's strategy for economic growth over the next five years. MEDC's five-year plan provides many economic development policy recommendations, but lists innovation, commercialization and entrepreneurship as the first three foundations for growth. Part of this strategy includes the implementation of InvestMaryland, a recently passed initiative that would generate more than $70 million for seed and growth stage companies.
TBED People and Orgs
Oklahoma Gov. Mary Fallin announced that Jonna Kirschner, executive director of the Oklahoma Commerce Department, will serve on a transition team to establish a new workers’ compensation system. Vaughn Clark , the Commerce Department’s director of community development, was named as interim executive director.
TBED People & Orgs
Richard Bendis has been named the first president and CEO of BioHealth Innovation, Inc. a regional private-public partnership focusing on commercializing market-relevant biohealth innovations and increasing access to early stage funding in Central Maryland.
Around the World in TBED
As global economies shift, developing nations are attempting to transition as suppliers of raw materials to nations that are producers of value-added goods. Africa has been a major supplier of raw materials to the developed world. However, it drastically lagged behind in the production of valued-added goods. Recently, African nations have attempted to reinvent their economic development efforts from suppliers to producers by developing programs to grow tech-based economies.
Around the World in TBED
Governments of advanced economies are starting to believe as the 21st century advances significant opportunities for their technology-based product and service sectors will emerge from increasingly open, competitive and affluent global markets. To compete in this changing world, they are looking to expand access to capital for startups and entrepreneurs, support their research and development (R&D) infrastructure and address weaknesses in their national economies.
Incubator RoundUp
Finding new and creative ways for high-tech companies to succeed is an important component in business incubation. A recent study examining best practices for supporting new company formation finds it is the synergy among multiple practices, policies and services that produces optimal outcomes. At the same time, collecting standardized measures, reporting on progress annually, conducting external independent evaluations, tracking programs, and continuing to enhance practices are singled out as important policy implications.
MD Session Ends on High Note for Tech Sector, University-based Economic Development
The FY15 budget bill passed by Maryland lawmakers increases funding for three of the state’s high-tech tax credits and provides level funding for continued innovation-focused investments. Lawmakers also passed bills to fund endowed chairs, create zones to incentivize businesses, and establish a statewide internship program connecting students to small, technology businesses.
IN, MD continue funding innovation
As the state budgeting process comes to a close, SSTI will report over the coming weeks on actions taken by state legislatures to invest in economic growth through science, technology, innovation and entrepreneurship. This week, we look at the budgets passed and signed by governors in Indiana, which includes new funding for an institute focused on health and life-sciences research and commercialization, and Maryland, which includes funding for the Maryland Technology Development Corporation.
Tech Talkin’ Govs Part V: MD, ME, TX keep education in mind
With the latest round of state of the state or budget addresses, the states’ governors focused on their states’ financial situation. Education and economic development were still on the minds of leaders in Maine, Maryland, and Texas. With this fifth installment, less than 10 governors have yet to deliver their addresses in the coming weeks or months.
Save the Dates!: SSTI's Annual Conference Set for Oct. 18-19, 2007
As you begin to fill in your 2007 calendar, remember to mark Oct. 18-19, 2007 to attend SSTI's 11th annual conference in Baltimore! Past attendees know SSTI's conference is the perennial premiere professional development event for the TBED community. And 2007 will be no exception. The conference will be held at the Renaissance Baltimore Harborplace Hotel, right on the city's exciting waterfront.
Recent Research: Related Knowledge Boosts Manufacturing Productivity
Just what makes firms productive? Economists continue to refine their thinking on the interactions that enhance productivity. Knowledge capital and knowledge relatedness play an active role in increasing firm competitiveness, especially in large, high-tech manufacturing sectors, according to a study presented at a recent conference of the Groupe de Recherche en Economie.
VC Investments in China Top $1B in 2004: Premier wants tech zones established to encourage even more growth
Money is following the jobs and excitement that represents China's economy these days according to an annual survey of equity investments in China mainland businesses. Compiled by Chinese venture capital (VC) research and consulting firm Zero2IPO, the fourth annual survey found 60 firms made 253 investments totalling $1.269 billion (US) in China mainland or mainland-related enterprises in 2004.