State legislators in many parts of the country took action this year to fund the construction of research infrastructure and provide financial support for commercialization. In Kansas, New York, Georgia, Maine and Wyoming, legislators funded the construction of laboratories and other innovative spaces at public universities to boost the high-tech economy. In Colorado, Maryland and a number of universities, new initiatives were rolled out to support public-private research collaborations and the commercialization of cutting-edge technology.

As governors around the country begin their newest terms, their proposed budgets are beginning to take shape. Although few governors specifically target technology based economic development, after the first wave of budgets a variety of initiatives related to workforce development and higher education have garnered support.

New Canadian Prime Minister Justin Trudeau released his administration’s 2016 proposed budget last week which, if passed, would allocate significant funds to scientific research and technology-based economic development.

In an effort to increase the proliferation and participation of venture capital firms across the 28-nation European Union, changes are needed at the institutional level, according to the capital markets union plan unveiled last month.

Across the globe, the proliferation of innovation-led economic development is typically viewed in an urban context. Despite cities receiving the bulk of the attention, researchers have begun to focus on how to leverage best practices in rural economic development. Just as is the case in nearly all economic development scenarios, practitioners and policymakers working in rural areas benefit from a better understanding of local strengths and opportunities, according to new research from the United States, Canada, and the European Union.

Over 150 heads of state met in Paris this week, the largest group of leaders ever to attend a UN event in a single day, to address global climate change and the need for policies and technologies that will set the world on the path to a low-carbon, climate resilient future.

Australian Prime Minister Malcolm Turnbull announced a suite of new policies and investments aimed at catalyzing the nation’s economy through science, innovation and entrepreneurship. The National Innovation and Science Plan would fund university research, invest in K-12 and university STEM programs, limit the financial risks of entrepreneurship, invest in technology commercialization programs, and introduce a new class of visa for entrepreneurs. The changes would also enable equity-based crowdfunding and provide tax credits for early stage investment.

Due to a lack of activity by the state’s three privately-run regional EB-5 centers that serve the state of Maine, the Maine Department of Economic and Community Development (MECD) is considering launching its own EB-5 visa program to attract more direct foreign investment to the state, according to the Bangor Daily News.

In case you missed it, the midterm elections were on Tuesday, resulting in Republicans taking control of Congress, several new governors, and five states endorsing minimum wage increases.

Around the world, national governments are working to cultivate their innovation economies and increase their global competiveness by creating and increasing support for government-led initiatives. Leaders of advanced economies recognize that their positions as global leaders face a murky future due to the emergence of new economies. In turn, officials from emerging economies realize that supporting innovation is necessary for their economies to continue their rapid growth.

On December 4, the Canadian government revealed their national Science and Technology (S&T) Strategy – Seizing Canada's Moment: Moving Forward in Science, Technology and Innovation 2014.  An update to the original report released in 2007, the S&T strategy identifies five priority research areas for federal support over the next seven years: environment and agriculture; health and life sciences; natural resources and energy; information and communications technology; and, advanced manufacturing.