SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.

This week, governors in Michigan, Ohio, Oklahoma, Tennessee, and Wisconsin unveiled their budget proposals. Included in the governors’ recommendations are several cases of agency restructuring and funds for workforce development, innovation tax credits, and other TBED-relevant issues.

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.

Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many governors have signed spending bills, the SSTI Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Kansas, Michigan and Minnesota.

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.

While speaking in Detroit last week, Vice President Joe Biden announced the creation of an Institute for Advanced Composites Manufacturing Innovation (IAMCI)  location in Detroit, aimed at creating better composite materials for wind turbines, compressed gas storage, and in particular, the automotive industry. Funded by the U.S.

As the water crisis in Flint, MI, continues to capture headlines, details on potential relief efforts are beginning to emerge. In January, President Obama granted $5 million in emergency funding to address the crisis, while the state has approved $67 million in funding since October.

The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.

SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.

Arizona

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.

Michigan’s University Research Corridor, an alliance of Michigan State University, the University of Michigan and Wayne State University, conducted $1.2 billion in academic R&D in the life, medical and health sciences, and served as a stabilizing force to the state’s economy as one of the only sectors that grew during the 2000s. Those are among the findings of the 2017 URC sector report, which was prepared by Public Sector Consultants. The report, Leading Discovery: URC Contributions to the Life, Medical and Health Sciences, notes that employment in the life, medical and health sciences sector, which accounts for one in eight jobs in Michigan, is up 18.9 percent since 2000, compared to overall Michigan employment, which is down 9.3 percent.

When Canadian Prime Minister Justin Trudeau released his administration’s proposed 2016 budget in late March, SSTI covered the significant funds it would allocate for science, research, and technology-based economic development, as well as the country’s plan for a national innovation agenda.

Around the world, accelerator programs continue to multiply, prompting the need for continued research on what they are, how they operate, and how they can be evaluated. The Global Accelerator Report 2015, recently released by Gust and Fundacity, highlights the global development of the accelerator industry and includes details on how accelerators are funded and insights into the industry’s future.

In the latest round of state budget proposals, TBED initiatives receive mixed reviews. Some governors are boosting funding while others in cash-strapped states are proposing cuts.

A recently released report finds evidence that Canada’s tech sector – when properly defined – plays an important role in the nation’s economy. In The State of Canada’s Tech Sector, authors Creig Lamb and Matthew Seddon develop a definition of the tech sector based on those industries employing an oversized share of technology occupations. Ultimately, they suggest that the sector is responsible for $117 billion (88.9 billion USD) in economic output, roughly on par with finance and insurance and construction as a percent of total GDP (7.1 percent).