Michigan's InvestMichigan! Mezzanine Fund is slated to become the Small Business Administration's (SBA) first licensed Impact Investment Fund through the agency's new Impact Investment Initiative. The SBA initiative, which is part of the White House's Startup America initiative, uses the existing infrastructure of the Small Business Investment Company (SBIC) program to encourage small business growth. Participating funds must make place-based investments in small businesses in underserved areas, or investments in the clean energy and education sectors.

The University of Kansas' Center for Technology Commercialization is seeking a director that will be responsible for effectively managing faculty-generated intellectual property across all the University of Kansas campuses and deploying it for the greater social good.

A new $15 million pilot program at the University of Michigan (UM) hopes to make a big impact in the research world by letting professors follow their instincts and allow breakthroughs to happen more naturally. Under the MCubed initiative, three researchers from different disciplines agree to work together or "cube" on a high-risk, high-reward idea. They also receive funding to hire students or a postdoctoral researcher. The university expects to fund research in the exploratory phase that could eventually lead to larger traditional grants.

Michigan State University (MSU) launched Spartan Innovations, a newly formed subsidiary of the MSU Foundation, to help its faculty and students form spin-off companies based on technology developed at the university. To achieve this goal, it will provide five key resources to increase the MSU startups including:

The Michigan Economic Development Corporation (MEDC) announced last week five new programs under the Pure Michigan Business Connect initiative established last year to provide small businesses in emerging industry sectors with economic development incentives, startup capital and support services (see the June 8, 2011 issue of the Digest).

The new programs focus mostly on providing access to capital and making connections. They include:

The Kansas Bioscience Authority (KBA) has launched a collaborative partnership of more than 90 contract research organizations (CROs) to help the region compete in the pharmaceutical and medical device industries. BioResearch Central will help promote the Greater Kansas City region as a destination for pharmaceutical R&D at a time when drug companies are increasingly looking overseas for their contract research needs.

A newly established policy academy providing guidance and technical assistance will help seven states improve their environment for innovation and align state R&D investments, workforce development and education systems with current and future needs of advanced manufacturing industries. The policy academy will help each state develop a plan or overcome barriers for putting a plan into action through a highly interactive team-based process that includes input from NGA, MEP, EDA, SSTI, private sector consultants, and research organizations.

Michigan State University, Rutgers University and the University of Michigan all have announced new initiatives that are intended to fuel innovation and grow regional economies. Michigan State established the University Center for Regional Economic Innovation — a university-based, economic development research center focused on generating businesses and jobs statewide. Rutgers University created a Disruptive Innovation Fund to provide up to $1 million to support the commercialization of innovative products.

Jeffrey Brancato has recently joined NorTech as vice president. Prior to joining NorTech, Brancato was the associate vice president for Economic Development at the University of Massachusetts.

Randal Charlton has announced his retirement as executive director of TechTown, the Wayne State University research and technology park. Leslie Smith, the general manager of TechTown has been appointed to fill the position beginning Nov. 1.

This week's Digest covers two new independent reports that separately assess two critical aspects to how well nations are prepared for the economic recovery: competitiveness and educational attainment. The news, obvious in our choice of headlines, may suggest the past year - actually several years - has not been kind to the United States relative to other nations. Reading the articles one will see, however, that it isn't time that is working against the U.S.

As economists and policymakers debate the details of how and when the nation will recover from the recession, the topic of entrepreneurship and the role it will play in shaping the new economy continually arises. In the coming years, some analysts predict a rise in entrepreneurship both as a result of massive layoffs and an aging workforce not yet ready or able to retire.

What TBED Approaches are Successful in the Current Economy?

What TBED Approaches are Successful in the Current Economy?

The current fiscal pressures on regional technology-based economic development initiatives have been never greater than they are now. And, as the article above points out, things are going to get worse over 2010 and 2011 before they get better.

Additionally, since local communities became proactive partners with their universities, businesses, tech councils, civic organizations, and states to support economic growth through innovation, the need for local TBED never has been greater. Economists and policy wonks agree: the next economy is being built on innovation and technology.

Once again, SSTI's annual conference continues to be the most affordable professional development event of the year for the state, local, and university-based TBED community. Early registration discounts, which knock off $100 from the lowest prices already in the field, will expire Sept 29. Make the smart investment for your TBED program and your career by registering today. More information, including a registration form, is available at: http://www.ssticonference.org

President Obama has named Ron Bloom as the administration's senior counselor for manufacturing policy. Since, February, Bloom has been a senior adviser to Treasury Secretary Timothy Geithner, and he sits on the president's automotive industry task force.

The national recession that began at the end of 2007 is "very likely over," according to Federal Reserve Chairman Ben Bernanke. Recovery, however, may be a long way off. Because states were affected differently by the economic downturn in both timing and impact, recovery for state and local economies is likely to occur at different times. Moody's Economy.com predicts, according to an MSNBC article, that job growth will return first in five states: Colorado, Idaho, Oregon, Texas, and Washington.

The opportunities for improving the partnership your TBED effort has with the federal government appear to be improving rapidly. Are you ready? Is the TBED community ready? SSTI's Annual Conference theme, Seize the Moment, was developed around this growing momentum. Timely and highly interactive plenary sessions, 16 intensive breakout sessions and some of the most forward-thinking TBED practitioners and policymakers will be on hand with hundreds of your peers at SSTI's Annual Conference, Oct 21-23. Shouldn't you be there?

The Kansas Bioscience Authority - Heartland Bio Ventures, and the Kansas Technology Enterprise Corporation are jointly recruiting for a federal research funding specialist.

Governors across the nation are trying to find ways to prevent their state finances from falling further in the red as revenues continue to fall while costs for Medicare and unemployment remain high. Deficit-reduction plans announced in two states seek to delay payments and cut funding to biomedical research initiatives that were established to expand the states’ research capacity and generate wealth.

Connecticut

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Eric Abelquist has been named executive vice president of Oak Ridge Associated Universities and deputy director of the Oak Ridge Institute for Science and Education.

Arn Boezaart, who has been interim executive director of the Michigan Alternative and Renewable Energy Center the past six months, will take over the position permanently.

To attract additional federal funds and boost job creation, Michigan legislators passed a bill authorizing the state to spend another $30 million on a program to create alternative energy clusters and support technology commercialization.

Gov. Jennifer Granholm signed the final FY10 budget bills last week, cutting nearly $1.9 billion in spending and warning state agencies of a possible 20 percent cut in state spending next year. To help fill the FY10 deficit, the enacted budget incorporates $1 billion in federal stimulus funds. With less than $600 million in federal funds available next year, the state could face a shortfall ranging from $800 million to $1 billion, reports The Detroit News.

Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.

Michigan state agencies in collaboration with the Michigan Economic Development Corporation and several private industries and organizations will offer economic development incentives, startup capital, and support services valued around $3 billion to help grow Michigan-based small businesses in emerging industry sectors. The Pure Michigan Business Connect initiative matches people with resources and strengthens relationships to fuel economic growth, according to a press release.