Governors in KS and NY Outline TBED Proposals
Regional Accelerators Play Key Role in New LaunchTN Plan
Established last year to help entrepreneurs develop business plans and launch companies, Tennessee's nine regional accelerators also will play a key role in the state's new five-year strategic plan through partnerships to create and expand angel capital networks and mentoring for new startups. The LaunchTN initiative was unveiled last week by Gov. Bill Haslam, who charged the Tennessee Technology Development Corporation (TTDC) with implementing the plan and serving as the lead advocate for the state's innovation agenda.
Kansas City Collaboration To Help Region Compete in Healthcare Contract Research
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.
TBED People and Orgs
President Obama nominated Ernest Moniz as the next secretary of Energy, Gina McCarthy as administrator of the Environmental Protection Agency, and Sylvia Mathews Burwell as director of the Office of Management and Budget. The nominations require confirmation by the Senate.
Draper Triangle Ventures is opening a Columbus, OH, office. Will Indest, formerly of TechColumbus, has been named managing director.
TBED People and Orgs
Bill Kirkland will head the new Office of Economic Engagement that will begin operations July 1 at the University of South Carolina. The new entity will facilitate business development statewide, and work through USC&'s seven regional campuses.
John Carey, a former state representative, was appointed by Gov. John Kasich as the chancellor of the Ohio Board of Regents.
TBED People and Orgs
Sean Greene has joined the Case Foundation as entrepreneur in residence. Greene most recently served as associate administrator for Investment and special advisor for Innovation at the U.S. Small Business Administration.
KS, GA, NC and WA look to Increase Small Business Capital Using Securities Exemptions
Since 2011, three states (Kansas, Georgia and North Carolina) have enacted securities exemptions that allow their state's entrepreneurs and small businesses to raise up to $1 million dollars via the sale of securities to residents of the state — Washington lawmakers introduced similar legis
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.
States Position Themselves to Compete in Domestic Drone Industry
While public debate rages over the role of surveillance in our society, one particularly infamous government surveillance technology, drones, is being prepared for private sector deployment in the U.S. Drone-related technologies are predicted to revolutionize commerce in the U.S., with industry projections valuing their initial deployment as an $82 billion boost to the national economy.
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.
MI joins NY, TN in Taking a Regional Approach to Economic Development
Recently, Michigan Gov. Rick Snyder announced a statewide Regional Prosperity Initiative — a voluntary, competitive grant process for existing state-designated planning regions and metropolitan planning organizations. The plan will divide the state into 10 zones with the intent of empowering local and regional partners to develop a consensus vision and implementation plan for economic success.
Voters Reject Tax Increases, Back Bonds for Higher Ed
While election night's main focus was on the presidential race, the importance of ballot measures for states and metros is growing as public services and budgets are being severely trimmed. A recent article in The New Republic reports on a new trend where states are embracing ballot measures as a potential source of dedicated funds for targeted investments in regional economic growth and development.
Investment in Broadband Infrastructure Drives Economic Growth, Competitiveness
While Washington remains in political gridlock and the national economy continues sluggish growth, one key trend for political and economic success is apparent: U.S. metro regions experiencing high economic growth have invested federal, state, and private funds in high-speed broadband access.
Looming Revenue Shortfalls Latest Challenge for Many States
Amid the economic uncertainty surrounding fiscal cliff negotiations, and what it means for states, some governors are erring on the side of caution when it comes to funding recommendations for the upcoming year. At the same time, several state budget officers are projecting significant revenue shortfalls in the current fiscal year or biennium as a result of lower than expected tax collections.
Tech Talkin' Govs: Part IV
Heartland Metros Launch Collaborative Economic Initiative
Leaders in Des Moines, Kansas City, Omaha and St. Louis have teamed up to leverage their respective resources and help build an economic mega-region in the center of the country. The Heartland Civic Collaborative will focus on four main areas of opportunity: transportation, federal advocacy, life science and entrepreneurship. In the coming months, the collaborative plans to begin work on an entrepreneurial metrics dashboard for the participating metros and a map of life sciences research assets.
Delta Regional Authority Releases Economic Development Strategy for 252 Counties Across Eight States
The Delta Regional Authority (DRA) released the Regional Development Plan III (RDPIII) – an economic development strategy to help guide DRA’s 252-county region’s economic growth over the next five years. In RDPIII, DRA identifies three goals and related action items to guide its economic development efforts in the Delta region:
University of Tennessee Awarded $259M National Composites Manufacturing Institute
President Obama recently announced that the University of Tennessee was awarded the $259 million Institute for Advanced Composites Manufacturing Innovation (IACMI). The U.S. Department of Energy will commit $70 million to support the project with the remaining $189 million coming from IACMI partners including $15 million from the Tennessee Department of Economic and Community Development.
STEM Education, Skilled Workforce Programs Popular Among State Budget Proposals
This week, governor’s in eight states released their budget proposals. Balanced budgets and fiscal austerity were undoubtedly emphasized by the governors, yet funding for STEM education and workforce development initiatives were increasingly popular.
Tech Talkin' Govs: More Governors Use Addresses to Promote Higher Ed Investments
SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.
TN Commits $8M to Support Rural Economic Development
Tennessee Gov. Bill Haslam recently announced a new fund to support economic development in rural parts of the state. While most of the $8 million (approximately $7 million) is designated for shovel-ready economic development sites and tourism projects, the state will commit $600,000 for economic development grants to support entrepreneurship in small towns across the state including $300,000 to support a Main Street Business Incubator Program for downtown business districts.
Govs Focus on Education in AL, LA, OK, PA, TN Budget Proposals
SSTI’s analysis of gubernatorial addresses, strategic plans and budget proposals continues this week with highlights from Alabama, Louisiana, Oklahoma, Pennsylvania and Tennessee. Governors are facing difficult fiscal situations in several of these states, often scaling back tech-based economic development efforts. Tennessee Gov. Bill Haslam, however, is using a fiscal surplus to invest in higher education and regionally focused economic initiatives.
Alabama
Budget Update: Entrepreneurship Programs Survive Contentious Budget Negotiations in MN, MI, KS
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.
Tennessee Announces Investment to Establish 100 Ag-Tech Businesses by 2020
Tennessee leaders hope to raise $10 million in public and private funding over the next five years to support an effort to attract 200 agricultural technology entrepreneurs and establish 100 ag-tech businesses by 2020. USDA Rural Development and the Tennessee Department of Agricultural recently announced they would seed that effort by contributing $220,000 to AgLaunch, a program to aid early-stage ag-tech companies. Memphis Bioworks Foundation will lead the initiatives, providing mentoring and programming opportunities for entrepreneurs. The program will begin in 2016.
New Developments in Capital: Strong Results Announced, New Funds Created
In the last month, major new developments have occurred in TBED capital programs. Launch Tennessee and Pittsburgh-based Innovation Works both announced positive findings about the growth of their startup investment ecosystems with $1 billion being raised by Tennessee startups from 2012 to early 2016 and over $279 million invested in Pittsburgh startups in 2015. Meanwhile in Ohio, both Youngstown-based and Cincy-based startups will see an influx of capital, while a new $150 million fund focused on stem cell companies and regions has been launched.