Big Data: The Next Big Thing in Economic Development?
In 2012, Big Data has become one of the hottest topics in the news and the minds of both government and business leaders. Big Data is the collection and analysis of data that is too big, growing too fast or is too complex for existing information technology systems to handle.
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.
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.
Massachussetts Leads, Delaware Gains in 2012 ITIF Index
The Information Technology and Innovation Foundation (ITIF) released the sixth edition of its bi-annual State New Economy Index last month. The report uses 26 indicators to assess the progress states have made adjusting to the realities of the innovation economy. Massachusetts lead in the rankings, as it has since the lauch of the index, while Delaware rose four ranks since 2010 to occupy second place. Read The 2012 State New Economy Index...
TBED People and Orgs
Leslie Guice officially was approved by the University of Louisiana System Board of Supervisors to become the 14th president of Louisiana Tech University. Guice will take office July 1, 2013.
Camille Saltman has joined MD Revolution as president. Saltman was previously president of CONNECT and continues to be a member of CONNECT's board of directors.
Workforce Training Takes Central Role in DE, KY, MA Budget Proposals
Many governors around the country have begun laying out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Delaware, Kentucky and Massachusetts.
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:
Smaller Share of Tech-Related Jobs in MA, Other Leading Tech States
Massachusetts remains the most tech-oriented state economy in the country, according to the latest edition of the annual Massachusetts Innovation Index. Nearly 38 percent of the state’s workforce is employed in tech industries, the highest share in the country, and Massachusetts generally outperforms other leading tech states in tech industry output, research and licensing. The MassTech Collaborative warns, however, that the state’s innovation economy is experiencing some of the same negative trends present in its peer tech states.
MA Adopts Crowdfunding Exemption; Is AZ Next?
Less than two months into 2015, Massachusetts and potentially Arizona will join the growing number of states that have adopted intrastate crowdfunding exemptions – one of the emerging trends in economic development from 2014. In January, the Massachusetts Securities Division adopted a crowdfunding exemption that will allow businesses to raise up to $2 million in equity from both accredited and non-accredited investors. A similar exemption was introduced i
Innovative Economic Development a Priority in PA, NC Budget Proposals
Several governors released their proposed budgets over the last two weeks, and while some states continue to deal with budget shortfalls that prevent many new initiatives from coming into fruition, governors in Pennsylvania and North Carolina included numerous proposals focused on innovation and economic development. Additionally, governors in Louisiana and Massachusetts highlighted new workforce development proposals.
Pennsylvania
MA, US Economy Would Benefit From National Immigration Reform, Reports Indicate
Massachusetts is disproportionately affected by federal immigration policy, according to a recent report from the Mass Technology Leadership Council (MassTLC) – Growing 100K Tech Jobs: Trends, Insights, and Opportunities within the 2020 Challenge. The authors contend that the state’s universities and colleges educate a significant number of highly skilled immigrants from around the world in tech fields only to see them leave after graduation.
MA, RI Govs Announce Strategies for State Innovation Economies
Governors in Massachusetts and Rhode Island have released details about their plans to boost innovative businesses in their respective states. Massachusetts Gov. Charlie Baker offered a strategic plan to guide his administration’s economic development efforts, with an emphasis placed on fostering a culture of innovation and entrepreneurship. Rhode Island Gov. Gina Raimondo announced the launch of three new incentive programs aimed at research-driven companies.
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: Economic Development Remains Priority Despite Contentious Debates in Many States
Now that many governors have signed spending bills and legislative sessions are drawing to a close, the SSTI Digest will check on the status of proposals related to the innovation economy, and examine the state of technology-based economic development funding in the states. This week, we review spending bills in Alaska, Connecticut, Louisiana, South Carolina and Vermont.
Community Colleges Announce Free Tuition Plans; TN Promise Remains Under Microscope in State, Nation
Since the establishment of the Tennessee Promise in 2014, the first statewide free community college effort, community college systems and states are outlining their own strategies to make a two-year education free for students in their region in attempt to create an educated, qualified workforce that addresses the needs of industry and promotes economic prosperity. While it may remain too early to judge the benefits and the costs of these programs – lawmakers and educational professionals remain divided on the issue.
MA Considers $918M Investment in Five-Year Economic Development Push
Massachusetts legislators are debating the future of Gov. Charlie Baker’s $918 million economic development proposal, including investments in local infrastructure, emerging technologies, community-based innovation, brownfields cleanup, Gateway Cities development and workforce development. The proposal would implement several of the action items from Baker’s economic strategic plan, issued last November, over the next five years.
States’ fiscal picture improves with growing economy
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.
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.
Most states ended their fiscal year with a surplus and continue to recover from the Great Recession, with a growing economy and job gains. However, they face continuing demands on their budgets, with expanded Medicaid payments and the growing opioid crisis confronting nearly every state. Such decisions affect the state’s ability to fund innovation efforts, from the amount of support available for higher education and STEM programs, to funding for entrepreneurship, and forging public private partnerships to strengthen innovation programming that the private sector cannot fully support.
Our analysis found that some states that rely on the energy sector to fund their spending priorities continue to struggle, while others are already factoring in anticipated revenues as a result of new Supreme Court rulings involving gaming and online sales tax collections.
MA authorizes more than $1 billion in new economic development activities
The Massachusetts legislature ended its 2018 session with a slate of bills related to tech-based economic development. Legislation for general economic development, life sciences industry, and green communities created new authorizations and provided for more than $1 billion in bond funding authority, with a substantial portion allocation to innovation-related activities. From broadband access to SBIR support to workforce development, the bills created a host of new opportunities for TBED in the Bay State.
NexusLA launches Louisiana’s first IT apprenticeship program in Baton Rouge
NexusLA announced the launch of Apprenti Louisiana – the state’s first registered information technology (IT) apprenticeship program. NexusLA, a Research Park Corporation subsidiary, will partner with Apprenti to support the program.
NexusLA announced the launch of Apprenti Louisiana – the state’s first registered information technology (IT) apprenticeship program. NexusLA, a Research Park Corporation subsidiary, will partner with Apprenti to support the program. Apprenti, a Seattle-based apprenticeship model, was launched in 2015 by the Washington Technology Industry Association and is now expanding in communities across the U.S.
Massachusetts advances new manufacturing, apprenticeship funding in last state budget of FY 2019
Nearly a month after the start of the new fiscal year, Massachusetts legislators have approved an FY 2019 budget. Science and innovation stakeholders may find it worth the wait. Included in the $42 billion budget are new funding for a precision manufacturing initiative that will fund multiple, local activities ($2.7 million) and $500,000 for registered apprenticeships.
LA, MA and NC budgets support innovation, tech-based development
Proposed state budgets in Louisiana, Massachusetts and North Carolina show support for innovation and higher education, with some states better positioned in their levels of support while some programs are experiencing cuts. North Carolina unveiled new programs supporting a variety of tech-based economic development initiatives, while Louisiana is restoring full funding for its state scholarships for residents despite its budget deficit.
Universities announce investment funds for local startups
While many universities maintain startup investment funds targeted at growing university-affiliated startups, several universities are looking beyond their walls for investment opportunities that will create a return on investment (ROI), but also support economic prosperity. Through these investment funds, universities are able to make strategic investment in startups that will contribute to the future growth of their community, region and state. Massachusetts provides a recent example where MIT will invest $25 million in local startups.
Tech Talkin’ Govs: Part IV
The fourth installment of SSTI’s Tech Talkin’ Govs series includes excerpts from speeches delivered in Illinois, Massachusetts and Utah.
People on the Move & TBED Organization Updates
Robbie Melton has been named the executive director and CEO of the High Technology Development Corporation.
Gov. Bobby Jindal has appointed Louisiana Tech University president Les Guice to chair the Louisiana Innovation Council.
People on the Move & TBED Organization Updates
Patrick Gallagher has been named the 18th chancellor and chief executive officer of the University of Pittsburgh. Gallagher currently serves as acting deputy secretary of the U.S. Department of Commerce and director of the National Institute of Standards and Technology.