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
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.
LA Universities Urged to Take Greater Leadership Role in State's Tech Economy
In order to build a prosperous, globally competitive economy in Louisiana, state universities must take on a greater role as hubs of regional innovation, according to a report from the Public Affairs Research (PAR) Council of Louisiana. The report includes 46 recommendations to transform the state's economy by revamping existing innovation programs, and boosting university research. PAR's strategic plan is based on a review of innovation policies in other states, particularly Georgia and the work of the Georgia Research Alliance.
Great Lakes Angels Invested More Dollars Than CA Angels, Halo Report Finds
In 2014, Angel groups in the Great Lakes region invested more dollars than anywhere else in the country, 17.2 percent of the U.S. total, including angel groups in California (17 percent). This marks the first time a U.S.
Delta Regional Authority Forms 35-Member Public-Private Research, Innovation Consortium
The Delta Regional Authority (DRA) announced the establishment of a consortium for research and innovation that is intended to have a long-term positive economic impact on the region. The 35-member consortium will be comprised of universities and other private and public institutions in eight states – Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.
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.
Governors' Races and Ballot Preview 2011
In what is considered typical for an odd-numbered year, only 34 questions have been certified in nine statewide ballots this election year. Some of those measures include redirecting funds to support higher education, revenue enhancements for states, and repealing legislation that limits collective bargaining for public employees.
Ballot Initiatives
Officials in Louisiana, Rhode Island Tout Tech Hub Proposals
One is a proposed tech corridor focused on energy and environment in southeastern Louisiana and the other is being called a "knowledge district" meant to capitalize on the life sciences sector in Providence, but both have the same goal: growing high-tech industry sectors and creating high-wage jobs. Though the concept has been around for decades and is successful in many areas of the country, some states and regions are just now finding their niche and gaining support to establish tech hubs.
Trio of Tech-focused Tax Credits Pass in Louisiana Legislature
At the close of the 2011 legislative session in Louisiana last week, lawmakers approved three measures to encourage investment in high-tech economic endeavors. This includes renewing and enhancing the R&D tax credit and the Technology Commercialization credit and reinstating an angel investor tax credit for investment in emerging startups.
Incubator Round Up
Spending time at a technology or business incubator may be the key to learning about entrepreneurship. Some universities, seeking to ramp up entrepreneurship programs, are turning to incubators as real-world teachers.
Legislative Wrap-Up: Louisiana, Massachusetts, Pennsylvania and Tennessee Pass Budgets
Several states recently enacted spending plans for the upcoming fiscal year, which started July 1 for most states. In Louisiana, Gov. Bobby Jindal signed into law the LA GRAD Act, granting universities more flexibility to raise tuition in return for meeting certain performance goals. Lawmakers in Massachusetts allocated $10 million to continue the state's investment in life sciences, Pennsylvania Gov.
Expanding Tax Credits for R&D, Tech Commercialization Among Govs' Priorities in NJ, LA
Recognizing the value in supporting companies that innovate to create high-quality jobs, governors in New Jersey and Louisiana recently outlined proposals to enhance tax incentives for R&D, technology commercialization, and transferable tax certificates during the upcoming legislative sessions. In New Jersey, Gov. Chris Christie proposed increasing the R&D tax credit to 100 percent and restoring full funding for the Technology Business Tax Certificate Transfer program as part of his FY12 budget recommendations. Louisiana Gov.
Small Business Administration Announces a Startup America Entrepreneurial Mentor Corps
The Small Business Administration (SBA) announced a new pilot program that will to support more than 1,000 startup and earlystage firms across the country. The goal of the Entrepreneurial Mentor Corps' (EMC) is to mobilize members of the current generation of successful business owners to mentor and support startups and entrepreneurs to help them become the next generation of great American companies. In February, SBA Administrator Karen Mills announced one of the EMC's first initiatives to match approximately 100 clean energy startups with mentors.
TBED People
Ray Gilley resigned as chief executive of the Metro Orlando Economic Development Commission after nine years on the job. Gilley was responsible for helping lure the Sanford-Burnham Medical Research Institute to Central Florida.
Peter Ginsberg joined the North Carolina Biotechnology Center as vice president of Business & Technology Development.
Job Corner
The Baton Rouge Area Chamber seeks an executive director for its Regional Innovation Organization (RIO). The desired candidate will be a dynamic, visionary, and entrepreneurial leader who will launch a new regional acceleration entity that will lead entrepreneurial development in the Baton Rouge area. The individual will have direct responsibility for developing programming and capacity to support best-in-class business acceleration services that prepare companies for rapid growth in the region.
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
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:
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.
States scramble to negotiate final budgets; DE, LA, ME, MO, NH, VT and WA reviewed for innovation funding
With a July 1 start to the fiscal year in most states, several states that were at an impasse over their budget faced at least partial shutdowns. Last minute negotiations restarted services in both Maine and New Jersey, while Illinois, which has been operating without a budget since 2015, faces threats of a downgrade in their credit rating if a deal cannot be reached. This week we present our findings of innovation funding from seven states, including $2 million in funding for a new public-private economic development organization in Delaware, an increase in funding in Louisiana for the state’s scholarship program for higher ed, and cuts to higher ed funding in Missouri, which also saw a severe drop in its funding to the Missouri Technology Corporation. Efforts in Maine, New Hampshire, Vermont and Washington are also detailed below.
Louisiana Innovation Council Seeks Funds for Research Agenda
In a report to the Joint Legislative Committee on the Budget this week, the Louisiana Innovation Council set forth an agenda to recruit world-class researchers, establish centers of excellence, and facilitate university-based technology transfer. In a tight budget year, the council recommends using some of the remaining Louisiana Recovery Authority funds and private sector money to support the initiative with a minimum $15 million total commitment over three years.
Baton Rouge Area Chamber: Statewide TBED Organization Needed
The Baton Rouge Area Chamber (BRAC) has released the second and final component of its strategy advocating the need to advance a tech-based economy throughout Louisiana. The white paper focuses on the topics of entrepreneurship, workforce development, risk capital, and coordinating TBED efforts at the state level. For example, BRAC calls for all returns from state funds invested in venture capital firms to be reinvested, for regional angel networks to be supported, and for the state’s angel investor tax credit to be reinstated.
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.
New Commercialization Efforts Launched by Universities, Industry Partners
University-focused initiatives that help bring new technologies and products to market help drive regional economic development and encourage an entrepreneurial culture on campuses. SSTI’s latest Trends in TBED report featured a number of commercialization efforts launched in 2013, including university-based funds to support ideas from faculty, staff and alumni. So far, 2014 also has proven active in this area with the announcement of several new initiatives to support university technology startups.
LA Lawmakers Challenge Higher Ed to Meet Workforce Needs with $40M Incentive Fund
A project underway between IBM and Louisiana State University’s School of Engineering aims to better meet employer needs by tripling the number of computer science graduates in five years. Hoping to generate more partnerships like these, lawmakers approved legislation supported by Gov. Bobby Jindal that allows colleges and universities to compete for funds in an effort to produce graduates in high-demand areas. A smaller percentage of the funds distributed under the new Workforce and Innovation for a Stronger Economy (WISE) Fund will be based on federally funded research expenditures.
FL, LA Govs Challenge Educators to Develop Top-Notch STEM Workforce
Filling the pipeline with skilled workers able to perform the high-tech jobs employers say are sitting vacant has long been advocated by state leaders and policymakers as essential to competing in the global economy. Governors in Florida and Louisiana are stepping up efforts this legislative session with proposed multi-million dollar investments through training and scholarship programs to change the landscape of their states’ workforce.