Mississippi Rolls Out Five New Capital-attracting Funds
One of the most vexing problems facing states, outside of a few well known success stories, is a persistent lack of attention from the venture capital industry. In 2006, almost 60 percent of venture capital investment was concentrated in California and Massachusetts. The other 48 states have had to devise their own strategies to compete with Silicon Valley, Route 128 and each other to gain the attention of potential investors.
Mississippi Technology Alliance Releases First Annual Index
The first-ever Mississippi Innovation Index was released Wednesday by the Mississippi Technology Alliance.
Targeting technology-based economic development in Mississippi, the Index groups baseline data into eight categories and establishes a data collection process for 24 science- and technology-related indicators. Initial analyses suggest:
Index Has Maine Achieving 'Modest Progress'
Describing Maine as making "modest progress" in strengthening its capacity for innovation-driven economic growth, the Maine Science and Technology Foundation (MSTF) released on Tuesday The Maine Innovation Index 2002, a report on Maine's performance in the new economy.
Lawmakers Approve Funding for TBED Initiatives in Tennessee, Maine
As July 1 approaches, the beginning of the 2008 fiscal year for most states, several state legislatures are still working to wrap up their appropriation bills. Maine and Tennessee are two of the most recent to close their books on next year’s budgets, and each has included increased funds to support TBED initiatives. Highlights for both states are provided below.
Maine
Opportunity Maine Uses Cash to Stem Brain Drain
A bill designed to keep new Maine graduates living and working in the state after college became law last week with Gov. John Baldacci’s signature. The Opportunity Maine bill, LD 1856, creates a tax credit to assist graduates with their student loan payments and enables employers of graduates to pay off the student loans.
TBED People
George Dycio was hired as an economic development specialist for the Lewiston-Auburn Economic Growth Council.
TBED People
Nicole Witherbee has joined the Maine Center of Economic Policy as a federal budget analyst and communications coordinator.
Mainers Pass $60M TBED Bond
On Tuesday, voters in Maine approved Governor John Baldacci's request to issue $60 million in bonds to finance several research infrastructure, economic development and housing related projects. Packaged and marketed as the Jobs Bond, the measure won easily with 60 percent of the vote in this special election. The tech-based economic development portion of the bond will be allocated as follows:
Maine Voters to Consider $60M Bond, Most Targeting TBED
Maine Governor John Baldacci got nearly everything he wanted in a bond proposal to encourage technology-based economic development (TBED). The Maine legislature shaved $10 million from the Governor's original request before passing the bond on to Maine voters for consideration at a special referendum June 10. The bond proposal includes:
People & TBED Organizations
Steve Bazinet has been hired as executive director of the Maine Center for Enterprise Development.
Rahindra Bose is Ohio University's new vice president for research and creative activity and dean of the graduate college.
Recent State Budget Actions Produce Mixed Results for TBED
A growing number of state governments face revenue uncertainties in the near future. More than half now expect budget deficits and shortfalls in the upcoming fiscal year and beyond. Despite the bleak outlook, however, legislators nationwide are continuing to invest in science and technology with many lawmakers projecting high returns to their state in the coming years. Following are highlights of TBED investments and reductions in recently approved budgets in Kentucky, Maine and Nebraska.
Kentucky
SSTI Job Corner
A complete description of this opportunity and others is available at http://www.ssti.org/posting.htm.
People
Sally Bilancia was selected to replace Sally Bates as the development director in the City of Bangor, Maine.
People
Catherine Renault is the new director for the Maine Office of Innovation within the state’s Department of Economic and Community Development.
Follow-up Study Evaluates Maine’s Technology Cluster Development
A recent study prepared for the Maine Technology Institute and the Office of Innovation within Maine’s Department of Economic and Community Development examines and ranks 16 identified technology clusters in Maine - defining eight as sustainable clusters, five as potential clusters, and three as emerging clusters. These labels are based upon an extended view of clusters, namely that successful clusters depend on knowledge generation and knowledge spillovers and not just specification within certain industries.
Maine Governor Pocket Vetoes Fund of Funds Legislation
“I recognize the importance of attracting venture capital and new investments to Maine,” Gov. John E. Baldacci said. The governor later added, “However, as it is currently written the bill carries enormous risk. This bill would guarantee a rate of return for venture capital investors while Maine would shoulder all the risk. The potential liability for the State is too great for me to sign this bill.”
Two Reports Highlight Opportunities for State Broadband Policies
Although the U.S. broadband infrastructure has expanded rapidly over the past decade, 45 percent of rural areas still lack access to high-speed Internet services. A recent issue brief from the National Governors Association (NGA) Center for Best Practices provides a number of strategies that have proven effective in expanding broadband access, particularly in underserved rural areas.
SSTI Job Corner
The University of Missouri System is seeking applicants for the position of intellectual property attorney.
Assessment Finds MTI’s Impact Positive for Maine Economy
A new study of the Maine Technology Institute (MTI) reveals MTI's award programs have been effective in contributing to the success of its awardees and in increasing high-tech employment in the state. The MTI evaluation, conducted by the Center for Business and Economic Research (CBER) at the University of Southern Maine, also found that the success rate of MTI's funded projects improved over the five-year history of the organization.
People
Gov. John Baldacci has sworn in John Richardson as the new commissioner of the Maine Department of Economic and Community Development.
Election Preview: States Consider TBED-Related Ballot Measures
Voters in four states will consider several TBED-related measures at the polls next week, including a $3 billion cancer research proposal, state funding for stem cell research, and an R&D bond proposal to spark job creation in emerging technology sectors.
Texas
Maine to Increase R&D Activity to $1B by 2010
A plan to increase Maine's R&D activity to $1 billion by 2010 was revealed last week by the Department of Economic and Community Development's (DECD) Office of Innovation and the Maine Science and Technology Council (MSTAC). The level of R&D activity in Maine currently stands at $430 million.
MTA Launches Tech Network for Post-Katrina Mississippi
Information, telecommunications and electricity provide the basic building blocks for all tech-based economic development - regardless of industry sector, research field or location. In the aftermath of Hurricane Katrina, the technology infrastructure for many of the state's emerging tech-firms has been dismantled. How do you restore efforts to build a tech-based economy when the fundamentals are destroyed overnight?
Mississippi Governor Wants $4M More for TBED Initiatives
Momentum Mississippi, the state’s public-private economic development strategy first funded with $28 million last summer, could see an additional $4 million for new TBED initiatives if the state legislature passes Gov. Haley Barbour’s recommendation during its next session. Gov. Barbour announced his plans during the annual board meeting of Momentum Mississippi, which was attended by more than 75 industrial, academic and civic leaders.
Maine Ponders Mega Investments for R&D, Tech
$190 million? $200 million? $250 million? Each of these figures has been advanced in Maine to support three different approaches toward tech-based economic development. The bottom line for the 2007 legislative session is Maine’s elected leaders - from the governor and the state assembly - believe a sizable injection of public funding is required to accelerate research and technology commercialization in the Pine Tree State.