Cuomo talks tech and a whole lot more
NY Gov. Andrew Cuomo delivered his state of the state address over three days and six different speeches, and released his proposed FY 2018 budget following the talks. Some of his major proposals affecting the technology-based economic development field include proposals he had revealed earlier and have previously been covered in the Digest, including his proposal for free tuition as well as a major investment in the life sciences. In keeping with our Tech Talkin’ Govs series and budget reviews, some excerpts from his various speeches are detailed here, as well as a closer analysis of his proposed budget.
DOD Awards $110M Integrated Photonics Manufacturing Institute to New York
Vice President Joe Biden announced that the Research Foundation for the State University of New York will receive a $110 million federal grant from the U.S. Air Force Research Laboratory to lead the American Institute for Manufacturing Integrated Photonics (AIM-Photonics). The Department of Defense-funded grant will be supplemented by a $250 million investment from the state of New York with additional funding commitments from public and private partners expected to exceed $245 million over the next five years.
New York Investing $550 Million in Life Sciences Through 10-year Initiative
Gov. Andrew Cuomo proposed a new initiative this week to grow the life science research cluster throughout the state, pledging $550 million through a variety of programs including tax incentives, state capital grants, and investment capital with an expected match of $100 million from private sector partnerships for operating support.
$20M Awarded to 10 Public-Private Regional Partnerships Geared towards Advanced Manufacturing Initiatives
The Obama administration announced winners of the Advanced Manufacturing Jobs and Innovation Accelerator Challenge on Tuesday. The challenge — publicized earlier this year — is one of the key initiatives of the interagency Taskforce for the Advancement of Regional Innovation Clusters and is sponsored by a partnership between the U.S. Department of Commerce, the National Institute of Standards and Technology, the Departments of Energy and Labor, and the Small Business Administration.
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.
Maine Technology Institute To Connect Banks With Tech Firms
Recently, the Maine Technology Institute (MTI) announced a new outreach effort to connect the state's community banks with promising technology and innovation-based businesses. These businesses often have capital needs that differ from other small firms and less collateral to secure loans. As a result, it can be difficult for high-tech firms to secure bank loans. The initiative will kick off with a series of workshops, held in partnership with community banks, on the funding options available to tech companies.
Tech Agenda, Billion Dollar Green Bank Top NY Gov's Economic Growth Plan
Innovation was a key term used in Gov. Andrew Cuomo's State of the State address and is referenced heavily throughout his economic development agenda for the upcoming year. The governor proposed creating innovation hot spots, an innovation network and innovation venture capital fund. Efforts would be focused on accelerating technology transfer and providing funds to attract startup companies. Cleantech investments and support for competitive university-based projects that emphasize economic impact also are a priority for the governor.
New York Commits $15M to Establish Clean Energy Proof-of-Concept Centers
The New York State Energy Research and Development Authority (NYSERDA) announced that it will commit a total of $15 million to Columbia University, the Polytechnic Institute of New York University (NYU-Poly) and High Tech Rochester to create three proof-of-concept centers focused on turning university-developed, clean energy ideas into successful businesses. Each regional center will receive $5 million in seed money over the next five years, cost-sharing required, with the expectation of being self-sustaining once NYSERDA funding ends.
IN, NE, and NYC To Provide Hands-On Entrepreneurial Assistance
With the number of startups on the rise, several states and cities are reaching out to entrepreneurs to connect them with the assistance and capital they need to survive.
Indiana
Incubator Round Up
Recent announcements of new and emerging technology incubators range from Google's selection of Cape Town, South Africa to launch a pilot incubator supporting technology entrepreneurs that it hopes to replicate globally to Alabama Gov. Robert Bentley's plan to create a statewide business incubator focusing on workforce training. Select announcements from across the globe are highlighted below.
Lawmakers Embrace Regional Approach to Economic Development in NY
A budget agreement reached last week between Gov. Andrew Cuomo and legislative leaders adopts the economic development reforms set forth by the governor to establish a regional strategy for job creation. The approved budget allocates about $200 million in existing capital funds and tax credits to support 10 regional economic development councils and merges the New York State Foundation for Science, Technology and Innovation (NYSTAR), the state's tech-based economic development initiative, into the Department of Economic Development.
University R&D and Venture Capital Rise, While Business Growth Declines in Maine
Three recent reports from Maine provide insight into the challenges of fostering an innovative economy in a rural state. Overall, the research suggests that Maine has done well in its efforts to support startups, but could do more to help those startups expand and find new markets. By encouraging innovation-based businesses to expand to markets outside of Maine and by offering mentoring services, the state could overcome the stagnation that can occur when companies and states focus on local markets.
Job Corner
The Kentucky Cabinet for Economic Development is looking for an executive director who is an ambitious, successful professional that will provide leadership in Kentucky's efforts to develop a knowledge-based economy. The executive director will work in partnership with all levels of government, academia, and the private sector to help create a supportive high-technology environment.
Careers in Nanotech Goal of Latest Investments in NY, IL
A public-private investment of $1.5 billion to create a nanotech hub in upstate New York and a $250,000 educational investment in Illinois illustrate recent state efforts to elevate nanotechnology in workforce development. New York is putting $200 million toward the Nano Utica facility for purchasing new equipment. The initiative is being led by six global technology companies, and the facility will serve as a cleanroom and research hub for computer chip packaging and lithography development and commercialization.
Ballots 2013: Medical Research Tax in MO, Bond Funding for STEM Facilities in ME
Only six states have statewide measures on the ballot in 2013, which is 28 percent fewer than the average number of measures on the ballot in an odd-numbered year, as noted by Ballotpedia's executive editor. Tech-based economic development measures will be decided in at least two states — Missouri and Maine. Although not a statewide measure, Jackson County, MO, voters will be asked to approve a sales tax of one-half of 1 percent for 20 years to fund medical research and discovery across Kansas City.
Voters Reject Research Tax in MO, Approve Higher Ed Bonds in ME
A measure to increase the sales tax in Jackson County, MO, to fund medical research across Kansas City and St. Louis was rejected by greater than a 5-to-1 ratio, reports the Kansas City Star.
NY, WI, IN Initiatives Address Region-Specific Barriers to Commercialization
Follow-on funding, access to technology, talent and resources all can be barriers to commercialization and successfully spinning off sustainable companies. Always seeking a quicker, more viable path to market for technologies and products, university-based programs and public-private partnerships try to tackle these hurdles, which often times are region-specific. Such is the case in Long Island, NY, where a recent partnership between a nonprofit organization and venture capital firm is working to address access to capital concerns.
Web-based Platform Connects Manufacturers with Technology Expertise in NY
Manufacturers often struggle with overcoming hurdles to growth, such as implementing new technologies and processes that will streamline operations. A new web-based platform launched in New York aims to address these challenges by connecting small- and medium-sized manufacturing businesses with statewide technology resources and expertise, including industry experts from the New York Manufacturing Extension Partnership, universities and private sector businesses.
Trends 2013 Preview: Cities, States Invest in High-Tech Hubs
Eager to attract investment and spur startup activity, city and state officials launched entrepreneurship programs, high-tech R&D centers, and sector-specific facilities as part of the innovation hub trend in 2013.
NYC Announces $100M Biotech Venture Fund, Creation of Medical Technology Institute
New York City Deputy Mayor Robert Steel announced that it will establish a new $100 million venture fund for life sciences research according to Crain's New York. The city will invest an initial $10 million to establish the new biotech venture fund. The city already has an additional $40 million pledged from private-sector partners — Celgene, GE Ventures and Eli Lilly & Co. The city currently is seeking to partner with a venture-capital firm to manage the fund and invest at least $50 million to the fund.
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.
SUNY Acquisition Demonstrates Prominent Role of Research Centers in Innovation Economy
Well-designed research centers can help bring an innovation ecosystem together through the spillover effects of knowledge dissemination, student learning experiences, local early access to new technologies, and by attracting R&D funding. In New York, Gov. Andrew Cuomo recently announced a $30 million initiative led by SUNY’s College of Nanoscale Science and Engineering (CNSE) to transform and revitalize a vacant building into a hub for smart cities technology companies, research, education and workforce training.
Foundations Commit Funding for Entrepreneurial Development Programs at Nonprofits, Universities
Foundations increasingly are tapping into the unique skills of institutions of higher education by partnering with them to support entrepreneurial growth within their surrounding communities. These foundations view institutions of higher education as the ideal partners to provide education and business services necessary for entrepreneurs to reach their potential. Several foundations recently have announced funding to support entrepreneurship development activities at universities including the Ratcliffe Foundation and the Allstate Foundation.
TBED People and Orgs
Oklahoma Gov. Mary Fallin announced that Jonna Kirschner, executive director of the Oklahoma Commerce Department, will serve on a transition team to establish a new workers’ compensation system. Vaughn Clark , the Commerce Department’s director of community development, was named as interim executive director.
TBED People and Orgs
President Obama launched the Advanced Manufacturing Partnership Steering Committee “2.0.” Former SSTI board member Luis Proenza, president of The University of Akron is part of the steering committee chaired by Andrew Liveris, president, chairman, and CEO of the Dow Chemical Company, and Rafael Reif, president of the Massachusetts Institute of Technology.