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.
Oregon Innovation Efforts to get 56% Boost in Gov's Budget
Encouraged by promising commercialization efforts, new companies created and an impressive leverage of outside funding, Gov. John Kitzhaber has proposed a more than 50 percent increase in Oregon innovation efforts through the state's signature research centers. The governor's budget proposal for 2013-15 also includes funding to address small business capital needs and to better align workforce programs with employer needs. Calling his two-year spending plan an “education investment budget,” Gov.
TBED People & Orgs
Gov. Lincoln Chafee has nominated Deputy Director William Parsons to lead the Rhode Island Economic Development Corporation.
Gov. Rick Perry has appointed J. Bruce Bugg, Jr. as president and chairman of the Texas Economic Development Corp.
Gov.-elect Steve Bullock tapped Meg O'Leary to be the Montana Commerce Department director.
Government Info Fuels Open Data Entrepreneurship
A new article from Governing magazine is promoting free digital access to public information, or “Open Data,” as a pathway for promoting entrepreneurship and government cost-savings. When governments release free digital public records entrepreneurs can use the information to create apps that provide valuable and profitable services to consumers.
Tech Talkin' Govs: Part III
Details Emerge in $1.5B Plan to Create Connecticut's Next Generation Workforce
Revolutionizing STEM facilities, hiring new faculty, increasing undergraduate enrollment and even planning new dorms to house the anticipated influx of new students are part of Gov. Dan Malloy's proposed $1.5 billion expansion and investment in the University of Connecticut (UConn).
MI Program to Provide Experience in Advanced Manufacturing for High School Seniors
In partnership with local manufacturing firms, the Michigan Economic Development Corporation (MEDC) announced that it is accepting applications for the Michigan Advanced Technician Training (MAT2) program — a pilot program for high school seniors that will combine paid work experience with an associate's degree in the field of mechatronics.
Michigan’s University Research Corridor Generates $17.5B in Economic Impact
Although universities are often pitted against each other in athletic events or competitions for state funding, one area in which they have increasingly been able to collaborate is in research and development. Modeled after the hugely successful Research Triangle in North Carolina, the University Research Corridor (URC), an alliance of Michigan’s three largest higher education institutions – Michigan State University, the University of Michigan, and Wayne State University – was established by the state in 2007 with the goal of accelerating statewide economic development.
Tech Talkin’ Govs: Workforce, Education Issues Continue to Dominate Gubernatorial Addresses
SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.
MI, OH, OK, TN, WI Budgets Highlight Workforce Development, Tax Credits
This week, governors in Michigan, Ohio, Oklahoma, Tennessee, and Wisconsin unveiled their budget proposals. Included in the governors’ recommendations are several cases of agency restructuring and funds for workforce development, innovation tax credits, and other TBED-relevant issues.
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.
Budget Update: Hawaii Sets Ambitious Energy Goals; TBED Spending Approved in DE, OR, WI
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 Delaware, Hawaii, Oregon, and Wisconsin.
OR Initiatives Bridge Capital Gaps for Innovators, Manufacturers
Over the past few weeks, the State of Oregon has announced a number of new capital opportunities for small businesses. Business Oregon, the state’s economic development agency, will invest $250,000 to support a new Inclusive Startup Fund that will invest in Portland-area startups founded by women and people of color. Fund leaders hope to raise a total of $3 million and match portfolio businesses with mentoring and business advising services.
Oregon Launches Pilot Program to Improve Economic Development Collaboration Between Regions
Oregon announced an agreement with the four regional economic development organizations to improve business development coordination, help existing Oregon businesses expand, recruit new companies, and align other economic developments efforts to grow Oregon's economy and job creation. To achieve the goals of the program, the partners will share office space, hold regular planning meetings, and develop ongoing communications through shared software tools.
Biden Announces New Institute for Advanced Composites Manufacturing Innovation in Detroit
While speaking in Detroit last week, Vice President Joe Biden announced the creation of an Institute for Advanced Composites Manufacturing Innovation (IAMCI) location in Detroit, aimed at creating better composite materials for wind turbines, compressed gas storage, and in particular, the automotive industry. Funded by the U.S.
Huntington Bank Commits $25M for Comprehensive Economic Development Programming in Flint
As the water crisis in Flint, MI, continues to capture headlines, details on potential relief efforts are beginning to emerge. In January, President Obama granted $5 million in emergency funding to address the crisis, while the state has approved $67 million in funding since October.
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.
Key ballot initiatives to impact state futures
SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.
Arizona
SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.
Tech Talkin Govs, Part VII: NC, NH and OR focus on education, workforce
Educational initiatives continue to dominate in state of the state, budget and inaugural addresses, with governors in North Carolina, New Hampshire and Oregon all acknowledging its importance in the workforce development sphere and the future competitiveness of the states.
MI’s research corridor spurs state economy
Michigan’s University Research Corridor, an alliance of Michigan State University, the University of Michigan and Wayne State University, conducted $1.2 billion in academic R&D in the life, medical and health sciences, and served as a stabilizing force to the state’s economy as one of the only sectors that grew during the 2000s. Those are among the findings of the 2017 URC sector report, which was prepared by Public Sector Consultants. The report, Leading Discovery: URC Contributions to the Life, Medical and Health Sciences, notes that employment in the life, medical and health sciences sector, which accounts for one in eight jobs in Michigan, is up 18.9 percent since 2000, compared to overall Michigan employment, which is down 9.3 percent.
Useful Stats: U.S. Seed and Early Stage Venture Capital Investment by State, 2008-13
Last year, U.S. venture capitalists invested about $10.7 billion in seed and early stage companies, 17.1 percent higher than 2012, according to data from the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PwC) Moneytree survey. Though the overall venture capital (VC) market has returned to about the same level of activity as before the economic crisis, investment in seed and early stage companies has grown by more than a third.
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.
Governors Prioritize Funding Toward High-Tech Facilities
Having world-class facilities to train workers or support research in fields most likely to benefit the state is a draw for many reasons. Attracting outside investment, retaining talent and generating buzz are just a few of the benefits. Last year, Connecticut lawmakers dedicated more than $2 billion to expand science and technology education on the campuses of the University of Connecticut, including construction of new STEM facilities and for building research and teaching labs. Michigan Gov. Rick Snyder is the latest state leader to announce funding proposals aimed at either constructing new facilities or making capital improvements for training students in high-wage, high-demand fields. Similar announcements were made earlier this year in Florida, Georgia, Rhode Island and Wyoming.
Around the World in TBED
The United Kingdom (UK) recently announced that it will petition the European Commission, the European Union’s executive body, for permission to increase the size of tax relief for social investments that address significant social issues. In the U.S., Georgetown University and Portland State University recently announced new initiatives to promote innovation that will address social issues. These universities join a growing number of institutions of higher education that are working to grow domestic social innovation, train a generation of social entrepreneurship and spur social impact investing.
States and Cities Push Forward with Immigration Reform to Promote Entrepreneurship
In the U.S. there is strong bi-partisan consensus that immigration is a key driver for entrepreneurship and regional competitiveness. With federal immigration reform essentially shelved for 2014, cities and states are searching for their own solutions to attract and retain high-skilled immigrants. Proposals by Michigan Gov. Rick Snyder and other policymakers represent new approaches to immigration reform that can support local entrepreneurship and regional economic development.