Research Parks RoundUp
Often credited with contributing significant revenue to states' economies, research parks also house facilities for workforce training and provide resources for tech-based industries, which is especially important as the nation's employment begins to pick up steam. In West Virginia, officials are building a $15 million advanced technology-training center at the state-owned research and technology park, and in Utah, officials recently broke ground on a building that will house engineers and analysts working on the nation's Intercontinental Ballistic Missile program.
TBED People
The Tennessee Biotechnology Association has changed their name to Life Science Tennessee.
Ann Arbor SPARK recently added Bill Mayer as director of their business accelerator team.
Michigan Lawmakers Pass Angel Investment Tax Credit Legislation
Michigan lawmakers last week passed a measure aimed at increasing access to capital for small businesses by allowing taxpayers to collect an income tax credit worth 25 percent of a qualified investment in emerging industries such as advanced manufacturing and life sciences. Under HB 5921, the investment must be at least $20,000 and certified by the Michigan Strategic Fund (MSF). MSF can certify up to $9 million in credits in a single year with up to $250,000 for each business. Gov.
TBED People
Andre Pettigrew, the director of the Denver Office of Economic Development, will become the first executive director of Climate Prosperity Inc., a Washington, D.C., climate-change think tank. LaCharles Keesee, the city's deputy chief financial officer, will assume an interim role as head of the city's economic development department until a final replacement is named.
Legislative Wrap Up: West Virginia and Wyoming Pass Budgets
Budgets recently approved in West Virginia and Wyoming will dedicate new funds for TBED initiatives in the coming year. TechConnect West Virginia is slated to receive $250,000 for its efforts to develop immediate and long-term strategies to capitalize on the state's technology strengths.
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.
$3M Grant Awarded for Regional Network to Support MI Entrepreneurs
A $3 million grant from the New Economy Initiative for Southeast Michigan recently was awarded to a group of four business accelerators working together to support area entrepreneurs and grow Michigan's knowledge-based economy. The grant will support efforts of the newly formed Business Accelerator of Southeast Michigan, which includes Ann Arbor SPARK, Automation Alley, Macomb-OU INCubator, and TechTown.
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
TechConnect WV, a nonprofit advancing technology-based economic development, is seeking an executive director and solicits interest from individuals and entities able to provide services on a contractual basis.
SBA Selects 10 Regional Efforts for Cluster
The Small Business Administration (SBA) announced the selection of 10 regional economic development and job creation efforts through a new pilot program, Innovative Economies, that supports small business participation in regional economic clusters. SBA's funding is designed to expand the opportunities and the role small businesses play in these regional collaborations. The awardees were selected from among 173 applicants. Awards went to organizations in: Alabama, California, Connecticut, Illinois, Michigan, Minnesota, Mississippi, North Carolina, Ohio and South Carolina.
Michigan's Programs Having Significant Impact
Since 2006, Michigan's economic development programs designed to transition its economy from the traditional manufacturing-based economy to an economy driven by clusters of innovative manufacturers and service providershave led to more than 24,407 direct and indirect jobs created or retained, the creation of approximately 1,500 new companies and almost 900 patents.
TBED People
Neal Wade will resign his position as director of the Alabama Development Office in November and has been named senior vice president of economic development for St. Joe, one of Florida's largest real estate development companies.
Job Corner
The West Virginia Higher Education Policy Commission is seeking a highly talented and experienced individual for the position of Executive Director and Chief Executive Officer for the West Virginia Regional Technology Park located in South Charleston. The selected individual will have the opportunity to help refine and implement the vision for this property and its role in technology development, economic development, education, research and innovation in West Virginia and the surrounding region.
TBED People
Tom Thornton, president and CEO of the Kansas Bioscience Authority, submitted his letter of resignation to the board effective immediately. David Vranicar, president of the authority's Heartland BioVentures division, was named interim president and CEO.
Legislation Expands Michigan's Jobs Program to Include More Advanced Technology Industries
Gov. Rick Snyder signed into law a measure expanding the scope of the state's 21st Century Jobs Fund allowing more industries involved in research and advanced technology to compete for funds through the program. Although many tech-focused industries such as life sciences and alternative energy companies can already apply for funding under the program, the new legislation expands eligibility to include an even wider range of companies — information technology and agricultural processing.
Legislature Adds $50M for Michigan's Business Attraction Efforts
The Michigan Economic Development Corporation (MEDC) will be armed with $100 million for efforts to attract new businesses and help existing businesses grow in the coming year — an additional $50 million above Gov. Rick Snyder's request. Another $25 million was approved for a new innovation and entrepreneurship program.
TBED People
Karel Schubert has been appointed executive director of the Bioscience Association of West Virginia. Schubert most recently founded and is the chief executive officer of BioSynectics, a St. Louis-based bioscience firm.
J. Michael Saul, deputy director of the R.I. Economic Development Corporation, who served as interim director for a year, is stepping down. Saul had overseen the agency's capital programs such as the Small Business Loan Fund.
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.
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.
NY Gov Proposes Continued Support for Upstate Economies; ID, IA Govs Pitch Workforce Efforts
With the start of the new year, 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 Idaho, Iowa and New York.
17 Governors Sign Accord to Promote Clean Energy, Economic Prosperity
A bipartisan group of 17 governors signed the Governors’ Accord for a New Energy Future – a joint commitment to support the deployment of renewable, cleaner and more efficient energy technologies and other solutions to make the U.S. economy more productive and resilient as well as spur job creation in member states.
IL, MI, NJ Face Difficult Decisions in Upcoming Budget Negotiations
Governors around the country continue to lay 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 Illinois, Michigan and New Jersey.
WV science and tech plan outlines recommendations to grow state’s economy
West Virginia has updated its Vision 2025: West Virginia Science & Technology Plan (S&T Plan), which identifies four areas (life sciences, computer and data science, advanced manufacturing, and advanced energy) representing significant and growing university-based research and educational activities that align with the state’s target industries and workforce development goals.
DOE pushes for mining independence from China with $16 million grants
Technologies developed by West Virginia University and the University of North Dakota in Grand Forks that extract and separate rare elements and critical minerals from acid mine drainage and coal waste, will each receive $8 million in funding from the U.S. Department of Energy.
Early Stage Capital Measures Pass in KS, TN, and WV, In Limbo for AZ and ND
A mixture of success and trepidation accompanied 2016 legislation introduced in several states to create, extend, or recapitalize angel tax credit programs. While legislation in Arizona’s legislature failed due to a lack of support, angel tax credit bills in Kansas and Tennessee passed easily with broad support from their governors, lawmakers, and the public. In North Dakota, the state’s angel tax credit program faces an unclear future due to concerns about transparency and oversight. To stimulate investments in West Virginia’s startup community, Gov.