KS, GA, NC and WA look to Increase Small Business Capital Using Securities Exemptions
Since 2011, three states (Kansas, Georgia and North Carolina) have enacted securities exemptions that allow their state's entrepreneurs and small businesses to raise up to $1 million dollars via the sale of securities to residents of the state — Washington lawmakers introduced similar legis
TX, GA, NY, TN Incubators Top Global University Business Incubator Index
Rice University's Rice Alliance for Technology and Entrepreneurship has been named the top university business incubator in the world by the University Business Incubator (UBI) Index based in Sweden. The group reviewed 550 university business incubators and studied 150 incubators to determine the top incubators in the world based on their value for the ecosystem, their value for clients, and their attraction rate and past performance. Other U.S.
TBED People and Orgs
Yuka Nagashima, executive director of the High Technology Development Corp. and center director for the Innovate Hawaii program, has resigned from both posts and will leave the state agency in August. Nagashima will be leaving for Denmark to support her husband's research career. Len Higashi, current senior economic development manager, was selected to become the acting executive director.
CA, NC Govs Propose Bold Reforms to State Economic Development Efforts
Avoiding redundancy and enhancing the efficiency and effectiveness of outdated programs are some of the major goals for governors in California and North Carolina seeking a new approach to job creation. Both proposals involve an overhaul to established economic development efforts.
SSTI Examines Trends in Innovation Policy from the State Legislatures
As many state legislative sessions wind down, a clearer picture of the current direction of state innovation policies is emerging. This week’s SSTI Weekly Digest presents a few of the major trends in technology-based economic development initiatives approved by state legislatures during their most recent sessions. While this review is not meant to be comprehensive, it should illuminate the shifts states are making to refine their investments in the high-tech economy by providing smarter, more targeted support.
Funding for TBED Trimmed in NC Budget
Lawmakers continued to provide support for life sciences at a reduced level in the recently enacted budget; however, other technology areas did not fare as well. In some cases, funding was eliminated for tech-based initiatives, and lawmakers allowed a tax credit for early stage investors to expire. Meanwhile, the North Carolina Biotechnology Center plans to consolidate activities and redouble efforts to keep things moving in the wake of a 27 percent reduction to their budget.
TBED People and Orgs
Tech Talkin' Govs: Part IV
North Carolina Moving to Tie Higher Ed Closer to the Job Market
North Carolina Gov. Pat McCrory is pushing for state funding of higher education to be based on the success that community colleges and universities have at placing their students in the job market. “I don't want to subsidize (a course) if that's not going to get someone a job ... it's the tech jobs we need right now,” stated McCrory on the nationally syndicated “Morning In America” radio broadcast.
Tech Talkin' Govs: Part VI
Report Examines North Carolina's Biotechnology Industry
Commissioned by the North Carolina Biotechnology Center, a study found North Carolina's biotech industry employees almost 58,000 residents at an average annual wage of $78,000. From 2001 to 2010, employment in the state's biotech industry grew by 23.5 percent (approximately 12,000 new jobs) — 3.5 times faster than the national biotech workforce. In comparison, North Carolina's private-sector workforce declined by 2.8 percent in the same period.
TBED People and Orgs
President Obama nominated Ernest Moniz as the next secretary of Energy, Gina McCarthy as administrator of the Environmental Protection Agency, and Sylvia Mathews Burwell as director of the Office of Management and Budget. The nominations require confirmation by the Senate.
Draper Triangle Ventures is opening a Columbus, OH, office. Will Indest, formerly of TechColumbus, has been named managing director.
Faculty Involvement Credited with Tech Transfer Boost in NM, TN
New efforts to step up technology transfer at the University of New Mexico (UNM) and the University of Tennessee (UT) have resulted in a record number of invention disclosures over the last year. In both cases, much of the achievement is attributed to faulty involvement, including new outreach efforts by the universities and more aggressive and ambitious goals set for the institutions.
EDA Awards $3M to Three Cities for Economic Development Planning
The Department of Commerce announced the winners of the Strong Cities, Strong Communities (SC2) Challenge, the Economic Development Administration-led competition seeking to help cities and regions develop a comprehensive economic development strategy. Greensboro, North Carolina, Hartford, Connecticut, and Las Vegas, Nevada each were awarded $1 million to assist in the refinement and implementation of their respective plans.
Gubernatorial Candidates Make the Case for TBED
On November 6, in addition to the presidential election, eleven state and two territorial gubernatorial contests will be decided. Seven of these races (Delaware, Missouri, North Dakota, Puerto Rico, Utah, Vermont, and West Virginia) include a sitting governor running for re-election, while the remaining six (American Samoa, Indiana, Montana, New Hampshire, North Carolina and Washington) are open races.
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
Intrastate Crowdfunding Moves Forward in Five States
Even after equity crowdfunding reached a milestone earlier this month with new Securities Exchange Commission proposed rule changes, state legislatures across the country continue to pass intrastate crowdfunding bills.
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.
NC Commits $250M for Second North Carolina Innovation Fund
State Treasurer Janet Cowell announced a second North Carolina Innovation Fund (NCIF), a $250 million commitment to North Carolina-centered companies. Approximately $165 million will be designated to make co-investments in growth stage companies with the potential for a risk-adjusted, high return on investment (ROI) – 20 percent ROI. The second NCIF will make targeted investments into a diverse set of industries that include key sector identified by the state as growth sectors.
Ballot Preview: Voters to Decide on Taxes, GMOs, Higher Ed
On November 4, 42 states will vote on 146 ballot issues across a wide array of issues. In addition to initiatives on gun control, bear baiting, and the minimum wage, several initiatives relevant to the TBED community are also up for decision. SSTI has gathered information on many of these and will discuss their results after next week’s elections.
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.
Election 2016 Updates
NC Gov. Pat McCrory conceded the election to Democrat Roy Cooper on Monday after a recount he requested in Durham County was showing no change in the election results. Acknowledging that it was a divisive election, Gov.-elect Cooper said, “I know still that there is more that unites us than divides us.” Cooper will face a Republican super majority in both chambers of the state legislature.
States Find New Ways to Expand Access to Higher Education
Forty-one states are spending less per student than before the 2008 recession, according to a recent study from the Center on Budget and Policy Priorities. As a result, more of the burden of higher education costs is being passed on to students, putting college out of reach for many. With state budgets still tight, many states are experimenting with new ways to make a college education accessible to all students.
Budget Update: NE, TN Budgets Fund New Efforts to Boost K-12 STEM
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 state legislatures have begun approving budgets, 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 Tennesse and Nebraska.
Research Park RoundUp
Included below are recent development plans and groundbreaking news for research parks announced by officials in Connecticut, Colorado, Kentucky, Massachusetts, Nebraska, North Carolina, Rhode Island and Wisconsin.