TBED People & Orgs
Richard Bendis has been named the first president and CEO of BioHealth Innovation, Inc. a regional private-public partnership focusing on commercializing market-relevant biohealth innovations and increasing access to early stage funding in Central Maryland.
Groups Call for Aggressive Bioscience Strategies in IN, NY and PA
Two common themes emerged in a trio of reports aimed at growing the bioscience sectors in Indiana, New York and Pennsylvania: the need for a sustained financial commitment from the states and the importance of a shared vision and better communication between policymakers and industry leaders. In all three reports, the authors say the payoff is big for the states. The bioscience and life science industries support high-wage jobs and attract significant federal funds.
Indiana
Creating Shared Value through Locally Focused Venture Capital Funds
In the January 2011 edition of the Harvard Business Review, Michael Porter and Mark Kramer called for a redesign of the existing business model and their role within society. Instead of simply embracing corporate responsibility and corporate giving, businesses should work to create shared value within their community by helping to support local clusters and institutions to address societal needs and issues.
Freestanding Entrepreneurship Schools, Creative Courses Illustrate Evolving Role of Universities
Recent research on the evolving role of universities finds the emergence of an entrepreneurial society has contributed to a broader and more fundamental role for universities — that is to provide thinking, leadership and activity to enhance entrepreneurship capital. University-based entrepreneurship programs and initiatives seem to have gained steam following the recession with federal support for programs to enhance entrepreneurial efforts in states and regions and increased interest from students and out-of-work individuals.
Private Sector Partnerships Emphasized in North Dakota's Centers of Excellence Successor Program
A new program that builds upon the successes of North Dakota's Centers of Excellence and Research Excellence programs will fund up to half of the cost of R&D and commercialization projects conducted by the state's research universities. Under Research North Dakota (RND), the development and commercialization of new products will be achieved on a project-by-project basis and state funds will be matched with private-sector cash investment.
Ben Franklin Technology Partners Generating Returns to the State and Community
Ben Franklin Technology Partners (BFTP), Pennsylvania's tech-based economic development program, released a joint study by the independent Pennsylvania Economy League and KLIOS Consulting, which determined the economic impact of the organization between 2007-2011. These numbers aggregate the impact of the four regional Ben Franklin Technology Partners.
States Position Themselves to Compete in Domestic Drone Industry
While public debate rages over the role of surveillance in our society, one particularly infamous government surveillance technology, drones, is being prepared for private sector deployment in the U.S. Drone-related technologies are predicted to revolutionize commerce in the U.S., with industry projections valuing their initial deployment as an $82 billion boost to the national economy.
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.
Pennsylvania To Invest $100M in Tech Startups
According to the Philadelphia Business Journal, Pennsylvania Gov. Tom Corbett has signed off on the creation of a new program, InnovatePA, which will auction off $100 million in tax credits to generate state revenue that will be invested in the funding of tech and biotech startups.
MN, ND, NE, RI Sponsor Internship Programs to Build Relationships Between Employers, Students
During this year’s legislative sessions, several states looked toward creating, providing support for or redesigning programs that help incentivize businesses to hire and mentor student interns. In an effort to spur rural internships, Minnesota lawmakers approved a new tax credit program to support internships for students in greater Minnesota. In North Dakota, lawmakers committed $1.5 million to their Operation Intern program, while Nebraska lawmakers updated their Intern Nebraska grant program to provide students with a high-quality internship experience. Rhode Island Gov.
Lawmakers Move to Support Workforce Training, Strengthen Industry Clusters
At the close of many recent legislative sessions, states across the country moved to strengthen their high-tech workforce while supporting industry cluster development.
Tech Talkin' Govs: Part I
SSTI's Tech Talkin' Govs series has returned for its 13th annual edition. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses across the nation. The first edition includes excerpts from speeches delivered in North Dakota, New Hampshire, New York, and Virginia.
More Funding for Higher Ed Sought in FL, OH, PA and TX Tied to Performance
Upbeat revenue forecasts and shared economic principles have Republican governors in four states requesting more funds for higher education tied to performance metrics or workforce outcomes. Recent budget proposals introduced in Florida, Ohio, Pennsylvania and Texas focus on competing for talent and jobs through efforts to encourage STEM learning and teaching and incentivizing outcomes such as graduating more students in high-demand fields, conducting research and more. College affordability is addressed through measures that would freeze tuition or cap increases.
PA One Step Closer to Budget Deal; HI, NM, VA Govs Outline Spending Plans
While many states have begun negotiations on budget plans for FY17 and beyond, Pennsylvania has made some progress on FY16 spending. Gov. Tom Wolf signed a partial budget that funded many agencies and programs related to economic development, but that did not include higher education funding and other operations. In the coming months, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Hawaii, New Mexico, Pennsylvania and Virginia.
Pennsylvania’s Largest Universities Make Investments in Innovation, Entrepreneurship
Pennsylvania’s largest universities by student population, Penn State and Temple University, both announced plans this week to make a concerted investment in their respective innovation ecosystems. Pennsylvania State University (PSU) President Eric Barron announced $30 million in new investments for economic development and student career students, while Temple University and Ben Franklin Partners of Southeastern Pennsylvania established a new startup accelerator to assist university ventures.
Tech Talkin' Govs: Tax Reform, Higher Ed Featured in Governors' State of the State Addresses
SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.
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
States Seek Slice of Growing Unmanned Aircraft Industry
As the Federal Aviation Administration continues to propose regulations around the fledging unmanned aircraft system (UAS) industry in order to ensure that it integrates into the current system as well as possible, states are beginning to act in order to improve their own competitiveness.
Universities Build Diverse Partnerships to Fund Startups
In the face of declining state funding and drawn-out budget negotiations, universities are moving beyond traditional budget procedures to secure funding for their economic development activities. Over the past few months, several universities have leveraged new sources of public and private funds to establish seed funds for university technology. These efforts are intended to increase the number of businesses emerging from their respective educational and research programs and spur regional economic prosperity.
Govs Focus on Education in AL, LA, OK, PA, TN Budget Proposals
SSTI’s analysis of gubernatorial addresses, strategic plans and budget proposals continues this week with highlights from Alabama, Louisiana, Oklahoma, Pennsylvania and Tennessee. Governors are facing difficult fiscal situations in several of these states, often scaling back tech-based economic development efforts. Tennessee Gov. Bill Haslam, however, is using a fiscal surplus to invest in higher education and regionally focused economic initiatives.
Alabama
Pittsburgh Launches Inclusive Innovation Roadmap to Support Equitable Access to Technology, City Resources, Information
Pittsburgh Mayor William Peduto announced the launch of the Pittsburgh Roadmap for Inclusive Innovation, a strategic plan that is intended to support economic growth and the equitable access to technology, city resources, and information. The roadmap includes three primary goals that include:
New Developments in Capital: Strong Results Announced, New Funds Created
In the last month, major new developments have occurred in TBED capital programs. Launch Tennessee and Pittsburgh-based Innovation Works both announced positive findings about the growth of their startup investment ecosystems with $1 billion being raised by Tennessee startups from 2012 to early 2016 and over $279 million invested in Pittsburgh startups in 2015. Meanwhile in Ohio, both Youngstown-based and Cincy-based startups will see an influx of capital, while a new $150 million fund focused on stem cell companies and regions has been launched.
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.
ARC announces $26.5M in POWER grants
The Appalachian Regional Commission (ARC) announced its latest round of grants for Partnerships for Opportunity and Workforce and Economic Revitalization (POWER).
The Appalachian Regional Commission (ARC) announced its latest round of grants for Partnerships for Opportunity and Workforce and Economic Revitalization (POWER). The 35 grants totaling $26.5 million support workforce training and education in manufacturing, technology, healthcare, and other industry sectors; invest in infrastructure enhancements to continue developing the region's tourism, entrepreneurial, and agriculture sectors; and, increase access to community-based capital, including impact-investing funds, venture capital, and angel investment streams. The awards are projected to create or retain over 5,400 jobs and leverage more than $193 million in private investment into 59 Appalachian counties.
A few of the awards (with SSTI members in boldface) are highlighted here:
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.