The Ohio State University and Ohio University announced a new $35 million venture capital fund to address the lack of critical, early stage funding for innovative technology ventures in the state. Ohio State will contribute $20 million and Ohio University will provide the remaining $15 million. The universities also committed to leveraging their resources and assets to support entrepreneurial activity and venture creation in Ohio. Read the press release...

Proposals introduced in Florida and Ohio would have changed the funding model for universities that meet certain benchmarks to elevate their standing for research and innovation. Both proposals ultimately were rejected, however. In Ohio, the state's plan for enterprise universities is on hold, and in Florida Gov. Rick Scott recently vetoed a bill to establish preeminent universities.

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.

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.

Over the last week, several states have announced/passed new programs focused on increasing the capital available to spur small business growth and innovation. Officials from New Jersey announced the state's new angel tax credit will take effect July 1. In Arizona and Wisconsin two bills await gubernatorial approval that would rework the Arizona R&D tax credit program and establish a $75 million venture capital fund in Wisconsin. Meanwhile, the Minnesota state legislature did not approve an additional $5 million for its popular Small Business Investment Tax Credit.

A continued trend toward improved fiscal conditions gave rise to targeted and riskier investments in research for several states this legislative session. In particular, lawmakers dedicated funds for life sciences research and for initiatives aimed at commercialization through partnerships with higher education and the private sector. Other states dedicated additional funds to expand promising research and technology-focused initiatives already underway.

A recent report by Cleveland State University's Levin College of Urban Affairs details the economic impact of companies supported by JumpStart Inc. and the North Coast Angel Fund in the 2012 calendar year. The 127 companies included in the study created 2,140 jobs in Ohio (1,652 in Northeast Ohio), generated $269.7 million in economic benefits for the state, and produced $35.5 million in federal, state, and local taxes.

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.

In July 2009, President Obama challenged community colleges to graduate an additional five million students by 2020. According to the president's speech, community colleges uniquely are positioned to fuel the future of U.S. competiveness by developing an educated, skilled workforce to address the needs of a 21st century workplace.

Karen Mills, head of the Small Business Administration since 2009, has announced her departure. She will stay on until her successor is confirmed.

New Hampshire Gov. Maggie Hassan has nominated Jeffrey Rose to be the state's commissioner of Resources and Economic Development.

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.

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.

Measuring impact is critical to the success and sustainability of any economic development initiative, and as the national debate over fiscal austerity and taxpayer spending continues, TBED organizations can expect increased scrutiny and accountability for their investments.

Caren Franzini, the CEO of the New Jersey Economic Development Authority, stepped down after leading the agency for 21 years. Michele Brown, Gov. Chris Christie's appointments counsel, will take over as CEO.

On Thursday, the Obama administration announced it had selected the TechBelt region, encompassing northeast Ohio, western Pennsylvania and northern West Virginia, to host the pilot institute of the National Network for Manufacturing Innovation (NNMI). The new National Additive Manufacturing Innovation Institute (NAMII) will operate as a partnership of more than 60 companies, research universities, community colleges and nonprofit organizations from the region.

Whether to attract federal grants, keep up with demand to graduate more highly skilled students, or advance the capabilities for research and exploration, universities are pushing for state funding to invest in science buildings and other infrastructure needed to expand research capacity and improve competitiveness. In New Jersey, a measure to approve $750 million in higher education borrowing to build and renovate campus facilities will go to the voters in November.

Voters in 37 states will decide on more than 170 ballot measures this year, many of which are related to tech-based economic development (TBED). Tax measures seem to be dominating ballots this year, with questions relating to both decreases and increases for sales, property and income taxes. Several states are counting on voters to agree to temporary increases to help fill budget deficits and ensure steady funding for education.

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SSTI board members Rob Atkinson and Rebecca Bagley and SSTI member Stephen Tang were appointed to the U.S. Department of Commerce Innovation Advisory Board. The 15-member board will guide a study of U.S. economic competitiveness and innovation to help inform national policies.

Much of the recent economic recovery plans coming from governors across the country have focused on growing and nurturing existing businesses through a regional approach to economic development. The idea is that by identifying and defining the unique needs of a region, policymakers and practitioners can then provide the necessary tools and resources to grow industries likely to succeed within a given region, thus improving the overall economic landscape of the state. This approach is happening both in states and at the local level.