New Jersey Launches $40 Million VC Partnership
After discovering that only 10 percent of the venture capital raised in New Jersey is invested in New Jersey companies, a new venture fund has been established combining private, state, and federal resources. The seed investment fund will be used to assist New Jersey start-up technology businesses get off the ground.
Northeast-Midwest Institute Reports on Federal Spending by State
Despite small improvements, Northeast and Midwest regions lag behind the South and West in terms of dollars returned to states from taxes sent to Washington, according to a report issued by the Northeast-Midwest Institute.
FEDERAL LABS SUPPORT AUTO INITIATIVE
Seven federal labs from the Federal Laboratory Consortium’s Midwest Region - representing the Air Force, Army, Navy, Department of Energy, NASA, Department of Agriculture, and the Environmental Protection Agency (EPA) - are cooperating in an initiative to help automotive manufacturers and suppliers access the resources of the federal laboratory system.
Brandinger Resigns; NJ Seeks Executive Director
The long-time executive director of the New Jersey Commission on Science and Technology, Jay Brandinger, recently announced his decision to resign as Executive Director of the New Jersey Commission on Science and Technology. Consequently, the Commission is seeking an Executive Director.
Vermont Leads Manufacturing Exports, Study Finds
Long-held opinions are hard to change. The state of the US manufacturing sector is a good example. Many people, particularly those in the Northeast and Midwest, hold tightly to memories of mass layoffs and factory closings nearly 20 years ago.
People
The Vermont Economic Progress Council has named Fred Kenney as Executive Director. VEPC is the nine-member panel established in 1994 with members appointed by the Governor to provide long-term economic policy planning. In 1998 it was given the responsibility of implementing the Economic Advancement Tax Incentives Act and reviewing applications for tax incentives.
New Director Named
Dr. Paul S. Huyffer has been named Executive Director of the Vermont Technology Council and Special Assistant to the President of the University of Vermont for Economic Development. The Vermont Technology Council has been in existence since 1992 and has been responsible for the development of a science and technology plan for the state.
Position Available
Applications and nominations are invited for the position of Executive Director of the Vermont Technology Council. The Council is a voluntary association of community leaders from the public and private sectors who are concerned with the economic vitality of Vermont and believe that the state's prosperity depends on the successful commercialization within the state of scientific and technological advances and innovations.
People in S&T
Dr. Paul Hale has been named the Executive Director of the Vermont Technology Council. Among other tasks, Dr. Hale is working on the state’s EPSCoT award in cooperation with the Vermont EPSCoR Program.
Tech Initiatives Proposed for New Jersey
Governor Christie Whitman has announced New Jersey Jobs for a New Economy, a multi-million dollar package of technology-related initiatives to make New Jersey more competitive in the creation of high technology jobs.
Among the plan's proposals are the following technology-related investments:
VC Conference Correction
In the June 11, 1999 SSTI Weekly Digest, a mistake was made. The Great Midwest Venture Capital Conference has not yet selected any of the 30 presenting companies for the 1999 conference. The deadline for applications is August 27. More information on the registration process can be found at the conference website: www.greatmidwestvcc.com
Midwest VC Conference Seeks Presenters
The Ninth Annual Great Midwest Venture Capital Conference will be held November 8-9, 1999 in Indianapolis, Indiana. The Indiana Business Modernization & Technology Corp. (BMT) is seeking applications from emerging technology businesses to present their business profiles and capital needs to a variety of potential investors at the event.
Fireworks on the Fourth for NJCS&T?
The Fourth of July might just be a paid holiday for New Jersey's tech-based economic development agency after all. Since Governor James McGreevey released his FY 2004 budget request six months ago, the New Jersey Commission on Science and Technology has been living under a June 30 death sentence. Facing a deficit forecast in excess of $4 billion, the governor had called for the elimination of the $15 million program.
$105M Tech Tax and VC Legislation Passes in Vermont
Capital for start-up and early-stage business ventures should become more plentiful in Vermont based on legislation, S. 178, passed in late May. A spokesperson for Governor Jim Douglas appraised the act's total impact as representing a $105 million investment into the state's economy.
People
Molly Lambert, secretary of the Vermont Agency of Commerce and Community Development since 1998, is resigning July 1 to become head of the Vermont Captive Insurance Association. The Agency is comprised of the Departments of Economic Development, Tourism and Marketing, and Housing and Community Affairs.
NJ Governor Shifting State TBED Priorities
NJCST Out, Cancer Research In
People
Kevin Dorn has been named secretary of the Vermont Agency of Commerce and Community Development by Gov.-elect Jim Douglas.
For NJ: Nano in, VC Out
Two separate news stories covering different New Jersey's technology-based economic development initiatives may give one of the first peeks at Governor James McGreevey's plans for science & technology in the Garden State.
Vermont Passes Tax Credits, Examines High Tech Impact
Vermont’s high-tech businesses now can take advantage of new tax credits with Governor Howard Dean, M.D.’s signature on H. 239. The bill creates a set of five incentives for high-tech businesses in industries including computer hardware or software, information and communications, microelectronics, semiconductors, digital communications, medical devices, energy technologies and electric vehicles.
People
Gov. James McGreevey recently appointed Alfred Koeppe as the new Chairman of the Economic Development Authority of New Jersey.
New Jersey Creates Commission on Jobs, Growth and Economic Development
To help make his state a leader in research, development and innovation, New Jersey Governor James McGreevey recently signed an executive order establishing the Commission on Jobs, Growth and Economic Development. Highlighting the state's strengths but calling for it to move forward, even with a $5 billion budget shortfall looming, the governor said the commission is needed to put New Jersey in position to be more competitive.
Dems Take NJ, VA Governorships
Democrats took the year’s only two races for governor, electing Jim McGreevey in New Jersey and Mark Warner in Virginia.
New Jersey Plans $450M Stem Cell Referendum
State Also Begins Work on $150M Stem Cell Research Center An agreement between Gov. Jon Corzine and state legislative leaders will result in a $450 million bond referendum being put before New Jersey voters this fall. If approved, the money will be used to augment support for the state’s stem cell research initiative over the next 10 years.
SSTI Job Corner
Complete descriptions of the position openings described below are available at http://www.ssti.org/posting.htm.
People
Peter Gold was appointed associate provost for economic initiatives at Rutgers-Camden.