Gov. Andrew Cuomo announced more than $715 million in funding for 824 projects across the state as part of the third round of funding for the Regional Economic Development Councils initiative. Established in 2011 to improve the business climate statewide, the 10 regional councils support projects tailored to maximize resources and competitive advantages.

New York Governor Andrew Cuomo announced that the state has started accepting applications for the $25 million "Connect NY" program to promote and expand broadband Internet access. The grants will be awarded to public-private partnerships comprised of internet service providers, local governments and economic-development organizations.

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.

New York Gov Andrew Cuomo has announced the launch of the NYSUNY 2020 Challenge Grant Program. In its first phase, the program will make $140 million available (up to $35 million per institution) to SUNY University Centers in Albany, Binghamton, Buffalo and Stony Brook for partnerships with the private sector. These partnerships are intended to create new jobs and revitalize regional economies.

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.

In the 2008-2009 academic year, nearly 66 percent of all degrees awarded by the State University of New York system were in fields related to the 16 clusters identified as key to the state's future growth, according to a new study — How SUNY Matters: Economic Impacts of the State University of New York. The 64-campus SUNY system is comprised of research universities, university colleges, community colleges and specialized institutions from across the New York state.

As the cost of a college education continues to rise and good paying jobs are seemingly scarcer than ever before, many Americans are questioning the value of a college degree. A recent survey from the Pew Research Center found 57 percent of Americans believe the U.S. fails to provide good value for the money students and their families spend, and about four in ten college presidents say the system is headed in the wrong direction. At the same time, however, studies find the lifetime earnings of college graduates to be much higher than those of high school graduates.

Lawmakers last week passed a measure establishing the Innovate NY Fund to invest $25 million of federal funds in technology development organizations, research universities, and seed-stage investment funds. The Empire State Development Corporation will administer the fund and establish a competitive process for evaluating applicants. Investment priority is given to companies involved in commercialization of R&D or high-tech manufacturing.

Lawmakers in several states wrapped up their 2011 sessions in time for the new fiscal year, which begins on July 1 for most states, allocating funds and passing bills in support of tech-based economic development. Read more...

As state and federal funding for higher education dwindles and the workforce needs of the new economy continue to shift, state and university officials are reevaluating how higher education is funded, its return on investment for the state, and how universities can better drive economic growth. Recent examples in New York, Ohio and Texas demonstrate how states are implementing new policies to adapt to the changing times.

Spending time at a technology or business incubator may be the key to learning about entrepreneurship. Some universities, seeking to ramp up entrepreneurship programs, are turning to incubators as real-world teachers.

The 10 regional councils established earlier this year to stimulate economic development and improve the business climate statewide are tasked with five primary responsibilities, and can compete for funding from a pool of $1 billion to support projects they determine to be a part of their regional strategy. Gov. Andrew Cuomo recently unveiled a blueprint for how the councils will operate with information regarding resource allocation, structure and leadership, and performance measurement.

Venture for America (VFA), nonprofit organization, announced its official launch and the acceptance of applications for its inaugural pool of "fellows," approximately 50, selected from the graduating class of 2012. The organization hopes to "spur enterprise and encourage entrepreneurship in parts of the U.S. that struggle to attract top college graduates."

Karl Fooks, a past managing director for J.P. Morgan & Co. in Asia, is the new president of the Hawaii Strategic Development Corporation. Fooks replaces John Chock who retired last year.