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.
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.
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.
Ohio Passes Innovation District Law
Ohio Gov. John Kasich signed a bill (HB 233) last month that authorizes cities and villages to create Downtown Redevelopment Districts (DRDs) that can address innovation districts and/or historic rehabilitation. The DRDs permit tax abatements of up to 70 percent of increased assessments in conjunction with payments in lieu of taxes (PILOTs) or a redevelopment charge that functions as a special assessment tax. In the case of innovation districts, these charges may be used to fund loans or grants to technology businesses—specifically including R&D and technology transfer activities—or to incubators or accelerators in the district.
Columbus – Home of SSTI’s 2016 Annual Conference – Designated ‘Smart City’ by USDOT
Last week, the U.S. Department of Transportation announced that Columbus, home to SSTI’s 2016 Annual Conference, has won a $40 million grant from the agency, beating out five other cities in the Smart City Challenge.
EDA Grants Support Regional Innovation
The U.S. Department of Commerce’s Economic Development Administration (EDA) announced a number of grants last week to aid regional innovation and entrepreneurship efforts through infrastructure improvements, the creation of new spaces, and business improvements in regions across the country. The grants fund projects in AR, AZ, CA, ME, MI, and OH.
Innovative Funding at the Edges
Venture development organizations are reaching into new territory for funding partners and finding success in innovative models. Two new funds, the San Diego Tech & Life Science Investor Syndicate and Rev1 Fund I in Columbus, OH, have recently opened with less traditional funding sources, testing the waters of crowdfunding and heavy corporate backing, respectively. The San Diego fund, launched by CONNECT, allows anyone wanting to invest $1,000 the opportunity to participate alongside more experienced lead investors.
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.
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.
Gov Announces $50M Innovation Strategy for Tennessee Regional Jobs Plan
Hoping to capitalize on Tennessee's "entrepreneurial spirit," Gov. Bill Haslam today announced today a $50 million innovation strategy as part of his regional jobs plan outlined last month. Named INCITE for its focus on innovation, commercialization, investment, technology and entrepreneurship, the initiative encompasses four components, including:
TBED People
TBED People
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.
State and Local Economic Development Centering on Regional Approaches
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.
Higher Ed Tuition Hikes Nearing Double Digits in Some States
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.
Instant Access to Best Practices from Leading TBED Practitioners!
Whether you are new to the tech-based economic development (TBED) field or a seasoned practitioner, SSTI's podcast interviews with experts in all areas of TBED serves as a useful learning tool. These short and "to the point" interviews delve into questions such as:
Ohio to Provide Ongoing Revenue for New Private Nonprofit Jobs Effort
The 2012-13 biennial budget signed into law last month by Gov. John Kasich authorizes the state to transfer the liquor distribution system to JobsOhio, a private nonprofit partnership created to assume the business-incentive and job-creating functions of the Ohio Department of Development. With the transfer, the state expects to generate $1.2 billion in a lump-sum payment, with $500 million deposited into the general fund in FY12 and $700 million used to pay off outstanding bonds supported by liquor profits, according to an analysis by the Ohio Legislative Service Commission.
TBED People & Orgs
Pamela Goldberg has been appointed as the executive director of the Massachusetts Technology Collaborative. Currently, Goldberg serves as director of entrepreneurial leadership at Tufts University.
Higher Education in the New Economy
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.
Treasury Approves $360M for State Small Business Lending
The U.S. Department of Treasury has released details on its latest funding approvals from the State Small Business Credit Initiative (SSBCI). Eleven states, and Washington, D.C., are slated to receive a portion of the $360 million that will be used to expand state small business lending and capital programs. In order to qualify, states must demonstrate that their relevant programs will generate at least $10 in new private lending for every $1 in federal funding.
NSF Awards $74M for Engineering Research Centers
The National Science Foundation (NSF) has announced that it will award $74 million total for the creation of four interdisciplinary research and education centers as part of the third generation of NSF Engineering Research Centers. In addition to their primary focus on commercialization and education, these centers will emphasize innovation, entrepreneurship, small business collaboration, and international partnerships. For the first time, two of the ERCs will be co-funded by the Department of Energy.
TBED People
E. William (Bill) Colglazier, recently retired executive officer of the National Academy of Sciences and the National Research Council, has been selected the Science and Technology Advisor to Secretary of State Hilary Clinton.
With Focus on Job Creation, Ohio Prioritizes Development Efforts
JobsOhio, the private, nonprofit corporation authorized to replace Ohio's economic development system, would administer state funded programs and services that have a direct, high-impact on job creation such as business loans, infrastructure grants and deal-closing funds, according to a report to the Ohio General Assembly. At the same time, a newly named Ohio Development Services Agency (ODSA) would focus on programs with a more indirect impact on job creation, including federally funded programs and services geared toward communities and individuals.
Tennessee Announces New Program to Support Nine Regional Business Accelerators
Commissioner of the Tennessee Department of Economic and Community Development, Bill Hagerty announced the state will commit up to $2.25 million for the Jobs4TN Regional Entrepreneurial Accelerators program. The grants will award up to $250,000 to a regional entrepreneurial accelerator in each of the state's nine economic development regions.
EDA Chief Confirmed for SSTI Conference
SSTI is pleased to announce that John Fernandez, Assistant Secretary for Economic Development at the U.S. Department of Commerce, will participate in a plenary session on the changing role of the federal government in TBED at this year's Annual Conference. SSTI's Annual Conference is the only economic development conference this fall with the senior leaders of the Economic Development Administration (EDA), National Institute of Standards and Technology (NIST) and the U.S. Small Business Administration (SBA) speaking.