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.
Puerto Rico Gov Joins List of Govs Using Executive Orders to Boost Renewable Energy
Puerto Rico Gov. Alejandro Garcia Padilla recently issued three executive orders aimed at advancing the island's renewable energy industry. The orders will grant priority approvals to renewable energy projects and introduce two new councils that will coordinate energy initiatives. Gov. Garcia Padilla joins a growing list of governors who have used executive orders to quickly implement energy policies without going to the legislature.
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.
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.
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.
Voters Reject Tax Increases, Back Bonds for Higher Ed
While election night's main focus was on the presidential race, the importance of ballot measures for states and metros is growing as public services and budgets are being severely trimmed. A recent article in The New Republic reports on a new trend where states are embracing ballot measures as a potential source of dedicated funds for targeted investments in regional economic growth and development.
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
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.
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.
Policy Academy teams meet to strengthen manufacturers
As part of an official kick-off for a yearlong Policy Academy, interdisciplinary teams from around the country met in Washington, D.C., last week to advance policies that strengthen their manufacturing sectors. The four state participants – Kentucky, New Jersey, Puerto Rico, and Utah – are comprised of leadership from governor’s offices, state economic development departments, Manufacturing Extension Partnership centers, manufacturing trade associations, and other manufacturing centers.
As part of an official kick-off for a yearlong Policy Academy, interdisciplinary teams from around the country met in Washington, D.C., last week to advance policies that strengthen their manufacturing sectors. The four state participants – Kentucky, New Jersey, Puerto Rico, and Utah – are comprised of leadership from governor’s offices, state economic development departments, Manufacturing Extension Partnership centers, manufacturing trade associations, and other manufacturing centers. In addition to facilitated working groups, the event featured speakers from Deloitte, The National Center for the Middle Market, NIST, MForesight, New America, and the National Governors’ Association.
Life sciences industry growing in Midwest, Philadelphia
The Midwest and the Greater Philadelphia region have found pathways to build strong life sciences industries and create environments that provide the necessary risk capital for healthcare startups. These life sciences clusters are driven by leading healthcare companies, high quality health systems, and top notch research institutions as well as strong entrepreneurial support ecosystems.
Economic Development Leader Rich Lunak Joins SSTI Board
Rich Luank, President & CEO of Innovation Works, recently was elected to the State Science and Technology (SSTI) Board of Trustees. Lunak will assist in providing strategic guidance and oversight of SSTI’s operations as the group works to encourage economic growth through science, technology and innovation.
People on the Move & TBED Organization Updates
Patrick Gallagher has been named the 18th chancellor and chief executive officer of the University of Pittsburgh. Gallagher currently serves as acting deputy secretary of the U.S. Department of Commerce and director of the National Institute of Standards and Technology.
People On The Move
John Sider has accepted a position with Pennsylvania State Senator Vincent Hughes and the PA Senate Democratic Caucus to work on economic development policy and projects, effective April 1. Currently, Sider is the managing director of statewide initiatives at Ben Franklin Technology Partners.
Vic Nole has joined the Buffalo Niagara Medical Campus, Inc. as director of business development and entrepreneurial activity.