Outlining the need for a new national effort to build regional innovation economies, a panel of experts gave testimony to the Research and Technology subcommittee of the House Committee on Science, Space and Technology, chaired by Rep. Haley Stevens (D-MI). The panel focused on how regions have developed their innovation economies and how those experiences could be replicated across the country with federal support.

The news that a drug has been developed that appears to significantly reduce the risk of hospitalization or death from COVID-19, understandably garnered international attention. While most of the coverage centered on Merck, dig a bit deeper and one learns that Emory University researchers developed molnupiravir which Merck and Ridgeback Biotherapeutics have licensed.

The emerging innovation-intensive sector of urban farming is seeing heightened interest by venture capitalists, investments are growing faster than the crops: $2.4 billion so far this year at last count by PitchBook. That reflects a year over year (YoY) investment growth rate of 214 percent.  The number of individual deals also is rising 14 percent YoY. The sector is expected by many market analysts to capture an increasing share of the nation’s food supply for a number of reasons.

The U.S. Economic Development Administration today announced the 50 organizations that will share in grants totaling $36.5 million to support programs that fuel innovation and tech-based economic development as part of the Build to Scale program.

With a 20-year history, the Maryland Technology Development Corporation (TEDCO) is reporting an economic impact in 2021 four times greater than what they experienced in 2013. A new independent study found that its six core programs have provided “significant value” to the state’s start-up community, supporting over 10,000 jobs and more than $2 billion in statewide economic activity as of 2021. Meanwhile, BioCrossroads, a non-profit based in Indianapolis, has reported growth in its life sciences initiatives over the past 15 years.

As vaccination rates increase across the country and infections fall, the role of science in combatting the COVID-19 virus is front and center. Last week, we brought you stories about SSTI members’ efforts to help small businesses. In today’s story, we share additional feedback from our members that worked to find ways to fight the virus and others who pivoted to help their students continue to learn in a challenging environment.

This week, the U.S. Economic Development Administration announced that the Build to Scale program has opened for applications. The Build to Scale program provides operating funding for tech-based economic development initiatives in regional economies. This program has long been a top priority for SSTI’s Innovation Advocacy Council, and we are happy that our continued success in raising the program’s appropriation means this year’s funding opportunity will award $38 million in grants.

Much of the public policy and governmental spending focus to date regarding COVID recovery has been just that: recovery. The infrastructure proposal, the America Jobs Plan (AJP), President Biden unveiled this week represents his proposal to start moving forward.  In remarks about the proposal, he described it as “not a plan that tinkers around the edges,” a “once-in-a-generation investment” that will lead to “transformational progress.”

As noted in our separate overview, the 25-page American Jobs Plan provides goals, highlights and proposals, but also raises questions about how proposals would be implemented and even exactly how much money would be spent.

The Economic Development Administration (EDA) announced 60 organizations receiving $53 million from the Build to Scale program today. This is the program’s 10th and largest award cycle, following years of consistent appropriations growth from Congress.

Reminder!

The TBED Community of Practice webinar is coming up next week! 

Interactive Webinar: Lessons Learned in TBED Grant Management—December 5, 2023, at 3:00 p.m. ET.

Congratulations on winning federal funding! Are you ready to manage it? A first federal award can be a significant challenge for organizations. Even experienced groups can hit snags when working with new agencies that may use different rules or definitions.

When the full impact of the COVID-19 virus was just beginning to be realized in spring of 2020, small businesses across the country were faced with nearly insurmountable challenges and emergency orders, shutting down operations in many instances and choking off funding sources. Many in the technology-based economic development (TBED) community stepped in and pivoted their own organizations and plans to help others. We reached out to our SSTI members to hear about how they responded.

Editor’s note: SSTI is committed to helping its members create economies that are equitable and inclusive. The following article is part of a series highlighting how different organizations ensure all people within their communities can benefit from today’s economy and lessons learned in their work.

Leaders within the largest city in the United States, and one of the most influential in the world, recognize the daunting challenges resulting from New York City’s vulnerability to climate change—evidenced already in violent storms, flooding, and rising sea levels—as well as the economic opportunity that comes in combating the negative impacts of that change and reducing the city’s contributions to further temperature rise.

In a webinar last week, staff from BioSTL and SSTI shared their organizations’ use of Salesforce for grant management and reporting. It facilitated a lively discussion among the more than 100 attendees about technical and practical challenges and solutions for the platform. The presentation and recording are now available here.

SSTI has released a new data tool that defines investment activity, one indicator of the vibrancy of a region’s innovation economy, in each of 18 technology areas.

Have you ever wondered whether there is a federal program that supports tech-based economic development (TBED) strategies and initiatives--even if it doesn’t explicitly state that science, technology, innovation, or entrepreneurship are priority uses of funds? Actually, a wide variety of federal programs can support these programs. To help organizations identify sources of funding that could be useful, SSTI interviewed representatives from the Economic Development Administration (EDA) to understand better how they can use specific funding opportunities to support TBED activities.

The press release for the latest report from the Intergovernmental Panel on Climate Change (IPCC) opens in what has become a tradition for environmental reporting: a dire statistic intended to inspire a desire for action.

Which should be more valuable for an economic development minded investment program?

May 21, 2024, 3:00 p.m. ET

Ecosystem mapping facilitates clear communication about the resources, support programs, and key players available to entrepreneurs and innovators in a region. For TBED organizations, it is also a valuable tool for identifying potential partners, facilitating referral networks, and uncovering new strategic opportunities. However, keeping these maps current and reflective of a region’s growing and evolving economic landscape can be a challenge.

Editor’s note (April 4, 2024): This article has been updated to reflect relevant programs included in the second of two FY 2024 omnibus appropriations bills.

Many federal funding programs have the potential to support technology-based economic development (TBED) initiatives, even when technology and innovation aren’t their explicit focus. This is the case with the Appalachian Regional Commission (ARC). SSTI recently sat down with Christy Johnson, ARC program analyst, to learn how three of ARC’s funding opportunities can support TBED activities in the Appalachian region.

Two senior leaders of state programs designed to help commercialize new intellectual property joined a TBED CoP webinar last week to discuss how they determine whether those initiatives are successful. John Hardin, executive director of the Office of Science, Technology & Innovation at the NC Department of Commerce, described the One NC Small Business Program and the evaluation process the office performs each year. They use surveys of award recipients and econometric analysis to demonstrate the program’s effectiveness.

This week the Economic Development Administration (EDA) announced it had completed awarding $27.9 million in cooperative agreements to establish eight economic development Communities of Practice, including the Technology-Based Economic Development (TBED) Community of Practice led by SSTI to help build the capacity and disseminate effective technology-based economic development practices across the innovation industry

SSTI is pleased to announce a new project with the Economic Development Administration (EDA) to build a Community of Practice focused on EDA’s important technology-based economic development (TBED) investment priority area. This new partnership will help regions across the entire country become more resilient, more equitable, and more competitive in the global innovation-centered economy.