Deadline approaching for new federal regulations that a hostile Congress could quickly overturn
Sometime in late May, the U.S. will pass a deadline that could have major repercussions for new administration rules, depending on the outcome of the 2024 federal elections. In effect, rules finalized before late May would be overturned only by going through a new, full rulemaking process, which can be a lengthy process. Rules passed after that date, however, could be overturned relatively quickly by Congress if control of the branches changes.
EPA announces eight selections for $20 billion in grants under the Greenhouse Gas Reduction Fund
The U.S. Environmental Protection Agency has announced its selections for $20 billion in grant awards under two competitions within the $27 billion Greenhouse Gas Reduction Fund (GGRF).
NIST MEP seeks new director; applications due May 8
The National Institute of Standards and Technology (NIST) have posted the position for director, Hollings Manufacturing Extension Partnership (MEP) Program after the recent announcement that the previous director had left to become director of the CDFI Fund. The director “directs and controls the activities of the MEP,” according to the posting.
Dept of Commerce announces CHIPS funds for TSMC and Samsung
The U.S. Department of Commerce has recently signed two non-binding preliminary memorandums of terms (PMTs) with semiconductor companies to provide direct funding under the CHIPS and Science Act. One company, the TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), will receive up to $6.6 billion to support the company’s investment of more than $65 billion in three greenfield fabs in Phoenix, Arizona.
160+ organizations sign letter asking Congress to fund Tech Hubs in FY 2025
SSTI and more than 160 state and local governments, institutions of higher education, businesses, trade associations, and nonprofit organizations sent a letter to Congress asking for Tech Hubs appropriations in the FY 2025 budget.
NSF launches new round of funding for NSF Regional Innovation Engines, pending appropriations
Pending congressional appropriations, NSF announced a solicitation for a new set of NSF Regional Innovation Engines (NSF Engines). These NSF Engines would be in addition to the 10 inaugural engines the agency announced in January. In this proposed round of funding, NSF would only accept proposals for full NSF Engines, competing for up to $160 million over 10 years.
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While federal law and our own moral ethics prevent us from putting her to work in the near future, SSTI is excited to welcome Madelynn Elizabeth Carr to the world as the newest member of the SSTI team. Ms. Carr was born to SSTI Executive Assistant Ruth Carr and her husband, Larry, on Wednesday, Nov. 17.
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The National Technology Transfer Center named James Goulka as its new CEO. Goulka formerly was president and CEO of the Frank Lloyd Wright Foundation in Scottsdale, AZ.
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Ken Marcus is the new director of the University of Arizona Science and Technology Park.
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John Nauseef has been appointed CEO of Dayton Development Coalition, filling the position to be vacated by Ron White when he resigns at the end of the year.
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Montana Gov.-elect Brian Schweitzer tapped Tony Preite to serve as director of the state Department of Commerce. Priete is currently director of the office of commercialization and economic development outreach at the University of Montana and is a former regional director for the Colorado office of the Economic Development Administration.
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Indiana Gov.-elect Mitch Daniels has named Chuck Schalliol as his budget director. Schalliol had been on loan from Eli Lilly and Co. since April to serve as president and CEO of Central Indiana's BioCrossroads.
Canada Launches $125M Facilities to Advance Tech Commercialization
To increase the commercial value and economic benefits of federal investments in scientific research, the National Research Council of Canada (NRC) is launching six new research and innovation facilities valued at over $125 million.
Georgia Tech’s $5M Tennenbaum Institute to Focus on Enterprise Transformation
For most people in the business sector and economic development field, perhaps, the word "innovation" is quickly associated with tech start-ups and entrepreneurial businesses. The new Tennebaum Institute at Georgia Tech, opened last month with a $5 million donation from school alumnus Michael Tennebaum, is hoping to change that.
VC News
With the goal of creating new access to venture capital (VC) for area businesses, Arizona and Montana are investing up to $50 million into a “fund of funds” concept. Both states are undertaking this multi-management model with the hopes of luring high-tech start-up companies. Their efforts are described in further detail below.
The Federal Trade Commission finalizes a new rule to prohibit employers from enforcing noncompetes; the rule is expected to increase the number of startups
The Federal Trade Commission has issued a final rule to promote competition by banning noncompetes against workers nationwide.
An Earth Day item on TBED financial investment strategies
Which should be more valuable for an economic development minded investment program?
Which should be more valuable for an economic development minded investment program?
- Company A, which yields a 2x return on investment and has a technology that reduces carbon emissions and energy use,
- Company B, which returns 12x to investors through an impressive IPO but contributes more to climate change, or
- Company C, which returns 3x and the climate impacts of its technology and production process aren’t as easily measured so remain unknown.
Data centers projected to strain electric grid
Data center electricity consumption is expected to triple in just eight years, according to a recent report from the Boston Consulting Group. They project the tripling to occur in both the amount of electricity consumed (~130 TWh in 2022 to ~390 TWh in 2030) and its share of total U.S. electricity consumption (2.5% in 2022 to 7.5% in 2030).
SBA Announces 2024 Growth Accelerator Fund Competition Stage One Winners, up to $3 Million in Prizes Awarded
The U.S. Small Business Administration (SBA) has announced the 2024 Growth Accelerator Fund Competition (GAFC) Stage One winners. Each received $50,000 in prize awards for impactful and inclusive approaches to foster a thriving, collaborative national innovation support ecosystem to advance small business R&D.
SBA Report Outlines State of Small Business
The Office of Advocacy of the U.S. Small Business Administration recently unveiled a new federal government report outlining the state of small business and its contributions to the economy. The Small Business Economy, 2004, the latest in an annual series, analyzes 2003 data.
Rev1 Ventures reports $5.4B impact over last 10 years
Rev1 Ventures, an investor startup studio in Columbus, Ohio, that combines capital and strategic services to help startups scale and corporations innovate, recently released its 2023 Startup Impact Report. The report notes the entrepreneurs they supported last year raised $390 million in capital with 34 raising pre-seed capital, 16 seed capital, and 19 early-stage capital. The clients generated $192 million in revenue and created or retained 1,013 jobs.
Useful Stats: State Business Establishments, 1998 and 2003
The number of business establishments in the U.S. grew by 17.4 percent between 1998 and the end of 2003, although a slight net decline occurred in 2003 for the first time in six years, according to data recently released by infoUSA.
GAO Report Could Help U.S. Assess its Progress
A new U.S. Government Accountability Office (GAO) report sets forth options for Congress to consider in establishing a system of key national indicators.
Seattle Tops Visa’s List of Most Innovative Cities
A Visa analysis of innovation and creativity among the nation’s top 50 metro areas has Seattle ranked first in combined scoring, followed by Austin, Nashville, Minneapolis and Washington, D.C. Visa’s Innovation Index measures entrepreneurialism, community support and creativity on a per capita basis throughout the major Metropolitan Statistical Areas.
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University of Southern Mississippi Research Foundation President Angie Dvorak was named president of the Area Development Partnership. Dvorak currently serves on the organization’s executive committee.