SSTI commentary: What is a fair share of R&D? A closer look at benchmarking
Would you expect a community of 100,000 people to have less than one-half as much R&D activity as a community with 250,000 residents? Such a simple question cannot be considered without more information. You may ask which two communities are being compared.
Would you expect a community of 100,000 people to have less than one-half as much R&D activity as a community with 250,000 residents? Such a simple question cannot be considered without more information. You may ask which two communities are being compared. Would your answer be different if you learned the smaller community was a college town with a research-intensive university as its core economic engine, while the second community was largely a distribution hub and didn’t have a similar R&D asset?* Yet politicians, pundits, media and even policymakers often benchmark cities, regions and states on incomplete or irrelevant information.
Recent EDA grants support innovation – inspiration for other regions
Grant programs administered by the U.S. Economic Development Administration (EDA) under the Public Works and Economic Development Act (PWEDA) increasingly support projects to help distressed regions across the country to become more competitive in a science and technology-intensive global economy. The examples below of projects receiving federal PWEDA funds in just the past two months may help inspire similar innovation initiatives in other parts of the country.
Cluster Feasibility Studies
Grant programs administered by the U.S. Economic Development Administration (EDA) under the Public Works and Economic Development Act (PWEDA) increasingly support projects to help distressed regions across the country to become more competitive in a science and technology-intensive global economy. The examples below of projects receiving federal PWEDA funds in just the past two months may help inspire similar innovation initiatives in other parts of the country.
H1’17 HALO Report: $1B invested, median deal size, pre-money valuations both down
Median deal size from angel groups fell by 5.5 percent from $127,000 in 2016 to $120,000 in the first six months of 2017 (H1’17), according to the 2017 ARI HALO Report First-Half from Pitchbook and the Angel Resource Institute. In addition to a decline in median deal size, early-stage pre-money valuations also decreased from $3.6 million in 2016 to $3.5 million in H1’17.
Manufacturing technology central to expanded Oregon innovation budget
State spending for the Oregon innovation economy during the 2017-2019 biennium in the Oregon Business Development Department received a sharp increase, thanks in part to nearly $14 million of funding for the new Oregon Manufacturing Innovation Center (OMIC).
New efforts support veterans in entrepreneurship, STEM careers
Last week in honor of Veteran’s Day, the U.S. Department of Agriculture, states, universities, and various nonprofits announced new efforts that are intended to help U.S. veterans succeed as entrepreneurs and launch careers in 21st century STEM-driven fields. From tax credits in Massachusetts to online training in data analytics, efforts will focus on providing veterans with the necessary training, education, tools, capital, and other resources to create a better future for those veterans, their families, and communities across the country.
NSF intends to commit over $12.7 million to support I-Corps teams
The National Science Foundation (NSF) released a new federal funding opportunity (FFO) for the Innovation Corps-National Innovation Network Teams program (I-Corps Teams). I-Corps team awards provide mentoring and additional funding to promising, NSF-funded researchers at institutions of higher education to accelerate innovation, attract subsequent third-party funding, and increase the commercialization of scientific discoveries. NSF intends to commit $12.75 million to support up to 255 I-Corps teams and proposals are accepted on a continuing basis.
The National Science Foundation (NSF) released a new federal funding opportunity (FFO) for the Innovation Corps-National Innovation Network Teams program (I-Corps Teams). I-Corps team awards provide mentoring and additional funding to promising, NSF-funded researchers at institutions of higher education to accelerate innovation, attract subsequent third-party funding, and increase the commercialization of scientific discoveries. NSF intends to commit $12.75 million to support up to 255 I-Corps teams and proposals are accepted on a continuing basis.
NSF intends to hold a webinar to answer questions about the I-Corps Teams program. Details will be posted on the I-Corps website as they become available.
Angel investment more widespread, still struggles with diversity
While venture capital remains heavily concentrated across a select few metropolitan areas, the geographic distribution of angel investors is widespread, according to new research from the Angel Capital Association, The Wharton School at the University of Pennsylvania, and the John Huston Fund for Angel Professionalism at Rev1 Ventures.
Growth of technology-based startups helps power US economy
Despite concern that America’s entrepreneurial engine is severely damaged, new research from the Information Technology and Innovation Foundation (ITIF) finds that the number of technology-based startups has grown by 47 percent from 2007 to 2016, with wage growth higher than the national average. Because of their high growth potential, the authors suggest that technology-based startups should be the primary focus of entrepreneurship policy.
CA stem cell agency exploring options
The California Institute for Regenerative Medicine (CIRM) is exploring options for its future as funding provided through its bond issue dwindles.
The California Institute for Regenerative Medicine (CIRM) is exploring options for its future as funding provided through its bond issue dwindles. In a meeting earlier this week, two governing board committees of the agency focused on short and long term finances including a proposal to cut clinical awards by $68 million over the next two years, an effort to raise $222 million in private funding, and the possibility of a $5 billion ballot initiative in November 2020, according to the California Stem Cell Report.
Senate advances final FY 2018 budget bills
Senate Appropriations subcommittees have advanced the remaining FY 2018 departmental budgets: Defense, Homeland Security, Interior, and
Senate Appropriations subcommittees have advanced the remaining FY 2018 departmental budgets: Defense, Homeland Security, Interior, and Financial Services. Unlike the House’s proposal, the Senate would largely maintain FY 2017’s innovation funding. Highlights include level funding for SBA’s entrepreneurial programs — with $6 million for clusters initiatives and $2 million for accelerators — and level funding for the CDFI Fund. Science and Technology funding, while above the administration's request, would decrease by about 8.6 percent for Homeland Security while Defense would see a small increase for applied research but an overall 0.5 percent decrease, according to the American Institute of Physics.
VC-backed startups help support vibrant innovation ecosystems, research finds
Venture-backed startups generate nine times the knowledge spillovers (e.g., patenting activity and citations) when compared to that produced by R&D investment of established companies, according to recent research.
Venture-backed startups generate nine times the knowledge spillovers (e.g., patenting activity and citations) when compared to that produced by R&D investment of established companies, according to recent research. In Measuring the Spillovers of Venture Capital, researchers from the University of Munich found that, on average, two-thirds of this increase can be traced to more patenting by other companies within the VC-backed company’s spillover pool (e.g., companies with geographic or industry proximity). The companies that most benefited from the knowledge spillover were large, established companies.
Seize the Moment: Tech-based Economic Development for the Next Economy
SSTI is so excited about this year's conference that we're providing Digest subscribers the first peak at the 28-page, full-color brochure while its still on the presses. It will be arriving in mailboxes by the end of the week, but is available now as a PDF by clicking either of the links below or by email request.
Federal Stimulus Funds Help Fuel North Carolina Green Economy Projects
Federal stimulus funds approved earlier this year by Congress are doing more than filling budget gaps in states across the nation. During a year in which it otherwise may be virtually impossible to direct much funding to starting initiatives aimed at growing the economy, many states are using federal stimulus funds to implement new programs.
SSTI Releases 2009 Conference Agenda, PDF Brochure
SSTI is pleased to provide Digest subscribers with the first peek at the 28-page, full-color brochure for SSTI's 13th Annual Conference, Seize the Moment: Tech-based economic development for the next economy while it's still on the presses. The brochure will begin arriving in mailboxes soon, but is available now as a PDF by clicking either of the links below.
Maryland Plan Calls for $72M Investment in STEM Workforce, R&D Infrastructure
To establish Maryland as a global leader in science, technology, engineering and mathematics (STEM) workforce and STEM-based R&D infrastructure, a task force convened last year by Gov. Martin O'Malley urges the state to adopt a set of initiatives to reach higher performance standards in teaching and learning in addition to greater productivity in transforming the state's high volume of R&D activity into economic growth and job creation.
Recent Research: Is the Notion of a High Engineering Student Dropout Rate a Myth?
Common wisdom says engineering is hard and a high proportion of engineering students, particularly female engineering students, changes majors during the course of their time in college. A recent study suggests just the opposite actually is true.
Mandatory Cost Sharing May Return for Some NSF Programs
Offering some good news for universities and companies looking for funding, the National Science Board (NSB) has recommended the elimination of any evidence of voluntary cost share from most grant proposals to the National Science Foundation (NSF). However, the board recommended mandatory cost matching should be reinstated in a handful of initiatives, including its Engineering Research Centers (ERC) program, its Industry/University Cooperative Research Centers (I/UCRC) program, and its EPSCoR program.
Training for Green Jobs Focus of New TBED Initiatives in California and Michigan
Much emphasis has been placed on the importance of green jobs in the next economy as the nation continues to shed jobs in traditional industries. Creating these specialized jobs is a major priority for states across the nation that will compete for renewable energy industries. Two recent announcements in California and Michigan illustrate efforts underway to recruit and prepare a workforce capable of meeting critical industry needs.
Almost Sold Out - Only One Exhibiting Opportunity Remains at SSTI's Annual Conference
SSTI believes conference sponsors deserve to stand out to attendees so exhibits are placed prominently in a highly-visible location. Only our exhibit and host partners are provided with the opportunity to exhibit.
Montana Offers $2.5 Million to Enhance Bio-Medical Research Collaborations
The Montana Department of Commerce has announced that it will provide $2.5 million in grants to support bio-medical research. Montana-based, private nonprofit research institutions are eligible to apply for the funding, which may be used to expand, renovate and purchase equipment for biomedical research. The grants also may be used to expand infrastructure that will enhance scientific collaborations within the Montana University System.
Aggressive R&D Tax Credits by Other Countries Put the U.S. Near Bottom of the Pack
In 2008, the U.S. ranked 17th in R&D tax generosity out of the 21 OECD countries that offered some form of R&D tax credits to businesses, according to a recent brief put out by the Information Technology & Innovation Foundation (ITIF). In U.S. Continues to Tread Water in Global R&D Tax Incentives, authors Rob Atkinson and Scott Andes state even though the U.S.
Colorado Jobs Plan Engages Employers to Improve Workforce Quality
Outlining his Colorado Promise three years ago as a newly-elected governor, Gov. Bill Ritter envisioned an economy that supports high-wage jobs and offers an environment for businesses to expand and thrive. Educational programs would be synched with industry needs to produce a skilled workforce, workers would be trained in the high-demand fields relevant to each of the state's diverse regions, and enough businesses would be operating to employ them.
TBED People and Organizations
The newly-created Clean Energy Leadership Council, convened by the Washington governor's office and a state-wide public-private clean energy alliance, held its first meeting. The council will deliver a clean energy strategy and recommendations by December 1, 2010.
TBED People and Orgs
Karen Mills, head of the Small Business Administration since 2009, has announced her departure. She will stay on until her successor is confirmed.
New Hampshire Gov. Maggie Hassan has nominated Jeffrey Rose to be the state's commissioner of Resources and Economic Development.