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.

We are excited to announce that SSTI’s annual conference is back and in-person, Nov. 1-3, in Little Rock, Arkansas. More than ever, now is the time to reconnect with those in the field and make new connections as we revitalize our plans for the innovation economy. Whether you are resetting your agenda, expanding your initiatives, evaluating your success, or searching for new paths to emerge stronger from the pandemic, we will have ideas, sessions and resources for you to explore at SSTI’s 2021 Annual Conference: Focusing on the Future.

The National Institutes of Health (NIH) announced last week that it is adopting modified criteria in its grant review process beginning on January 25, 2024. The new system will continue to focus on the scientific merit of proposals (i.e., importance, rigor, and feasibility), while de-emphasizing criteria that may introduce bias into the review.

A proposed Department of Homeland Security (DHS) rule could herald significant changes to the H-1B specialty occupation worker program.

The CHIPS and Science Act (Act) established guardrails to prevent funding recipients from using the money to support the development of semiconductor manufacturing and technology in foreign countries of concern, including North Korea, China, Russia, and Iran. On September 25, 2023, the CHIPS Program Office CPO published the final rules for preventing improper use of CHIPS Act funding.

Manufacturing in the U.S. accounts for 90% of private-sector R&D, employs 80% of the nation’s engineers, and contributes trillions to the economy—according to Deloitte—with every dollar spent in manufacturing leading to an additional $1.81 added to the economy. However, despite its key importance, the U.S.

As the U.S. does not have a “skilled worker” visa like many other countries, the H-1B program is one of the only accessible ways for domestic employers to hire foreign, nonimmigrant labor in specialty occupations. The current statutory limit on new H-1B visas is 65,000 per fiscal year, with an additional 20,000 available for foreign individuals who have graduated with a master’s or doctoral degree from an institution of higher education within the U.S.

The U.S. Department of Energy (DOE) recently announced up to $325 million for 15 projects to accelerate the development of long-duration energy storage (LDES) technologies. These demonstration projects will increase community control of local power systems, mitigate risks associated with disruptions to the grid, and help communities develop reliable and affordable energy systems.

NSF recently announced the first Experiential Learning for Emerging and Novel Technologies (ExLENT) investment of $18.8 million to 27 teams at U.S. institutions of higher education, including teams led by minority-serving institutions and historically Black colleges and universities. Each team will receive up to $1 million for up to three years.

Most states, businesses, families, and individuals spent the pandemic walking on the edge of a jagged economic cliff. Luckily, there were some guardrails in the form of fiscal recovery funds, disaster loans, paycheck protection, and childcare grants. These devices helped pull thousands back from the edge.

But now, with the pandemic emergency over, the cliff is still in sight, but the guardrails are gone. Without them, will states, businesses, and others tumble over the economic cliff? The answer may depend on how they used those guardrails during the pandemic.

An independent selection committee recently announced the incoming board of trustees that are expected to oversee a nonprofit entity that

Communicating Tech-based Economic Development

Oct. 31 @ 3 p.m. ET | Free

Last week, a Senate committee heard Commerce Secretary Gina Raimondo and National Science Foundation Director Sethuraman Panchanathan discuss CHIPS & Science Act program implementation (similar to a September hearing in the House).

Latino- and Latina-owned businesses represent the fastest growing demographic in the U.S. business ecosystem, growing revenues and creating jobs for all Americans, according to the Stanford Graduate School of Business.

The economies, the wellbeing, and the stories of the U.S. and China have become so intertwined and so interdependent that individuals not following global political-military-ideological studies might be excused for getting lost in the narrative, let alone following such a complex plot. There won’t be a simplifying explanation offered here, but there are a few new twists in the storyline SSTI wanted to share that may relate to the innovation investment, product development, and exit strategies for some parties within the TBED community. 

Despite the pandemic and accompanying global economic slowdown in 2020 and 2021, U.S. business spending on research and development (R&D) activities increased by nearly $65 billion (12%), rising from $538 billion in 2020 to $602 billion in 2021. This increase was led by a $61 billion, or 13% increase, in R&D paid for by the company, compared to a $3 billion, 5% increase, in R&D paid for by others.

In the absence of cohesive federal policies or regulations involving the growing development and use of artificial intelligence (AI), states’ governors and lawmakers are undertaking studies and crafting legislation that seeks to balance governance and implementation of this evolving technology. The studies and legislation are intended to protect constituents from AI’s possible harms without hindering potential uses or contributions of AI to government services or medical, science, business, and educational advancements.

SBA's Office of Investment and Innovation recently established the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) to serve as an independent source of information, advice, and recommendations to the Administrator on matters broadly related to the U.S. startup and small business innovation ecosystem. 

The committee will provide information and recommendations on how SBA can:

The Department of Defense recently awarded six Defense Manufacturing Community Support Program (DMCSP) grants totaling approximately $30 million from the Office of Local Defense Community Cooperation (OLDCC). The DMCSP invests long-term in critical skills, facilities, workforce development, research and development, and small business support to strengthen the national security innovation base.

Incorporating systems thinking into economic development planning could lead to better solutions to potential and pressing problems, says a Quarterly Research Brief from the National Economic Research and Resilience Center (NERRC). The paper emphasizes that systems, or integrated planning, is essential when writing a Comprehensive Economic Development Strategy (CEDS).

Startup Genome and the Global Entrepreneurship Network recently released a new report offering a fresh perspective on what it takes for a startup to scale. The report draws on an eleven-year study involving 100,000 startups to provide a nuanced look at the factors contributing to startup scalability, offering actionable insights that underscore the importance of networks for entrepreneur support organizations, entrepreneurs, and policymakers. 

While there has been increasing public questioning of the value of a college degree, statistics on net worth by educational attainment paint a clear picture. In 2022, the median net worth of those without a high school diploma was approximately $38,000, while those with a college education sat at around $464,000. When looking at averages instead, the difference becomes even more pronounced, with non-high school graduates averaging a net worth of approximately $176,000 compared to college graduates’ $1.92 million.

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.

In Mississippi, the state auditor released a report  in September 2023 that rated academic degrees by whether the degree would lead to a well-paying job. He suggests that Mississippi invest more in programs in the subject areas leading to those high-paying, in-state jobs. Basing appropriations on immediate wage outcomes implies that near-term economic return is the only benefit that matters, and it is a theme that is recurring frequently.

The Kentucky and Mississippi gubernatorial elections were held on Nov. 7, with both incumbents, Andy Beshear (D) and Tate Reeves (R), winning re-election. Legislative elections were also held in Mississippi (where simple majorities were guaranteed for Republicans in both chambers), New Jersey, and Virginia.