After near unanimous passing in both chambers of the state legislature, the "Tennessee Small Business Investment Company Credit Act" was sent this week to Gov. Phil Bredesen for his signature. The legislation, designed to create a pool of at least $84 million in capital, utilizes a competitive process to select several venture capital funds to make direct investments in small business headquartered in Tennessee.

Gov. John Baldacci signed two major bills this session supporting renewable energy R&D and creating a path for building private sector jobs in clean energy businesses. Lawmakers also passed a $150 million bond package, which includes funding for ocean and wind energy demonstration projects and support for Maine technology entrepreneurs. Voters will have the final say on the bond package in three separate ballot measures presented over the next two years.

Using $62.5 million earmarked from the state energy program federal grant provided under the American Recovery and Reinvestment Act of 2009, Tennessee will create a solar institute, a solar farm five-megawatt power generation demonstration project, and implement additional renewable energy activities as part of the Volunteer State Solar Initiative approved last month by lawmakers.

Mark your calendar for Oct. 21-23 to attend SSTI's 13th annual conference Seize The Moment in Overland Park, Kansas! Past attendees know SSTI's conference is the premiere professional development event for the TBED community. And 2009 will be no exception.

Massachusetts Governor Deval Patrick recently announced plans to develop a $100 million high-performance computing center powered by clean and renewable energy in the small city of Holyoke. The center will be managed by a consortium of state agencies, universities and technology companies including the Massachusetts Institute of Technology, the University of Massachusetts, Cisco Systems and EMC Corp..

Minorities receive fewer approvals and lower cash awards through the Department of Treasury's New Markets Tax Credit (NMTC), according to a recent Government Accountability Office (GAO) report.

The methods of measuring the "innovativeness" of a region take many forms, including metrics which gauge the concentration of those inventing new ideas though patents. From data made available through the Office of the University Economist at Arizona State University, one can track over time the number of patent inventors per capita by metro area.

The Piedmont Triad Research Park laid off Bill Dean, director of the park, and Nancy Johnson, marketing director. Park officials said that the park's project manager and executive assistant also were laid off.

The National Telecommunications and Information Administration (NTIA) has released new information about its stimulus-funded grant program for state-based broadband mapping and planning initiatives. The State Broadband Data and Development Grant Program will provide approximately $240 million in grants to assist states or their designees to develop state-specific data on broadband deployment and adoption. The competitive, merit-based awards will require funding matches with applications due by August 14.

Gov. Jim Doyle signed the 2009-11 biennial budget last month, providing funding for university-based research and enhancing tax credits for angel and venture investors supporting high-tech R&D.

While maintaining a $1 billion reserve over the next biennium, the 2009-11 budget signed into law by Gov. Mitch Daniels reduces by half funding for the state's 21st Century Research and Technology Fund and appropriates only a fraction of the requested $70 million for the Indiana Innovation Alliance, an initiative to grow the state's life science industries.

As one of several states working to recruit and retain companies that create green jobs, Minnesota lawmakers passed a measure to create a multiagency authority to promote, market and coordinate state agency collaboration on green enterprise and green economy projects. At the same time, legislators rejected Gov.

The National Institutes of Health (NIH) last week published the final version of its guidelines regarding human stem cell research, in part determining which human embryonic stem cells (hESCs) are eligible for research with NIH funding. The final guidelines contain adjustments from the draft version of the guidelines released on April 23 for public comment, from which the NIH received approximately 49,000 statements from advocacy groups, scientists, medical organizations, religious groups, members of Congress, and private citizens.

The lazy days of summer may be the most challenging time to keep students and teachers motivated and engaged in academics. Fortunately, several programs across the country have risen to the challenge. And, with the Obama Administration's pledge to make math and science education a national priority, now may be an opportune time for collaboration among federal and state agencies, private foundations, and industry to reverse the U.S. decline in science, technology, engineering, and mathematics (STEM) fields.

Three metropolitan areas dominate the U.S. venture capital landscape: San Francisco, Boston and New York. These cities are home to about half of all U.S. venture firms and about half of all U.S. venture-backed companies. Though venture firms have sprung up around the country over the past 25 years, the three cities have maintained, and even expanded, their share of national firms and investment.

SSTI has prepared a table displaying the amount companies spent on R&D in each state from 2003 to 2007, the state's rank in 2007, the percent change over this five-year period, and the rank of that percent change. For the U.S. as a whole, industry-funded R&D was $204 billion in 2003 and rose to $269.3 billion in 2007 - a five-year jump of 32 percent. Note, the amounts in the chart are not indexed to a single year, but reflect values from when the data was released.

President Obama nominated Francis Collins, a physician and scientist who helped guide the Human Genome Project to completion, as the next director of the National Institutes of Health.

Congress has approved a two-month extension for the Small Business Innovation Research (SBIR) Program, which was set to expire on Friday, July 31. S. 1513 extends the program in its current form until Sept 30, 2009, which coincides with the end of the federal fiscal year.

The U.S. venture capital industry showed signs of growth during the second quarter of 2009, according to the most recent update from the National Venture Capital Association and PricewaterhouseCoopers Moneytree Report. While the total number of deals remained flat, total dollars invested increased by 15 percent over the first quarter of the year. Much of the growth is the result of increased investment in seed and early-stage companies, which grew 67 percent over the previous quarter in an encouraging sign for entrepreneurs.

The New York State legislature passed an act enabling New York City to move forward with a $3 million biotech tax credit that is expected to encourage biotechnology firms to bring their jobs, innovation, and emerging technologies to the city. The bill (S.4845-B/A.8131) is expected to be signed into law by Gov. David Paterson.

Funding for higher education initiatives fell victim to Ohio's budget woes as legislators worked to fill a projected $3.2 billion deficit. The enacted budget signed into law earlier this month by Gov. Ted Strickland cuts spending by $2.5 billion and leverages $5 billion in federal stimulus funds, according to the governor's office.

The legislature approved a budget agreement for the 2009-11 biennium last month, preserving partial funding for Oregon innovation efforts and passing legislation aimed at green job creation. A major component of Gov. Ted Kulongoski's climate change agenda did not survive the legislative session, however.

Gov. Pat Quinn recently signed into law a six-year, $31 billion Jobs Now plan and smaller capital bill supporting science and technology research and commercialization and broadband deployment. The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer several of the grants.

Decreases in the number of young adults in the state are more a result of fewer children being born 25 to 35 years ago, and not because of a substantial brain drain or outmigration of talent from New Hampshire, according to a task force convened by New Hampshire Gov. John Lynch. However, attracting and retaining younger workers to the state is imperative because of the large share of baby-boomers in the workforce that will be retiring in the next decade.

Rebecca Bagley, who left her position as deputy secretary for the Technology Investment Office within the Pennsylvania Department of Community and Economic Development, was appointed president-elect of NorTech. Bagley will succeed Dorothy Baunach, the founding staff director of NorTech, as president and chief executive officer. Baunach will become president emeritus, serving as an adviser until December 2010.