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RIDG (State's fiscal health (nearly a fifth of states collect less…
RIDG
State's fiscal health
nearly a fifth of states collect less revenue that before the downturn and a third have smaller rainy day funds.
But in the aggregate, states still have not fully restored cuts in funding for infrastructure, public schools and universities, the number of state workers, and support for local governments.
Even where 50-state results have recovered, many individual states still lag behind:
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Meanwhile, fixed costs—for Medicaid and underfunded public pension systems—are higher in almost every state.
Maryland
Maryland Governor Larry Hogan’s FY 2020 budget proposal includes $56.5 million in new funding to attract businesses to Opportunity Zones.
A technology infrastructure fund, operated by TEDCO, would have $16 million to “promote technological development;”
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The state’s Employment Advancement Right Now (EARN) training program would have an additional $3 million for businesses in zones; and,
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Other new innovation funding would support manufacturer hiring credits and a seed fund for minority entrepreneurs.
Under the governor’s proposal, TEDCO, the state’s primary innovation agency, would see its spending increase from $27 million to $45 million.
Another proposal would provide TEDCO $1 million for its Builder Fund, which provides pre-seed funding for minority entrepreneurs. Although the program launched last year, this would be the state’s first investment in the program.
Minnesota
Launch Minnesota will receive $2.5 million in each of the next two fiscal years to support innovation and entrepreneurship.
Grants are available to institutions of higher education and other organizations to provide educational programming to entrepreneurs
Grantees can now receive $35,000 once per year for R&D, direct business, or technical assistance services from colleges, universities, or nonprofit organizations.
Entrepreneurial Support: Grantees can receive up to $7,500 for housing or childcare expenses,
Awardees of a federal Phase II SBIR/STTR grant are eligible to receive up to $50,000 in matching grants from the state.
$10 million in funding for each of tax years 2019 and 2021 for the state’s Angel Investment Tax Credit (AITC).
$2.0 million over the biennium for the Emerging Entrepreneurs Fund. This program provides loan capital for businesses that are owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities.
Illinois
We need to continue to grow our position as a top-tier startup and technology ecosystem, and we are doing that in this budget with new investments and by re-prioritizing dollars within the departments of our state government.”
And I want downstate Republicans and Democrats to work together with me on a Downstate Revitalization Plan to encourage the creation of new businesses and jobs and foster the growth of existing ones in struggling communities so they can thrive.”
R&D for states
the majority of states lie in the lower-left quartile, which means overall R&D intensity in these states is lower than the national average, and that they are becoming relatively less R&D intensive. This suggests geographic unevenness in the concentration of R&D.
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Over the six-year period from 2013 to 2018, as total venture capital investments nearly tripled, growing from $47.5 billion in 2013 to nearly $131 billion in 2014, the number of deals increased by just 13.5 percent according to new data from the NVCA-PitchBook Venture Capital Monitor
the first year since the height of the dot-com boom that annual capital investment eclipsed $100 billion.
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Arkansas
Arkansas wants to become a technology hub and is proposing a Technology and Innovation Council to help achieve that goal.
Delaware
Delaware is hoping to build on its Angel Investor Tax Credit and utilize Opportunity Zones to spur development.
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New Jersey
new Evergreen Innovation Fund, our proposal for partnering with venture capital firms to help grow the next generation of innovative New Jersey companies.”
New York
$750 million for the REDCs [Regional Economic Development Councils] which have been doing great work all across the state. … ”
Wisconsin
directed the Wisconsin Economic Development Corporation to create an innovation and entrepreneurship committee focusing on supporting our small businesses, seeding capital funds, and technology development.”
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Brain Drain
while states in the South and the Midwest/Great Lakes fare worse when it comes to attracting and retaining the highly educated.