Four Organizations Receive National Award for Achievement In Building Tech-Based Economies

The State Science and Technology Institute (SSTI) http://www.ssti.org presented its prestigious 2008 Excellence in TBED Award to four recipients selected as best practice models in technology-based economic development. The awards follow a national competition emphasizing impact and replicability in approaches to building and sustaining tech-based economies.

“A crucial component to growing the nation’s economy is supporting programs that are successful in developing and implementing initiatives that create high-paying jobs and provide U.S. businesses with the tools they need to compete in the global economy,” said Dan Berglund, SSTI President and CEO. “This year’s award recipients have generated significant returns for local, state and regional economies, each having an impressive story to share.”

Awardees were honored today during a ceremony at SSTI’s 12th Annual Conference in Cleveland, where more than 300 of the nation’s top economic development professionals convened to explore the challenges and opportunities of encouraging regional innovation. The following recipients were selected to receive the Excellence in TBED Award for 2008:

• Maryland Technology Transfer Fund – Commercializing Research Category

A program of the Maryland Technology Development Corporation (TEDCO), the Maryland Technology Transfer Fund supports product development in early-stage companies by providing funds to defray the cost of R&D activities and push company technology to the threshold of commercialization making the company attractive for follow-on funding. Since 2002, 114 companies that have been supported through the Maryland Technology Transfer Fund have completed their projects. With an investment of $6.8 million by TEDCO these companies have gone on to receive downstream funding nearing $205 million. This is a leverage of the state’s investment of $30.07 to $1.

• SC Launch! – Building Entrepreneurial Capacity Category

Created to strengthen South Carolina’s knowledge economy by creating high-wage earning jobs, SC Launch! accelerates the entrepreneurial growth for advanced technology start-up companies by delivering key tools for success, including seed funding, project development funds, and ongoing mentoring and business counseling. Through its university pre-company initiative support program, an SBIR/STTR matching grant program, and funding to start-up companies, SC Launch! is involved in each step of the innovation pipeline. Since its inception in 2006, $50 million in follow-on funding has been secured by SC Launch! Portfolio Companies with 85 companies accepted into the program.

• Innovation Works Seed Fund – Increasing Access to Capital Category

Launched in October 1999, the Innovation Works seed fund is the primary investment program of Innovation Works, the Ben Franklin Technology Center for Southwestern Pennsylvania. In the nine years since its inception, the Innovation Works Seed Fund has become the largest and most active source of seed funding in the Pittsburgh region, investing roughly $40 million in over 110 startup technology companies. As of September 2008, these companies have attracted more than $500 million in additional follow-on funding, and currently employ more than 1,500 people.

• Connecticut’s Center for Advanced Technology Manufacturing Supply Chain Integration-Improving Competitiveness of Existing Industries Category

The Connecticut Center for Manufacturing Supply Chain Integration was established by the Connecticut Center for Advanced Technology in 2005 to promote supply chain development and integration and to stimulate process improvement at small and medium-sized manufacturers in the aerospace and defense sector. To date, 175 process improvement projects have decreased lead time, cycle time and changeover time, and increased quality levels and space utilization allowing companies to take on new business, adding 198 high-wage jobs to the Connecticut economy.

“SSTI is honored to promote these initiatives as best practices in the field for their effective approaches and remarkable impact,” said Berglund. “Our goal is to educate key stakeholders on the importance of programs grounded in science, technology, and innovation and encourage further support of TBED initiatives given the positive results they have produced.”

Following a national call for entries earlier this year, applicants were invited to share their accomplishments in the form of a narrative built around an identified need, effective approaches to addressing the need, and the impact realized from the effort. Recipients were chosen through a competitive selection process by a panel of accomplished current and former TBED practitioners serving as judges.

About SSTI
The State Science and Technology Institute is a national nonprofit organization that leads, supports and strengthens efforts to improve state and regional economies through science, technology and innovation. http://www.ssti.org