- Commissioner Enhances FDA’s Commitment to Personalized Medicine
- Perfecting Policy on Stem Cells
- NIH and FDA Aim to Retool Regulatory Science
- DOE Leads Federal Funding for a Regional Innovation Cluster
- Certainty on the Science of Climate Change
- They’re Not Perfect Cells, But They’re Model Cells
- Genomic Medicine on the March
- President’s Budget Aims to Recharge Regional Innovation
- Event: The Science of Climate Change
- Progress in Bioethics
- The Top Science Progress Features of 2009
- Science Education Progress
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
FY2010 Budget Proposes Essential Investments in Innovation Clusters
The Obama administration’s proposed FY2010 budget reflects a sweeping re-thinking of priorities for the U.S. government. A welcome change from previous budgets, the administration makes a significant investment in developing regional centers of innovation, business incubators, and other strategies to encourage entrepreneurship and high-tech development.
The importance that the Obama administration places on strong government support of these efforts is clear, and reflects an encouraging change from the Bush administration. According to the proposed budget, the Department of Commerce is to receive $295 million for programs that invest in America’s competitiveness and promote innovation, in addition to the hundreds of millions of dollars allocated for similar purposes in the stimulus legislation passed last month.
The budget calls for:
• “$70 million for the Technology Innovation Program, which invests in high-impact research that will address critical national needs and advance innovation”
• “$125 million [to the Hollings Manufacturing Extension Partnership] to enhance the competitiveness of the Nation’s manufacturers by facilitating the adoption of more efficient manufacturing processes”
• “$50 million in regional planning and matching grants within the Economic Development Administration (EDA) to support the creation of regional innovation clusters that leverage regions’ existing competitive strengths to boost job creation and economic growth”
• “$50 million [to launch an] initiative in EDA that will create a nationwide network of public-private business incubators to encourage entrepreneurial activity in economically distressed areas”
Congress should not reduce or eliminate these commitments. Investment in our young businesses and the local and regional innovation structure that supports their creation and development is essential to the short-term as well as long-term health of America. These investments will provide the capital that young companies need in these times of anemic support from institutional investors reeling from losses in the capital markets. The proposed support of innovation clusters across the country will build long-lasting tech-based economies in these regions that can generate new growth and provide jobs to local residents.
American economic geography is changing: to read about how innovation clusters will spur economic development across the new landscape, see our “Regional Centers of Innovation 101.” For more on why business incubator support is a good idea: Incubators Boost Job Creation.
Comments on this article
I can only wholeheartedly agree that innovation is the required stimulus to get the country out of this economic funk. Starting with the railroads back in the 1860’s and 1870’s the country has used technological innovation to spur the economy.
March 7th, 2009 at 7:56 pmThere is a caveat to this process, however. The businessmen who then take these innovations to make economic platforms out of them go to far. They also create an economic bubble as they borrow and borrow and borrow.
They just will not risk their own money. Not the big boys, no sir they won’t.
With the next bubble regulations must be already in place that will curb their greed. With the violation of these regs should come swift and unconditional consequences.