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Blog Category: Economic Development Administration

Job Creation Through Export Development: EDA Commemorates World Trade Month

Logo: World Trade Center of Greater Philadelphia

Guest blog post by Acting Assistant Secretary for Economic Development Matt Erskine

In Commerce Secretary Bryson’s statement to mark World Trade Month, he discussed steps the Obama administration is taking to give “American workers and businesses a fair shot in the global economy by supporting trade agreements that will open up markets to U.S. companies, working to aggressively investigate unfair trade practices taking place anywhere in the world, and continuing to work to ensure that our workers and businesses are competing on a level playing field.” President Obama will issue a proclamation to commemorate World Trade Week, which falls in the third week of May, to expand on this commitment to promote U.S. exports.

Words like “partnering” and “leveraging” might seem abstractions at times, but when it comes to making investments that help U.S. businesses export, they are anything but. One excellent example of the effectiveness of partnering and leveraging the resources of multiple organizations is the “Job Creation through Export Development: Innovative Manufacturing and Service Program” of the World Trade Center of Greater Philadelphia (WTCGP). In 2010, the Commerce Department’s Economic Development Administration (EDA) invested $1 million to bolster the efforts of WTCGP to promote the global presence of the Southeastern Pennsylvania and South Jersey region. The initiative serves as a catalyst for regional economic growth and job creation in four sectors that have been targeted by the program as having high export potential: energy and environment, high technology and nanotechnology, biotech and life sciences, and education.

ASU’s Dr. Michael M. Crow on Innovation and Entrepreneurship

Economic Development Administration seal

Guest blog post by Nish Acharya, director of the U.S. Commerce Department Economic Development Administration’s Office of Innovation and Entrepreneurship

This week, close to 100 entrepreneurs, innovators, small business owners, and stakeholders joined me for an in-depth conference call facilitated by the Office of Innovation and Entrepreneurship with Dr. Michael M. Crow, president of Arizona State University (ASU) and a member of the President’s National Council on Innovation and Entrepreneurship (NACIE). This was the first in a series of forums to highlight the work of NACIE, spotlight some of our nation’s most dynamic leaders, and share best practices and insight with potential applicants for the upcoming third round of the multiagency i6 Challenge.

During the conversation, Dr. Crow emphasized that for an institution to successfully spur innovation and entrepreneurship, its leadership must first purposefully decide to make entrepreneurship part of their core competency. This will empower the institution to put its time, energy, and resources towards fostering innovation and entrepreneurship broadly.

Bringing Research to Market to Advance American Manufacturing

An LED streetlight installation by EcoFit Lighting of Lenexa, Kansas, working with the Advanced Manufacturing Institute, an EDA University Center. (Photo: EcoFit Lighting)

Guest blog post by Acting Assistant Secretary for Economic Development Matt Erskine, Economic Development Administration

For U.S. manufacturers today, questions abound that might have been simpler to answer in times gone by, such as: What is the best way to commercialize a new technology? How can a new process be incorporated into a new production system? What locations will best service a national or international clientele? Where can a cadre of technically-trained workers be found?

For answers to such questions, manufacturers in Kansas are fortunate to be able to turn to the Advanced Manufacturing Institute (AMI) at Kansas State University in Manhattan, Kansas. Over the past decade, this organization—which helps businesses of all sizes, from entrepreneurs to Fortune 500 companies—has undertaken projects in 66 of Kansas’ 105 counties, helping many companies to grow, prosper and succeed.

Commerce's EDA Hosts Annual University Center Showcase in Denver

UC coordinator Forlesia Willis with DRO’s UC Showcase review panelists. From the left:  Matthew Godfrey, who just completed three terms as mayor of Ogden, UT; Ms. Willis; Denise Brown, interim executive director of Fitzsimons Redevelopment Authority; and Nishith Acharya, director of EDA’s Office of Innovation and Entrepreneurship.

Guest blog post by Nish Acharya, Director of EDA's Office of Innovation and Entrepreneurship

This week, the U.S. Economic Development Administration’s (EDA) Denver Regional office hosted its annual University Centers Showcase conference to spotlight and critique EDA-supported University Center economic development initiatives in the Denver Region.

EDA’s University Center Economic Development Program assists institutions of higher education and consortia of institutions of higher education in establishing and operating University Centers specifically focused on leveraging university assets to build regional economic ecosystems that support high-growth entrepreneurship.

Creating High-Quality Jobs in Growing Industries through Public-Private Partnerships

Sandia Science and Technology Park

Guest blog post by Acting Assistant Secretary for Economic Development Matt Erskine

There are dynamic collaborations and initiatives supporting regional growth strategies across the country. Today, I addressed a group of entrepreneurs, venture capitalists and technology commercialization leaders brought together by Technology Ventures Corporation during their Deal Stream Summit. This premier conference seeks to facilitate investment partnerships between federal labs, start-ups, innovators, and the venture community to bolster commercialization of technology and increase competitiveness. I discussed the Obama administration’s commitment to advancing innovation and accelerating the commercialization of new technologies to the marketplace.

Earlier in the day, I visited the Sandia Science and Technology Park in Albuquerque, New Mexico. With their focus on advanced technologies, technology parks such as this are vital to America’s economic future. These public-private ventures bring together innovators with entrepreneurs and transform theoretical ideas for the marketplace. It’s quite a dynamic environment for the businesses located there, such as ATA Aerospace, Emcore Photovoltaics, and Nanogenesis. And the end results? They include the development of new and unique products, the creation of high-quality jobs, the growth of vibrant communities, and an improvement in the quality of life—both in the immediate region and well beyond.

$200 Million Post-Disaster Funding to Help Jumpstart Regional Economies

Official EDA seal

Guest blog post by Acting Assistant Secretary for Economic Development Matt Erskine

When a natural disaster hits a community—whether it is a flood, a tornado, or any other kind of disaster—it does more than wreak havoc on homes and personal lives. It also has devastating, long-term effects on the economic life of those communities, destroying vital infrastructure, such as public utilities, transportation links, and communications systems on which businesses depend.

I’m happy to announce today that the U.S. Department of Commerce’s Economic Development Administration (EDA) is making available $200 million in funds for communities affected by disasters in fiscal year 2011. These funds are designed to mitigate those long-term effects on business infrastructure and allow communities to bring their economies, and the jobs that come with them, back to life.

It’s no secret that the funding EDA provides is vital to ensuring the long-term economic health of communities affected by a disaster. In Joplin, Missouri, for example, EDA provided $341,000 after that community was devastated by tornadoes in 2010. Those funds allowed the state to hire economic recovery coordinators who were instrumental in building strong public-private partnerships that have been critical to restoring the economic vitality of that region.

NACIE Promotes Innovative Lab-to-Market Strategies to Spur Economic Growth

Erskine and Kappos at NACIE meeting

Guest blog post by Acting Assistant Secretary Matt Erskine, Economic Development Administration

Today I joined my colleagues, Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office David Kappos and Associate Director for Innovation and Industry Services at the National Institute of Standards and Technology Phillip Singerman, at a meeting of the National Advisory Council on Innovation and Entrepreneurship (NACIE) in New Orleans. The quarterly meeting of NACIE’s board coincided with local Entrepreneurship Week activities and brought together over 250 entrepreneurs, innovators and business leaders to discuss how we can best support them.

NACIE is a public-private partnership started by the Department of Commerce to provide guidance on how we can best support the growing businesses that will create the jobs and industries of the future. When I addressed the forum, I highlighted the Obama administration’s commitment to making investments in innovation and entrepreneurship including the recently announced $15 million Rural Jobs and Innovation Accelerator Challenge, which will boost rural innovation clusters and the soon-to-be-announced next round of the i6 challenge to reward innovative, groundbreaking ideas that accelerate technology commercialization.

Promoting Best Practices in Exports and Foreign Direct Investment to Spur Economic and Job Growth

Promoting Best Practices in Exports and Foreign Direct Investment to Spur Economic and Job Growth

When President Obama first announced the National Export Initiative (NEI) two years ago—with its goal of doubling U.S. exports by the end of 2014—there may have been some who wondered what this had to do with domestic economic development. But the answer is simple: a lot. From the worker in an auto plant owned by a foreign firm, to the many service businesses across the country selling to overseas visitors, to the U.S. companies from every sector selling their products and services to foreign buyers, America’s economic vitality is very much tied to the world market. And the benefits are many: more jobs, higher wages, and the overall prosperity that comes when we are selling to billions of consumers worldwide.

One often-overlooked element of international trade is foreign direct investment (FDI). The United States is the largest recipient of FDI in the world. Foreign-owned companies operating in the United States support more than 5.3 million U.S. jobs, and U.S. subsidiaries of foreign-owned firms account for 21 percent of U.S. exports. The total stock of FDI in the United States—$2.3 trillion—is equivalent to nearly 18 percent of U.S. gross domestic product.

But there is room for such investment to grow: the U.S. share of world FDI has been declining since the 1990s, as other economies aggressively compete to attract such investment. One impediment to FDI growth in the United States has been the lack of concrete tools and strategies available to local economic development practitioners that could help them more effectively leverage their communities’ competitive strengths to expand exports and attract FDI.

Building America’s Future: Smart Investments in Advanced Manufacturing

From the front row, Secretary Bryson watches President Obama at the Rolls-Royce Crosspointe Manufacturing Plant

Guest blog post by Commerce Secretary John Bryson

I had the opportunity today to join President Obama on a visit to the Rolls-Royce Crosspointe facility in Prince George’s County, Virginia. This facility manufactures components of some of the company’s most advanced airplane engines.  The company announced that it is planning to add 140 new jobs at Crosspointe and more than 100 additional jobs in Indiana manufacturing components for aircraft wings. 

As I have said and as the President said today, we are fully committed to helping U.S. businesses build things here and sell them everywhere.  The Crosspointe facility is an important example of how we are doing just that, and it was remarkable to have the opportunity to see these efforts in action.

Crosspointe received a $4 million investment from the Commerce Department’s Economic Development Administration (EDA) to help establish the Commonwealth Center for Advanced Manufacturing (CCAM).  Later this summer, the CCAM, an applied research center developed by eight companies, the state of Virginia, and three leading state universities, will open its doors.  This will help bridge the gap from research to product development while supporting the skills that workers need to get good jobs in advanced manufacturing.  In addition, CCAM will form linkages to local community colleges to promote workforce training and high-skilled employment.  The project is expected to create 128 jobs, while at the same time strengthening advanced manufacturing in the immediate area, and generating $22 million in private investment.

Obama Administration Releases New $15 million Federal Funding Opportunity to Strengthen Rural Economies and Create Jobs

EDA Jobs and Innovation Accelerator Challenge Logo

The Obama Administration today announced a $15 million multi-agency Rural Jobs and Innovation Accelerator challenge to spur job creation and economic growth in distressed rural communities. This competition, which is being funded by the U.S. Department of Commerce’s Economic Development Administration (EDA), the U.S. Department of Agriculture (USDA), the Delta Regional Authority (DRA), and the Appalachian Regional Commission (ARC), was designed by the Taskforce for the Advancement of Regional Innovation Clusters and the White House Rural Council.

The Rural Jobs Accelerator Challenge is expected to give out approximately 20 awards, depending on the number of eligible applications. To be eligible for an award, projects must benefit rural communities, but the applicant is not required to be located in a rural area. Nonprofits, higher education institutions, tribes and state and local governments can collaborate to apply for funding. Although businesses are not eligible to apply directly, applicants can also partner with the private sector on implementation.

Prospective applicants should register for a webinar on Tuesday, March 20, 2012, 3:00 – 4:30 p.m. EDT. Read the guidelines for submissions and note the deadline for applications is May 9, 2012. The complete FFO is available on grants.gov.

In addition to the four funding partners the initiative is supported by nine other Federal agencies: Commerce’s U.S. Patent and Trademark Office and National Institute of Standards and Technology Manufacturing Extension Partnership; Denali Commission; U.S. Department of Education; U.S. Department of Labor’s Employment and Training Administration; U.S. Department of Energy; Environmental Protection Agency; U.S. Department of Housing and Urban Development; and the Small Business Administration.