Four Organizations Achieving Impressive Economic Results win National Award, Serving as Models of Best Practice for States and Regions

PITTSBURGH, Sept. 15 /PRNewswire-USNewswire/ -- Four organizations were named winners of SSTI's 2010 Excellence in TBED Award, serving as national models for states and regions investing in science, technology and innovation to grow and sustain their economies and create high-paying jobs.

"We're very excited to share with the country the success stories from these four organizations," said Dan Berglund, SSTI President and CEO. "Communities and regions across the nation working to transform their economies can learn from the positive results demonstrated by these organizations selected in part for their ability to be successfully replicated."

Awards were presented today in Pittsburgh during SSTI's 14th Annual Conference, Accelerating Innovation: The Road Ahead for Technology-based Economic Development, attended by some of the nation's top economic development policymakers and practitioners. The following initiatives were named 2010 recipients of SSTI's Excellence in TBED Award:

• Maine Technology Asset Fund  – Expanding the Research Capacity Category

Managed by the Maine Technology Institute, the Maine Technology Asset Fund (MTAF) is a competitive award program, funded by Maine state bond proceeds, that builds capacity and infrastructure to support R&D projects leading to significant economic benefits across the state. The MTAF program has completed two successful rounds of competition and executed contracts for $46 million to 25 projects, leveraging $69 million in matching private investment and federal and philanthropic grants. The program will award another $7 million in October 2010.

• JumpStart Inc. – Building Entrepreneurial Capacity Category

A nonprofit organization creating economic transformation in Northeast Ohio, JumpStart provides intensive entrepreneurial assistance delivered by former successful entrepreneurs, with selective investment in the highest potential companies. Since its launch in 2004, JumpStart has connected with more than 36,000 entrepreneurs, leading to $17 million invested in 49 companies. JumpStart's work has resulted in a four-year economic impact of $267 million on Northeast Ohio, including the creation and retention of more than 800 jobs.

• i2E, Inc. Oklahoma's Proof-of-Concept Fund – Increasing Access to Capital Category

Established in 1999 by the Oklahoma State Legislature, the Technology Business Finance Program, funded through OCAST and managed by i2E, is a proof-of-concept fund operating at targeted stages of the capital cycle to fill financing gaps for Oklahoma's technology sector. Through 2010, the program has approved 112 awards totaling $11.9 million to 101 companies. The $9.5 million in actual funded awards has led to $226.3 million in private investment capital, leveraging the state's investment 23:1.

• Florida High Tech Corridor Council Matching Grants Research Program– Improving Competitiveness of Existing Industries Category

Leveraging the strengths and resources of the three Florida High Tech Corridor universities, the Matching Grants Research Program expands the innovation capacity of companies and high-tech industries in the region by providing research dollars for companies seeking solutions in product development, intellectual property and contracting R&D. More than 2,450 faculty and students have conducted research through this program with 345 companies, resulting in an economic impact of more than $930 million in the 23-county region.

"Through broad-reaching partnerships and collaboration, these organizations are effectively promoting competitiveness throughout the nation," Berglund said. "We encourage all of those involved in tech-based economic development to seek out the best practices demonstrated by these worthy initiatives."

The awards follow an open call for applications earlier this year describing effective efforts to encourage the creation and growth of technology companies with an emphasis on impact to a state or region and the potential for successful transferability.  

SSTI convened a national panel of distinguished former and current TBED practitioners to serve as judges for the fourth annual awards program.

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. www.ssti.org

CONTACT: Rhiannon Skipper of the State Science and Technology Institute, +1-614-901-1690

SOURCE State Science and Technology Institute