SSTI recognizes outstanding initiatives driving regional prosperity

WASHINGTON, Sept. 14, 2017 -- From teaching high school students in rural Kentucky how to become entrepreneurs to connecting entrepreneurs with a worldwide network of partners, organizations are finding innovative ways to build regional prosperity. Four outstanding examples were recognized as Creating a Better Future Awards winners today by SSTI, a national organization working to strengthen initiatives to create a better future through science, technology, innovation and entrepreneurship. This year’s awards were announced during SSTI’s annual conference, held in Washington, D.C.

“It’s important that we recognize the good work that is being done throughout the country and showcase the successful programs that others can emulate,” said SSTI’s president and CEO, Dan Berglund. “These initiatives are creating environments where innovation and entrepreneurship can thrive.”

The Kentucky Innovation Network at Murray State University won in the Creating a Better Future through Economic Opportunity category and demonstrates how any area can influence long-term culture through its youth. With support from the Kentucky Cabinet for Economic Development, the innovation office created a program working with teachers and more than 100 community partners in rural Kentucky to introduce students to principles of entrepreneurship. In 2016-2017, two of the student teams were already in the marketplace and interest in the program has spread to investors and across the state.

Larta Institute’s Commercialization Accelerator Program Initiative (CAP) won the Creating a Better Future through Entrepreneurship and Capital award with its virtual enterprise development programs for small, earlier-stage businesses with innovations in the hard sciences. Since 1993, more than $2.7 billion has been raised by Larta CAP companies in non-dilutive funding, along with more than $4 billion of private investment. Judges were impressed by the ability to reach out to a virtual network, noting it as a feature other regions lacking local resources could replicate.

The New Jersey Innovation Institute (an NJIT corporation), Health IT Connections program took home the Creating a Better Future through Competitive Industries award for its work to grow the state’s regional health IT ecosystem and make connections among the entrepreneurs, service providers, hospitals, patients, government agencies and anchor institutions. The program reports a high percentage of female and minority founders (more than 20 percent) and job and revenue increases of more than 40 percent after the second year.

Part of Rhode Island’s economic development strategy is attracting and retaining talent. The Rhode Island Commerce Corporation’s Wavemaker Fellowship program was named the Most Promising Initiative category winner for its work to attract and retain STEM and design workers. The Fellowship awards defray student loan payments for graduates who incurred student loan debt while completing their degree. The initiative also includes programming aimed at creating a “stickiness” factor to further connect the Fellows to the state. In its first year, 110 companies in targeted industries employed Fellows, with 54 percent holding a bachelor’s degree, another 44 percent having a master’s degree and 59 percent graduates of a Rhode Island institution.

Ellen Marrison
Content Strategist
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