New Vanderbilt Center for Autism Underway in Tennessee

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The Frist Center for Autism and Innovation will be constructed at Vanderbilt University to connect individuals with autism to employers. The funding for the facility hails from a donation of $10 million from Jennifer Frist and her husband William Frist, who have an autistic son.

Nicholas Zeppos, Vanderbilt’s chancellor stated that there will be a pilot program that will seek to integrate employment, innovation, autism and technology. As such, the positive gesture from the Frist’s will enable the discovery of new concepts revolving around autism. Furthermore, it will help to improve the quality of life of individuals with the disorder. The corporate sector will in turn benefit from the unique sets of talents and skills that these individuals possess.

In March this year, the Frists teamed up with UBS, a renowned global financial company, in an effort to change how diversity is perceived by business leaders in Tennessee. Specifically, their aim was to indicate the numerous advantages local companies could have if they engaged individuals on the autism spectrum. With the disorder being associated with repetition, employees could easily identify patterns in an organizational setting, which in turn can help them to perform better in jobs like data analytics, software development and auditing.

The Frists fondly refer to the group as an “untapped potential workforce.” The goal is to have approximately 500 autistic employees in local industries by 2020.

AgLaunch Initiative Transforming Tennessee’s Rural Economy

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Innovation in agriculture and the creation of new companies have the greatest potential to transform Tennessee’s rural economy. With the growing world demand for fuel, food and fiber, the state government plans on making Tennessee an agricultural innovation hub.

The seed funding initiative, AgLaunch, was developed by Memphis Bioworks Foundation as a strategy to expand both the agricultural and forestry industries in Tennessee’s economy. The funding of the initiative began in 2016 with a goal to attract 200 entrepreneurs and establish 100 valuable and investable agricultural firms in Tennessee by 2020.

The current AgLaunch365 program integrates startups and farmers in the AgLaunch Farmer Network. A six-week AgLaunch Phase I program will provide participants with business development support and conclude with the Farm Journal AgTech Expo in December 2018. Phase II will focus on prototyping and “getting field ready,” while Phase III will concentrate on accessing a network of innovative farmers and field trials.

With Tennessee’s agriculture and forestry sector being worth an estimated $66 billion, AgLaunch is a great initiative for growing the economy of rural Tennessee, with participants helping to inspire a culture of rural community startups. Entrepreneurs participating in this initiative will have plenty of opportunities to collaborate with farming experts and test their products.

Top States for Doing Business 2016

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How does your state rank for doing business? CNBC ranked all 50 states for business using a range of publicly available data.  They used a points-based system for each of the 10 categories of competitiveness.

Here are the results:

Workforce

Rating based on education level of the workforce, the numbers of available employees, and the states’ demonstrated abilities to retain college-educated workers.

Top 5

  1. Colorado
  2. Massachusetts
  3. Virginia
  4. North Dakota
  5. Arizona

Bottom 5

  1. Maine
  2. Missouri
  3. Hawaii
  4. Vermont
  5. Kentucky

Cost of Doing Business

Rating based on the competitiveness of each state’s tax climate, as well as state-sponsored incentives that can lower the cost of doing business. Utility costs can add up to a huge expense for business, and they vary widely by state. Also considered was the cost of wages, as well as rental costs for office and industrial space.

Top 5

  1. Indiana
  2. Iowa
  3. Mississippi
  4. South Dakota
  5. Kentucky

Bottom 5

  1. Hawaii
  2. California
  3. Maryland
  4. Connecticut
  5. Massachusetts

Infrastructure

Rating based on the vitality of each state’s transportation system by the value of goods shipped by air, waterways, roads and rail. The availability of air travel in each state, the quality of the roads and bridges, and the time it takes to commute to work was taken into account, as was the condition of each state’s drinking water and wastewater systems.

Top 5

  1. Indiana
  2. Tennessee/Texas
  3. Tennessee/Texas
  4. Georgia
  5. Minnesota

Bottom 5

  1. Rhode Island
  2. New Hampshire
  3. Maine
  4. Connecticut
  5. Hawaii

Economy

Rating based on economic growth, job creation, consumer spending, and the health of the residential real estate market. Each state’s fiscal health was measured by looking at its credit ratings and outlook, as well as its overall budget picture. Also considered was the number of major corporations headquartered in each state.

Top 5

  1. Texas
  2. Colorado
  3. Utah
  4. Florida
  5. Oregon

Bottom 5

  1. Mississippi
  2. Maine
  3. Alabama
  4. West Virginia
  5. Louisiana

Quality of Life

Rating based on livability, including several factors, such as the crime rate; inclusiveness, such as antidiscrimination protections; the quality of health care; the level of health insurance coverage and the overall health of the population. Also evaluated were local attractions, parks and recreation, as well as environmental quality.

Top 5

  1. Hawaii
  2. Minnesota
  3. Vermont
  4. New Hampshire
  5. Maine

Bottom 5

  1. Arkansas
  2. Missouri
  3. Oklahoma
  4. Louisiana
  5. Tennessee

Technology and Innovation

Rating based on support for innovation, the number of patents issued to their residents and the record of high-tech business formation. Also considered were federal health, science and agricultural research grants to the states.

Top 5

  1. Washington
  2. California
  3. Massachusetts
  4. New York
  5. Maryland

Bottom 5

  1. Mississippi
  2. West Virginia
  3. Wyoming
  4. Arkansas
  5. Louisiana

Education

Rating based on the number of higher-education institutions in each state, as well as long-term funding trends for higher education. Also evaluated were several measures of K–12 education, including test scores, class size and spending, as well as digital and lifelong learning opportunities in each state.

Top 5

  1. Massachusetts
  2. Minnesota
  3. Wyoming
  4. Illinois
  5. Virginia

Bottom 5

  1. Nevada
  2. Idaho
  3. Mississippi
  4. Arizona
  5. Alabama

Business Friendliness

Rating based on the freedom each state’s legal and regulatory frameworks provide for business.

Top 5

  1. New Hampshire
  2. South Dakota
  3. Virginia
  4. North Dakota
  5. Idaho

Bottom 5

  1. California
  2. West Virginia
  3. Illinois
  4. Mississippi
  5. Hawaii

Cost of Living

Rating based on cost of housing, food and energy.

Top 5

  1. Mississippi
  2. Kentucky
  3. Arkansas
  4. Alabama
  5. Tennessee

Bottom 5

  1. Hawaii
  2. New York
  3. Delaware
  4. California
  5. Connecticut

Access to Capital

Rating based on venture capital investments by state, as well as small-business lending on a relative basis.

Top 5

  1. Illinois
  2. North Carolina
  3. California
  4. Michigan
  5. New Jersey

Bottom 5

  1. Wyoming
  2. Vermont
  3. West Virginia
  4. Delaware
  5. New Mexico

Many US businesses can take advantage of the state and/or federal R&D tax credit. Please contact a Swanson Reed representative to find out what is available in your state and whether your business qualifies.

New La-Z-Boy Innovation Center In Dayton

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Exciting times of innovation lie ahead for La-Z-Boy – Users may soon be able to operate their chairs with their iPhones!

Chief Executive Kurt Darrow, says innovation at the company is vitally important and is one of the things that makes the company different from others. In light of this, La-Z-Boy have opened a new $16 million research and development center in Dayton, Tennessee. The 70,000-square-foot center will serve as the innovation hub for the entire company.

The innovation center will be located directly across the road from its 1.2 million-square-foot manufacturing plant, which is also due to receive a $10 million upgrade and renovation.

The R&D center will add an additional 115 employees to the existing 1,400 people who already work at the Dayton site, where more than 800,000 pieces of furniture are made every day.

Gregg Schweir, the company’s vice president of R&D, said the work is a commitment to customers, employees and the Dayton community. “We build great products and spend a lot of time innovating,” he said. “It’s an investment in people and will keep us competitive for years to come.”

Allen Borden, assistant commissioner for the Tennessee Department of Economic and Community Development, said the state’s workforce and improved education offerings are the biggest reason why Tennessee is making R&D strides.

The new R&D center, which is planned for opening in approximately 12 months, will about double the size of the company’s existing facility in Dayton. It will have much more equipment and hold added space for working teams. The facility will house approximately 75 people and will have a model shop, technology center, test lab and 3-D printing capabilities.

The Dayton plant is the only La-Z-Boy facility that makes furniture in all three upholstery categories — recliners, motion sofas and stationary upholstery. It also makes about 90 percent of the various frame styles in the company’s manufacture-branded product line and services the Southeast, Midwest and Northeast parts of the country.

Don Mather, vice president of La-Z-Boy Tennessee, said the work produced at the new innovation center will “drive a stake in the ground” for Dayton. It will help the company be an innovative leader in its industry.

To find out more about R&D or to determine whether you may be eligible for an R&D Tax Credit  Contact a Swanson Reed specialist to see if you qualify.

$40 Million Manufacturing Plant to be Built in Tennessee

Both national and international businesses are looking to build new manufacturing plants in the US, and Tennessee is likely to benefit. Last year, foreign companies like Volkswagen, Gestamp and Yangeng expanded to Tennessee and more are expected to move here in 2017.

Rockline Industries, a Wisconsin-based company, plan to open a $40 million, 435,000-square-foot manufacturing plant in Morristown that will begin operations in 2018. The consumer products manufacturer will form a new subsidiary, Iatric Manufacturing Solutions, to specialize in FDA-regulated wet wipes, a product that has been in high demand in recent years.

“Manufacturing is one of Tennessee’s top industries, employing over 333,000 Tennesseans, and I am grateful that Rockline will expand this growing sector by creating 250 new jobs in Hamblen County” said Bob Rolfe, Commissioner of Tennessee Department of Economic and Community Development, “The pipeline in Tennessee right now for new projects is probably as grand as it has ever been.”

In a 2016 report by Brookings, Tennessee ranked first in the US for growth in advanced industry jobs, growing by 4.6% p.a. from 2013 to 2015 (the national average was 2.46%). Advanced industry companies include sectors like manufacturing and technology and are defined as those that spend over $450 per worker per annum on R&D, and employ at least 20% of their workforce in STEM jobs.

Governor Bill Haslam stated that, “Our goal has been to make Tennessee the number one location in the Southeast for high-quality jobs, and this recognition by Brookings shows we’re making tremendous progress by adding highly-skilled jobs faster than any other state in the country.” Tennessee’s goal is to create 25,000 new jobs this year, 4000 more than last year.

Did you know that up to 80% of manufacturers do not realize that they may be eligible for the R&D tax credit, a credit worth around $10 billion per annum? If you are unsure about whether you qualify, contact Swanson Reed R&D Tax Advisors for an obligation-free assessment.

How Does Your State Rank on the Innovation Scale?

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Innovation Is Key

Innovation is crucial to sustainable economic growth, but for innovation to occur businesses must have both the incentive and the capacity to invest.

As innovation is key to the United States’ economy as a whole, many U.S. states are showing off while others are falling short when it comes to patents, R&D, venture capital and academics.

So which states are excelling in innovation and which ones are lacking, you ask?

Patents

The top states in patents per population include:

  1. Wisconsin
  2. Washington
  3. Texas
  4. Utah
  5. California
  6. Massachusetts

The bottom five patented states include:

  1. Alaska
  2. Mississippi
  3. Tennessee
  4. West Virginia
  5. Wyoming

Venture Capital

The top states for venture capital are:

  1. Massachusetts
  2. California
  3. Utah
  4. Washington
  5. Colorado

The lowest are:

  1. Arkansas
  2. Alaska
  3. Hawaii
  4. Wyoming
  5. Iowa
  6. South Dakota

R&D Spending

The leaders in R&D spending are:

  1. Delaware
  2. Michigan
  3. California
  4. Connecticut
  5. Massachusetts

The states that spent the least on R&D include:

  1. Arkansas
  2. Wyoming
  3. Louisiana
  4. Alaska
  5. Mississippi

Academics

As for academics, the top states include:

  1. New Mexico
  2. Maryland
  3. Rhode Island
  4. Massachusetts
  5. Alabama

The lowest academic rankings were for:

  1. Louisiana
  2. Arkansas
  3. Delaware
  4. Wyoming
  5. Nevada

If you are a U.S. based company conducting R&D you may be eligible for the federal and/or state research tax credit. Please contact a Swanson Reed representative to find out further information.