Daily Business Report - Aug. 20, 2013

San Diego Leaders tell Scott Peters and House Democratic Whip What Innovation Economy Needs from Congress

Congressman Scott Peters lead a forum at UC San Diego Monday on what Congress can do to support local innovation, KPBS reports. San Diego business leaders, researchers and special guest House Democratic Whip Steny Hoyer focused mostly on what Washington isn’t doing. Hoyer opened the afternoon panel airing his concerns about cuts to federal grants for the kind of long-term projects known as basic research. “Stockholders are not necessarily interested in basic research,” he said. “They may be very interested in applied research but they look at that quarterly report, and what government has always done is be able to do the long-term visionary research.”Local leaders on the panel told Hoyer what San Diego businesses need is stability. Mark Cafferty, CEO of the San Diego Regional Economic Development Corp., said many employers had to consider layoffs because of sequestration.

Holly Smithson, president of Clean TECH San Diego, said she is looking to Congress to make tax credits for companies that invest millions in research and development permanent.

“Former San Diego Mayor Jerry Sanders, who now leads the San Diego Regional Chamber of Commerce, Magda Marquet, chair of the BIOCOM board of directors, UC San Diego Chancellor Pradeep Khosla and John Dunn, board member for CONNECT also sat on the afternoon’s panel.