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Arizona’s Bright Future 

Activity in emerging industries prove the Grand Canyon state is innovating itself for next generations.

By Kyle Peschler
From the September/October 2024 Issue
Arizona
(Credit: Adobe Stock/Jon Manjeot)

With a bright future ahead, Arizona encourages bold ideas and facilitates innovations. Arizona’s is positioned to lead trends that further enhance the way industries do business. So far in Fiscal Year 2024, Arizona attracted record capital investment and jobs. 

On July 30, 2024, the Arizona Commerce Authority reported that “Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024. In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new jobs in the state with an average wage of $75,701. Those companies also committed to investing more than $50 billion in local communities—setting records for jobs, capital investment and wages.”

During this time period, workforce development, startup growth, supply chain enhancements, and rural business expansions saw substantial wins. The fiscal year results show 121% of Arizona’s projected jobs goal, 128% of its projected wages goal, and 1,250% of projected capex goal were achieved. This activity spanned the state, with activities across metro regions as well as smaller communities.

“Arizona has become a global hub for advanced manufacturing and emerging technologies, with no signs of slowing down,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “As the home of America’s semiconductor resurgence, Arizona continues to attract global companies in advanced industries. These wins translate to high-paying jobs for Arizonians and increased opportunities for Arizona small businesses and local manufacturers, and they are supported by our top-ranked workforce and leading education institutions.” 

In November 2023, the state announced a set of actions aimed at innovating the semiconductor workforce, increasing opportunities for apprenticeships while supporting workers and families. Some of these programs include: 

  • Arizona’s first Registered Apprenticeship Program supporting the semiconductor industry. NXP Semiconductors started an Industrial Manufacturing Technician occupation. NXP provided on the job learning along with covering apprentice tuition costs. 
  • The Arizona Commerce Authority invested $4 million in funds to support Registered Apprenticeship Programs in the semiconductor industry. Costs that were covered included tuition books, materials, supplies for apprentices, and support services such as transportation and childcare.
  • A Semiconductor Task Force, Employer Collaborative was set up to promote the use and development of apprenticeship programs.  
  • The Maricopa Future48 Workforce Accelerator was launched, with Governor Katie Hobbs announcing a partnership with Maricopa Community Colleges. The governor launched the Future48 Workforce Accelerators in 2023 to provide customized, industry-led training in advanced manufacturing sectors. Training at the facility in Maricopa County will take place in close collaboration with semiconductor industry partners. The new facility represents the third of six Future48 Workforce Accelerators. The first two included partnerships in Yuma, with Arizona Western College, and Kingman, with Mohave Community College, targeting aerospace and solar.

Arizona Commerce Authority Supercharging Innovation

Innovation thrives in Arizona. Arizona is at the forefront of innovation—providing an unparalleled environment for entrepreneurs to succeed. Known for its welcoming environment, Arizona provides fertile ground for companies of all stages—from early-stage ventures to experienced entrepreneurs–to thrive.  

Arizona has established a reputation as a leading destination for companies to test, launch, and scale new ideas and business models. The state has implemented first-in-the nation, forward-thinking policies to support emerging technologies, sending a signal to businesses that innovation is welcome there.  

Plug and Play accelerate AZ
Plug and Play accelerate AZ celebrated the launch of the Arizona office in April 2023 in Phoenix. (Credit: Arizona Commerce Authority)

As Arizona’s leading economic development organization, the Arizona Commerce Authority (ACA) has prioritized advancing the state’s startup ecosystem alongside efforts to attract and grow base industries. This steadfast commitment includes a comprehensive suite of programs that support startups during all stages.  

New ACA innovation programs supercharge startups. In August 2024, the ACA announced plans to scale the highly successful Arizona Innovation Challenge (AIC) program, helping more Arizona startups find success. 

The AIC, a program of the ACA and one of the nation’s largest business plan competitions, was launched in 2011 to identify and accelerate support for Arizona’s most promising startups. Since then, 140 AIC awardees have been selected as awardees, representing a combined portfolio value of more than $5.8 billion. 

Through three new and enhanced venture programs­-Venture Scale, Venture Raise, and Venture Start­­­­­­­­­­­­-the ACA will extend more one-on-one support to Arizona startups. 

Venture Scale connects up to 10 AIC Awardees with serial entrepreneurs, high-level executives, and subject matter experts through a six-month, customized regimen. The program represents Arizona’s flagship accelerator program for the state’s most promising startups. For Venture Scale, participating entrepreneurs have a number of chances to improve their pitches and hone their business strategies. 

AIC Semifinalists and Finalists who do not become AIC Awardees will be invited to participate in Venture Raise, a 12-week accelerator that focuses on funding options, investor pitching, startup financial health, and more. Venture Start will be targeted toward early-stage startups, connecting them with mentors to improve their business plans and help them prepare to enter and succeed in business plan competitions such as the Arizona Innovation Challenge. 

Plug and Play accelerateAZ. In addition to the ACA’s suite of innovation programs, Plug and Play accelerateAZ, a program of the ACA, was launched to connect startups with industry leaders.  Plug and Play accelerateAZ currently features two programs in manufacturing and sustainability.  

For more information about Arizona’s work to drive innovation,  visit www.azcommerce.com/start-up/

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Advanced Manufacturing, Aerospace/Defense/Aviation, Arizona, Business/Industrial/Research Parks, Capital Investment, Economic Development, Featured, Incentives, Taxes & Financing, Industry Clusters/Hubs, Life Sciences, Magazine, Manufacturing, Ports & Free Trade Zones, Public-Private Partnerships, Quality Of Life, Renewable Energy, Research & Development, Single Location, State Focus, Technology, Workforce Development

Arizona, Arizona Commerce Authority, Arizona Innovation Challenge, BF-September/October-2024, Governor Katie Hobbs, Greater Yuma, Greater Yuma Region, Maricopa, Maricopa Future48 Workforce Accelerator, Plug and Play accelerateAZ, Registered Apprenticeship Program, Semiconductor Task Force, Sierra Vista, Single Location, Winslow, Yuma County

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