Government Business, Government Finance
Article | July 12, 2022
Bridges, a critical part of America’s infrastructure, need immediate attention. The U.S. Department of Transportation’s 2019 National Bridge Inventory database shows that 81,000 bridges should be replaced and more than 46,000 are structurally deficient. In spite of the data, millions of motorists cross these structurally deficient bridges every day.
The American Road & Transportation Builders Association estimates that the cost to repair the country’s bridges is approximately $164 billion. If that statistic appears startling, consider this - at the current pace of repair, construction could easily take more than a half-century.
Rhode Island currently has the highest percentage of structurally deficient bridges in the nation. Other bridges in disrepair include New York City’s Brooklyn Bridge, Washington, D.C.’s Theodore Roosevelt Bridge, and the San Mateo-Hayward Bridge that crosses San Francisco Bay.
Time and the environment will continue to play a huge role in the deterioration of America’s bridges. Repair and reconstruction needs will only become greater. Hundreds of immediate projects are available for construction and engineering firms that perform bridge work.
Illinois
The Illinois Department of Transportation approved a $21.3 billion highway program this month to improve 8 million square feet of bridges and more than 3,300 miles of roads over the next six years. Of this amount, $3.15 billion has been allocated for the current fiscal year. An Interstate 80 project, with a cost projection of $1.1 billion to replace two bridges, will have funding disbursements that span from 2021 to 2026. In 2021, $74.5 million is allocated for replacements, superstructures, widening, reconstruction, new construction engineering, and utility adjustments. Many additional projects are outlined in the state’s transportation plan.
North Carolina
Beaufort County will receive $120 million from the state to fund what is referred to as the U.S. 278 corridor project. This project will overhaul the only connection between Hilton Head Island and the mainland. Cost projections exceed $272 million. Components of the project include widening the entire corridor to six lanes, adding right-turn only exits off U.S. 278, and building an underpass on Pinckney Island. Another part of the project involves the construction of a multi-use pathway over the bridge.
Maryland
Prince George’s County has released its 2021-2026 Proposed Capital Improvement Program and Budget for the Department of Public Works and Transportation. One project is the replacement of a 30-foot concrete bridge in Clinton over Piscataway Creek at a cost of $5.7 million. Design of the bridge is scheduled for 2021, and construction will begin in 2022. The Livingston Road Bridge, another structure that crosses the Piscataway Creek, will be replaced at a cost of $8.4 million. A total of $29.6 million will be dispersed from 2021-2026 to fund the replacements or rehabilitation of county bridges in the state.
Maine
This state currently has 314 bridges in poor condition, the seventh-highest percentage in the country. Bridges in Maine are inspected every two years and receive posted warnings or become closed when there is danger to the public. Many of the state’s bridges are more than 90 years old. Approximately $38.1 million in federal funding has been secured, and seven bridges have been selected for repair as part of the National Highway Freight System program. The Maine Department of Transportation will contribute another $14 million and construction is expected to begin 2022. The bridges include Interstate 95 over Webb Road in Waterville, I-95 over Broadway in Bangor, Main Street Bridge in Solon, Red Bridge in Rumford, and the double bridge on Stillwater Avenue in Old Town.
Arkansas
The Fort Smith Board of Directors, Arkansas & Missouri Railroad, and the Western Arkansas Planning and Development District agreed July 21 to facilitate a $15 million project to repair a railroad line. The district will manage the procurement of engineering services, as well as procurement and supervision of the construction contract for the renovation of the Arkansas River railroad lift bridge and wooden trestles from Fort Smith to Missouri. The district also will manage other procurement responsibilities for two railroad bridges in Crawford County.
Louisiana
Funding has been approved through an agreement with the Louisiana Department of Transportation and Development (LDOTD) for the replacement of the Cheniere spillway and bridge. In 2019, the LDOTD announced it would contribute $4 million to replace the bridge and substitute a fix-crested weir for the parish-owned spillway. A weir is a low dam built across a river to raise the level of water upstream or regulate its flow. The bridge and spillway were damaged by floods and the LDOTD agreed to fund the repair. Procurements for the project will begin soon as construction is also slated for 2020.
In the city of Baton Rouge, planning will begin soon on a new Mississippi River bridge after LDOTD finalized an agreement July 7 with an engineering firm on a $5 million planning and advisory contract. The contractor will be responsible for developing a purpose and need statement, producing a navigational analysis, and analyzing various traffic models for this more than $1 billion project. The state has a backlog of road and bridge projects that totals more than $14 billion. The Capital Area Road and Bridge District will consider alternative funding methods for the new bridge, including tolls, public-private partnerships, and state funds. The project is moving rather rapidly.
There will be no shortage of opportunities for companies interested in bridge construction and repairs throughout the country.
Mary Scott Nabers is president and CEO of Strategic Partnerships Inc., a business development company specializing in government contracting and procurement consulting throughout the U.S. Her recently released book, Inside the Infrastructure Revolution: A Roadmap for Building America, is a handbook for contractors, investors and the public at large seeking to explore how public-private partnerships or joint ventures can help finance their infrastructure projects.
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Emerging Technology
Article | July 13, 2022
The General Services Administration plans to run an artificial-intelligence-based pilot program to help speed up how agencies procure innovative and commercial solutions. The pilot will use a combination of artificial intelligence, machine learning and robotic process automation to help GSA learn how to streamline the acquisition process, fast-track vendor selection timelines, simplify contract administration for innovative commercial items. FEDSIM is working with GSA’s Technology Transformation Service and the Centers for Medicare and Medicaid Services, the sponsoring customer, to find a software-as-a-service solution that CMS regulatory staff can use to modernize regulatory workflows.
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Article | May 26, 2021
The United States Patent and Trademark Office (USPTO) issued its 10 millionth patent number in June 2018 and continues to go strong. In fact, according to a PatentlyO.com-published report, “We are about three-fourths of the way through fiscal year 2019 (ends September 30, 2019) and the USPTO is on-track to issue the most patents ever in a single year period,” with the author forecasting, “330,000 issued utility patents, which is up about five percent from the prior one-year high in 2017.” While these kinds of milestones have created much ado about patents that have changed the world, including a number of popular culture pieces, the unfortunate truth remains that a great number of organizations don’t really understand how powerfully advantageous a tool patents can be.
As the pace of patent filings quicken—noting that it took fully 121 years to issue the first million patents but only three years to move from nine to ten million—businesses that understand how to analyze, identify and capitalize on various intellectual property (IP) trends can dramatically hasten and increase value creation, and valuation, within their companies. This is according to patent attorney and IP authority JiNan Glasgow George, a former USPTO patent examiner and engineer turned entrepreneur who launched the Magic Number Patent Forecast software —a comprehensive intelligence tool leveraging machine learning to uncover silent trends sweeping the business landscape, revealing who is filing patents, when and in what sectors. With this kind of AI-driven data, organizations can easily detect early-stage shifts and pinpoint other trends and marketplace insights to give companies a tremendous competitive edge.
“Intellectual property is not just an idea, concept or invention, but rather a financial asset that can render tangible results,” JiNan notes. “Organizations need to shift their mentality away from patents being seen as merely a way to protect their own idea and, instead, regard them as a means to grow a business and create wealth through intellectual property-driven analytics and key business assets that drive revenue. This can include analyzing the competition through a uniquely telling lens, deciding which products to build next, identifying 'white space' industry opportunity and more.”
After more than two decades managing legal matters pertaining to patents and trademarks, JiNan has helped hundreds of entrepreneurs and innovation-based companies understand how to parlay patents into assets that give them an edge. Below are three of her key reasons why analyzing patent trends can pay off in a big way:
1. Enhanced Competitive Intelligence. Did you know that large banking institutions like Bank of America and payment card companies like Mastercard and Visa hold large amounts of patents in cryptocurrency? Or that a pharmaceutical company is the leading patent owner in the cannabis sector? Or that consumer sleep is among the newest IP-heavy categories, with Apple emerging as a primary player? Or that early stage companies such as Luminar may be outpacing automotive giants?
“Because investment in patents always leads market activity, we can see investment trends before they’re visible in market activity,” JiNan explains. “Every sector contains strategic insights that can translate into mission critical assets. We also find evidence of investment that might seem contradictory—like a major bank investing heavily in its supposed competitor: cryptocurrrency. It’s data science that allows companies to predict the next waves of innovation within their particular industries and markets.”
2. Drastically Increased Valuation. IP isn’t just for tech and consumer product companies, as even service businesses can pursue IP protection through patents, trademarks, copyrights and trade secrets. Unfortunately, many businesses are highly undervalued because the owner or executive has not created any IP or cultivated what they have. This is a grave error given that IP plays a huge role in an entity’s valuation. In fact, IP is the one thing that impacts the valuation multiple beyond the profitable business, itself. As such, using trend data to determine with greater accuracy how and where to allocate IP-related resources is key, as “getting it right” can be a significant boon to the bottom line.
“Some start-up companies I’ve worked with have IP portfolios that are more efficient and valuable than large corporations in the same markets,” JiNan notes. “That gives them a high valuation—a vital factor also making these companies attractive targets for investors, mergers and acquisitions. Some companies invest a lot in patents that ultimately are not very valuable, while other companies file for inventions that yield significant returns. The profitable ones can produce impact that multiplies their IP investment—even early stage companies can have IP valuations that are $10 million, $50 million, even $100 million or more. A data-driven IP strategy that considers present inventions in market context can create a five times or more increase in valuation.”
3. Maximized First Mover Advantage. Prior to 2013, the first to invent was entitled to patent rights. The current system—established through the Leahy-Smith America Invents Act—is a “first-to-file” system, meaning that patent rights are given to the first person or entity to file an application whether or not they were the first inventor of the technology, product or service. With access to patent trends and other IP-driven data, companies can not only make smarter investments and develop better strategies to target emerging markets, but also aptly identify underserved or even entirely unexploited facets within those markets.
“Patent data offers huge insight into who is investing in what kind of technology and where and how those funds and efforts are being allocated, long before commercial activity,” JiNan says. “Any company preparing to enter a new market will leave evidence of their intentions in areas that represent opportunity. If you are looking to capitalize on gaps in the market, it’s important to remember there’s no second place in patents—you need trend data to be continuously updated and analyzed. The companies and individuals who profit most from intellectual property are often not the ones who initially created it. ”
According to JiNan, one of the most significant areas of opportunity loss for entrepreneurs and corporate executives is a lack of understanding of patent strategy and undervaluing the pursuit thereof. Because p atents are often the highest value intellectual property assets, she asserts that having an inside track on this kind of activity—and taking proactive measures to interpret and capitalize on that data—can be a real game-changer for an organization.
Ways to gain that “inside track” as well as other ways to maximize patent ROI and profit from your IP endeavors will be explored at the annual Eclipse IP Conference this October in Cary/RTP, North Carolina. Founded in 2013, Eclipse brings together global thought leaders in IP to discuss best practices in patent investment, with this year’s theme being “Own Your Zone, Leveraging IP to Increase Marketshare.” These days, it’s not just about procuring the data. It’s what you strategically do with that data that really counts. The conference includes the likes of New Orleans Saints all-time yardage leading wide receiver Marques Colston, supply chain expert Irfan Khan, Eugene Gold (who grew his business by a staggering 4,400%) and bestselling author Randy Nelson.
With patents among the most important and valuable assets a business can hold, said to serve as “the lifeblood of innovation,” when employed well they can proffer a remarkable return on investment—especially when facilitating market, category or process exclusivity. With JiNan’s insights above, it’s clear that deciphering and mapping early-stage patents and market data can be a powerfully effective means toward this end.
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Article | July 22, 2020
While congressional leaders work diligently to develop the next COVID recovery bill, other interesting legislation also is being discussed.
Many of the conversations focus on public funding options after COVID-19. There are no disagreements when it comes understanding the critical funding needs that will be front and center for cities, counties, states, schools, and hospitals as the country begins to emerge from a total focus on the coronavirus.
Many public projects and initiatives will have to be addressed. First of all, crumbling, inefficient and unsafe infrastructure, of all types, must be a priority. Secondly, jobs will be a critical component of the successful re-establishment of economic stability.
It is already apparent that a great deal of new funding will flow to long-standing federal programs. That’s a good thing because public officials already are aware of how those programs function. However, a number of new bills under discussion relate to the provision of additional and innovative ways for governmental entities to secure funding for projects that would stimulate the economy, create jobs, and address aging infrastructure. One particularly interesting new concept being evaluated is tax-exempt COVID recovery bonds.
The current discussions focus on a federal COVID recovery bonding program that would be launched with approximately $25 billion. A small number of states have already initiated programs such as this on a smaller scale.
The funding would be allocated to states based on population. From the governor’s office in each state, funding could be disbursed for projects of specific types.
If COVID recovery bonds become a reality, the program would provide another way for public entities to secure funding that does not come solely from public coffers. Individual private sector contractors, investors, and organizations would provide the funding and work collaboratively with public officials.
This program would be somewhat similar to private activity bonds which provide alternative funding for public initiatives. The new COVID recovery bonds would be tax exempt when used for permitted purposes such as financing airport, port, transportation, sewage, water, solid waste disposal, certain facilities, and other projects.
In the following weeks and months, taxpayers and citizens should watch with eager anticipation. Congressional actions will boost America’s economic recovery and stabilize governmental organizations throughout the country. Inaction is a possibility, too, but that would risk missing out on recovery opportunities.
Congressional representatives base their actions and their votes on input from constituents they represent. There are times when citizens, whatever their opinions, should provide input to elected representatives. This is one of those times.
Mary Scott Nabers is president and CEO of Strategic Partnerships Inc., a business development company specializing in government contracting and procurement consulting throughout the U.S. Her recently released book, Inside the Infrastructure Revolution: A Roadmap for Building America, is a handbook for contractors, investors and the public at large seeking to explore how public-private partnerships or joint ventures can help finance their infrastructure projects.
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