TTDC Outlines Strategic Plan for Tech Initiatives
Published Apr 08, 2002
Tom Rogers, executive director of Tennessee Technology Development Corp.
Tennessee’s high marks for its overall business economy could be a tough act to follow.
Record levels of private investment totaling $40 billion in recent years and new job creation have made a major impact in the state. Yet, as many believe, the best can keep getting better. Along with the successes, there’s always room for improvement and growth. All it takes is a plan.
Tennessee now has that plan, thanks to the Tennessee Technology Development Corp. (TTDC) in Oak Ridge, a public-private partnership created by the state’s General Assembly three years ago to forge the state’s role in the technology-oriented “New Economy.” To build continued prosperity, says the plan, Tennessee must seize the emerging New Economy and the higher-tech job creation of the future.
“In many ways, these are the best of times in Tennessee economically,” says Tom Rogers, TTDC executive director. “But there’s a New Economy emerging that’s built on ideas, on capitalizing on research institutions across the state, licensing intellectual property around the best ideas, growing new companies and helping them find talent to fuel their growth.”
And that’s where TTDC’s five-step strategic plan will help lead the charge.
“We’ve embarked upon a process to develop a road map on how to improve our performance in this New Economy,” explains Rogers. “Tennessee’s strategy will focus on growing our own companies, which are based on Tennessee’s intellectual and human capital.”
The first step of TTDC’s plan is to build an entrepreneurial culture in Tennessee that continues to increase the amount of capital that’s available to help launch new companies.
“We need to encourage our best and brightest students to stay in Tennessee and start and manage the large companies of the 21st century,” says Rogers.
Efforts include the TennesSeed Fund, established as the state’s first early-stage venture capital fund, and the Tennessee Venture Forum, which connects the state’s most promising technology companies with the investment community.
“The TennesSeed Fund, coupled with our annual Tennessee Venture Forum, is really helping us put promising Tennessee companies on the map with venture capitalists,” notes Rogers. “We’re making some significant progress in accessing capital.”
A second strategy is turning ideas into companies and higher-quality jobs.
“We have research sites – such as St. Jude Children’s Research Hospital, the Oak Ridge National Laboratory, the Arnold Engineering Development Center, the University of Tennessee, the Tennessee Board of Regents institutions and Vanderbilt University – that are the envy of any state in the nation,” adds Rogers. “We need to capitalize on them more.”
TTDC supports technology-transfer offices to license more ideas for startup companies and a business incubator network. More research and development funding will “keep the whole flywheel going,” says Rogers.
Another strategy is to build a strong talent pool through actions such as new scholarship-assistance programs linked with jobs and campaigns such as “Make Tennessee Your Home,” touting the state’s quality of life and encouraging those who have left the state to return to their roots.
“The world of economic development is changing,” says Rogers. “A decade ago, companies were interested in sites and transportation networks. Today, their key concern is finding talented people.”
Connecting people with technology opportunities is a fourth strategy. Rogers says developing and supporting a consortium of technology councils across the state is an important first step. The network can help determine ways to take the traditional economic development incentives that have been offered in Tennessee and make them available to high-tech companies.
Establishing a special focus on life sciences rounds off the list. Rogers sees this area, which includes biotechnology and health-care services, as “a single, vertical market that we could really rally the state behind to grow and improve our performance in the New Economy.”
Across Tennessee, he identifies biotechnology initiatives in West Tennessee, health-care initiatives in Middle Tennessee and technology developments in East Tennessee. TTDC is working with the Tennessee Biotechnology Association (see story on page 14) to help develop specific strategies to leverage the state’s unique assets in the life-sciences area.
“The value of technology to Tennessee’s economy is clear – higher-paying jobs, an expanding economy and tax base, a cleaner and more diverse industry mix, and the creation of stronger companies that will help keep future generations of Tennessee’s best and brightest right here at home,” he notes.
“We recognized that we have incredible assets, and these strategies are designed to rally the public, private and academic sectors behind this roadmap to make a difference.”
Story by Sharyn Matthews
Photo by Theresa Montgomery
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