Tennessee Means Technology

Blazing a Trail for the New Economy
While other states talk technology, Tennessee takes action

By Trisha Ostrowski

For technology-intensive companies, it makes perfect sense to locate in an environment where leading scientific minds and resources are practically next-door. That proximity to breakthrough ideas, innovation and trained talent is exactly what makes Tennessee so attractive.

"A lot of states are talking about technology. What sets Tennessee apart is the depth and diversity of our resources," explained Commissioner of Tennessee's Department of Economic & Community Development Tony Grande. "Businesses in Tennessee can take advantage of technology that is unmatched in the world."

With its initiative "Tennessee Means Technology," launched in November 2001, this center-of-the-South state is now more committed than ever to leveraging its talent and resources to help companies succeed. The Tennessee Department of Economic & Community Development (ECD), Tennessee Technology Development Corporation (TTDC), along with several state and regional partners are working together to realize the state's high-tech potential.

Clear Goals

To ensure the success of "Tennessee Means Technology," the state has established four key objectives. First, it is working to support Tennessee's science and technology assets and the state's public/private partnerships working to direct those assets. As Grande explained, "We are inventorying how these public resources can partner with private companies to commercialize technology, and then to make that commercialization the genesis for companies of the future."

The second objective, according to Grande, focuses on providing financial resources. The state is committed to marrying the resources of entrepreneurs and capital by attracting funds from inside and outside of Tennessee, and ultimately to assure that every "homegrown" high-tech business has the necessary funds for a successful startup.

Another goal is to boost incentives to tech-intensive companies. "The state is taking an active role in adapting programs to incentivize growth in technology," Grande said. "We are starting to look at putting our incentive dollars in high-tech companies in terms of work force training, infrastructure and other areas. For example, we recently offered significant incentives to Cool Springs Life Sciences Center in middle Tennessee. The project did not generate a high number of jobs, but we believe that it will be a magnet to other technology and biotechnology companies. We are setting precedents that Tennessee is becoming aggressive in incentivizing technology-intensive companies."

The final aim of "Tennessee Means Technology" is to communicate worldwide the corporate success stories of those currently benefiting from Tennessee's technology. These real-life examples, Grande explained, show it's not only Tennessee's central location and standout work force that are contributing to record growth, but also its abundant technology resources.

"Tennessee is now focused on growth in the high-tech sector," Grande said. For every technology-oriented company, from high-tech manufacturing to biotech, Tennessee is committed to helping you get here, incentivizing your growth, and plugging you into our resources that you can leverage to make your company profitable. As the economy evolves, we want to make sure that Tennessee is at the forefront, a trailblazer in the 'New Economy.'"

Tennessee is rich in technology assets

These internationally renowned resources are helping foster idea generation, technology commercialization and entrepreneurship in Tennessee:

• Oak Ridge National Laboratory-a major national laboratory, home to more than 2000 PhDs
• Spallation Neuron Source-a center for advanced materials research and the largest publicly-funded science project
• National Transportation Research Center
• U.S. Air Force Arnold Engineering Development Center-the world's premiere aerospace test complex where companies can gain access to large collection of aerodynamic and propulsion wind tunnels. Space environment chambers and rocket and turbine test cells
• St. Jude Cancer Research Center-leading research center for childhood diseases.
• Vanderbilt University & Meharry University-providing leading-edge medical research and health care expertise around Nashville.
• The University of Tennessee-strong in biotechnology leadership
• FedEx-providing international leadership in high-tech logistics and information technology.

Technology pockets developing in all corners of Tennessee including the emerging Med-Tech Corridor in the Tri-Cities, the Y-12 defense complex in Knoxville and Oak Ridge, and the fiber optics and electric transportation technologies areas in Chattanooga.