New TBED Guide Helps During Times of Transition

Congress isn't the only place looking at dramatic changes in January. With 11 governors and hundreds of state legislators taking office for the first time, tech-based economic developers across the country are presented with both opportunity and challenge. A change in state leadership often presents the opportunity for positive changes in direction of outdated economic development policies and programs. Sometimes, however, governors feel the need to make changes just for the sake of giving their administration something to hang its hat on – to make the state's economic development strategy the governor's own.



One of the biggest challenges is new governors and legislators bring with them new staff, some with little understanding or experience in how tech-based economic development encompasses so many varied elements. In addition, key TBED personnel often change at the same time as governors, taking with them institutional memory of what works and what doesn't as they hand over the reigns. Good TBED programs and policies, as a result, can be at the same level of risk as bad ones during these times. It becomes most critical during transition times and the initial days of a new session to ensure elected officials recognize the importance of supporting the key elements of successful TBED strategies, as they set to work on new legislation and 2008 appropriations.



SSTI is excited to offer a new tool to help TBED professionals during these times of transition. A Resource Guide for Technology-based Economic Development provides a great introduction to the fundamentals to transition regional economies through strategic investments in science, technology, innovation and entrepreneurship. The book provides valuable insights into three of the most important elements of transforming regional economies:

• positioning universities as economic drivers;
• fostering entrepreneurship; and,
• increasing access to capital.

While distinct, these three elements comprise the heart of most state TBED strategies and are closely interrelated. Readers of the guide, especially those new to the field, will benefit from the easy access provided in this single volume to useful information addressing all three. Each section of the book provides insight into the characteristics and qualities shared among the best TBED policies and practices. Examples of key strategies from across the country are included as well as special considerations, cautions or tips for each approach.



A Resource Guide for Technology-based Economic Development, produced with support from the U.S. Department of Commerce's Economic Development Administration, is available for download or purchase from SSTI. More information is provided in the article below.



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