Group Recommends Measure to Improve Minnesota Economy

Following on the Summit on Minnesota’s Economy, a 21-member group appointed by the president of the University of Minnesota has unveiled its recommendations to strengthen the state’s economy. The recommendations in Report to the People of Minnesota: Building a Knowledge Economy for Minnesota’s 21st Century are divided among five strategies:



Recommendations in the new report are divided among five strategies:

• Developing a knowledge-driven industry cluster strategy to cultivate Minnesota's strengths within existing industries, and to develop emerging Minnesota industry clusters, starting with: health care -- particularly medical technology; biosciences -- especially applications in agriculture; and communications and information technology - particularly in storage technology and data communications. The Working Group recommends building workforce skills, research and innovation and fostering entrepreneurship in these significant industry clusters.
• Cultivating a competitive workforce for the 21st century through initiatives such as merit-based scholarships for Minnesota top ranked high school graduates to attend Minnesota post-secondary public and private institutions; in-state tuition for high-achieving non-resident students majoring in science and technology fields; identifying critical 21st Century skill sets; aligning training for new and existing workers with the needs of current and growing industries; and raising awareness of students and existing workers regarding promising Minnesota industries and occupations.
• Creating top-ranked research and innovation capacity aimed at building critical mass in research and development areas important to the state's future. Recommendations include strengthening the University of Minnesota as the state's flagship research institution, especially in critical science and technology fields directly related to emerging industry clusters; supporting industry-led research and development and commercialization of technologies, such as creating the Northstar Research Coalition to foster joint research and innovation.
• Fostering a positive business climate to support entrepreneurship and business growth through a more favorable tax environment, coordinated strategies to encourage businesses to expand and locate in Minnesota, and promoting Minnesota as a desirable place to live, work, learn and do business.
• Building an enduring leadership coalition to guide the strategy's implementation and future economic development. In the interim, the Working Group has agreed to help identify and advocate for the recommendations set forth.

In addition to calling for innovative private-public sector partnerships, the Working Group's plan provides broad support for legislative initiatives such as funding support for rural telecommunications and technology commercialization.



More information on the proposals is available at: http://www1.umn.edu/summit/