The Call for Technology-Based Economic Development
And how the Minnesota Science and Technology Authority aspires to answer it.
The numbers are astonishing: $6.6 billion in economic activity, 41,300 total jobs, $2.4 billion in employee wages and benefits, 500 new companies created, attracted and capitalized … in Minnesota? No, unfortunately.
These are the results of the Ohio Third Frontier from 2002-2008, which has become the gold standard for technology-based economic development—results that Minnesota hopes to replicate starting this year with the creation of the Minnesota Science and Technology Authority.
The mission of the authority is to develop a comprehensive technology-based economic development plan for the state with concrete policy recommendations to keep Minnesota competitive. The authority is made up of five state agency commissioners and advised by a blue-ribbon commission of 18 academic, nonprofit and corporate leaders.
Driving the authority is a perception that the state is losing its innovative edge. Worrisome trends from the 2010 New Economy Index include middling rankings for immigration of knowledge workers, fastest-growing firms and broadband deployment. Minnesota fell off the cliff for entrepreneurial activity and new business formation—dropping from 15th in 2008 to 42nd in 2010.
The authority is seeking $10 million this legislative session for programs that will help turn these numbers around and lend a hand to entrepreneurs to build their businesses and direct talent to the state’s science and technology industries.
On the drawing board for funding this legislative session are initiatives that would help fund and mentor entrepreneurs, fund innovative research and create college-level internships.
