A Resource Guide for Technology-based Economic Development

Positioning Universities as Drivers

Fostering Entrepreneurship

Increasing Access to Capital

During the last several years, the U.S. economy has been undergoing a dramatic
transformation as the nation moves to an economy driven by technology—through
the creation of new industries and the application of technology in traditional
industries.

Competing in a global economy, regions must have an economic base
composed of firms that constantly innovate and maximize the use of technology in
the workplace. Technology-based economic development is the approach used to
help create a climate where that new economic base can thrive.
Based on the experience of tech-based economies like Silicon Valley, Research
Triangle, and Route 128, it is generally acknowledged now that the following
elements are required for a tech-based economy:

•An intellectual infrastructure, i.e. universities and public or private research
laboratories that generate new knowledge and discoveries

•Mechanisms for transferring knowledge from one individual to another or from
one company to another

•Physical infrastructure that includes high quality telecommunications systems
and affordable high speed Internet connections

•Highly skilled technical workforce

•Sources of risk capital

•Quality of life, and

•Entrepreneurial culture

This resource guide focuses on three of the elements – intellectual infrastructure,
capital, and entrepreneurial culture – and is intended to assist economic
development practitioners in their efforts to accelerate transition to technologybased
economies.

The decision to address these three elements within one
document was deliberate because, though apparently distinct, the elements are in
practice inter-related. Therefore, while readers may focus on whichever section they
see as central to their own interests, they may also find benefit in reviewing the
other two sections, since comments and observations found in one section often
pertain as well to issues in the other sections.

Practitioners can use the guide to implement and update programs addressing these
three critical elements required for a tech-based economy. The guide also begins to
resolve one of the most challenging issues for the tech-based economic development
community: the paucity of written information that captures the insights, wisdom
and practical knowledge of people who have decades of experience in the field.

Although state efforts reach back to the 1950s, the technology-based economic
development field still relies heavily on oral tradition to convey what has been
learned, and as one former official put it, “I am not aware of any formal
training/academic programs for the directors and associates … except for on the job
learning.” This resource guide serves as a starting point in transferring the collective
knowledge of the field to a written form that will be useful not only to those new to
the field, but also to those with more experience.

Full Report:
http://www.ssti.org/Publications/Onlinepubs/resource_guide.pdf