Keys to Growth Involve Discovery, Engineering and Entrepreneurship, Report Says

A 19-year veteran of the technology-based economic development field has co-authored a guide that outlines strategies for growth in the knowledge-based economy.

The Keys to Growth in the New Economy:Investing in Discovery, Engineering, and Entrepreneurship draws on the experiences of John Ahlen, who has led the Arkansas Science and Technology Authority (ASTA) since 1984. The report is co-authored by Mark Diggs, Chairman and CEO of Maryland-based Ontology Works, Inc.

Drawing on Arkansas’ experience, Keys to Growth serves as a technology-based economic development handbook for policy makers and community developers who are looking for an approach to economic growth that does not rely on industrial recruitment.

Technology-based economic development offers a model for growth, Ahlen and Diggs argue. They outline five specific results that emerged from ASTA’s experience:

* Investment in research infrastructure leads to greater returns as scientists convert small grants into major awards from federal agencies. Ahlen and Diggs report a return of $7 for every dollar invested.

* Scientists in Arkansas can compete nationally when offered the same support as those in other states.

* Arkansas companies desire to see new technology incorporated into their processes and products and to invest their funds into university-based applied research.

* The Authority’s Manufacturing Extension Network (part of the Manufacturing Extension Partnership network) enables Arkansas manufacturers to compete globally. And,

* Technology development and seed capital investment programs sponsored by the Authority help stimulate new processes and products and retain knowledge workers through the creation of new businesses.

The Capital Resource Corporation, a nonprofit that promotes venture capital formation and innovation in Arkansas, published The Keys to Growth in the New Economy. The book is available at http://www.accessarkansasscience.org/.

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Copyright State Science & Technology Institute 2003. Information in this issue of SSTI Weekly Digest was prepared under a cooperative agreement with the U.S. Department of Commerce, Economic Development Administration. Redistribution to all others interested in tech-based economic development is strongly encouraged — please cite the State Science & Technology Institute whenever portions are reproduced or redirected. Any opinions expressed in the Digest do not necessarily reflect the official position of the U.S. Department of Commerce.