What's Needed to Do It Well?
- Intellectual Infrastructure - Universities and research laboratories that generate discoveries and innovations
- Technology Transfer - Mechanisms to move research and innovation to products and commercialization
- Physical Infrastructure - Laboratories, incubators, research parks, high-speed Internet connections
- Highly-Skilled Technical Workforce - To do the work
- Sources of Risk Capital - To provide the funds
- Quality of Life - To attract entrepreneurs and innovators
- Entrepreneurial Culture - To enable success
- Long-Term Commitment - Patience and Long-Term Perspective
TBED as Economic Driver
Technology-based economic development is a critical component of WV’s economic future — seen by many as an economic imperative. Multiple studies show that a state’s economic success can be largely attributed to the growth of high-technology businesses. Much of that growth comes from entrepreneurs and start-up companies. Typically, research universities fuel much of that growth as spin-off companies, resulting from university research, remain in the university’s home state, boosting innovation, technology transfer, commercialization... and ultimately creating high-paying jobs and increasing wealth for all of West Virginia.
“With over 18,000 technology jobs that pay, on average, $53,325 a year, 9% of the jobs in [north-central WV] are technology industry jobs. Perhaps even more significant is that these jobs account for 16% of all wages paid in the region, a clear indication that [the technology] industry offers higher wages than others do.”
“We estimate that, in 2006, the north-central West Virginia technology industry will have a total economic impact of $5.2 billion on the State of West Virginia”
-North-Central West Virginia’s Technology Industry: A Pathway Through the 21st Century... Anderson Economic Group LLC, 2005