Doing Something About Tennessee's Technology Gap

I admired Eric Cromwell’s style during my regional economic development work. We used public funds, though, and he worked for the State, so it felt too much like pandering to say so. Recently we both changed roles: my termination from the TCEDA WTC completed a promise and let me return to real entrepreneurial work that didn’t require politispeak (just because I can doesn’t mean I like to) and Eric is rejuvenating a mostly dead not-for-profit that may rapidly bring Tennessee’s technology effort into the 21st century. I’m once again a fan.

As the head of the Tennessee Technology Development Center, Eric Cromwell advocates for entrepreneurial and technology-based economic development with a refreshing approach (or at least a familiar one, as it’s the same that I’ve advocated): keep the big box recruiting, but don’t forget the entrepreneur who will keep his/her company here even when it’s one of Tennessee’s larger employers. Think that’s unlikely? Look at FedEx and several other major companies.

We differ slightly on the way to the generate numerous startups and corporate headquarters: besides homegrown entrepreneurs, I also advocate using incubators for international companies that want to enter the US market, since the place they launch their US presence is typically also where they’ll keep their corporate headquarters (yes, for those who remember, this is one of the two main essentials of the rejected marketing plan I’d put together for the Tri-Cities WTC launch). 

We both advocate a model that’s so far beyond traditional “quick win” economic development, which parses economic miracles in two-year windows, so I’m more than willing to help champion Eric’s approach. Plus, he’s concise, direct, honest and technologically savvy, all those qualities that are essential to someone dealing with the entrepreneur who has to make payroll every week.

The TTDC, according to its website, is “responsible for the technology-based economic development agenda for the State of Tennessee, . . . focuses on building innovation capacity and a climate where a knowledge-driven economic base can thrive.”

TTDC’s focus includes:

•Intellectual Infrastructure
•Mechanisms for Transferring Knowledge
•Physical [technology] Infrastructure
•Talent – Highly Skilled Workforce
•Risk/Venture Capital

In 2005 and 2006, when Eric worked for the state as part of the Tennessee Department of Economic & Community Development, the TTDC jointly conducted a statewide inventory of science and technology assets called the Tennessee Innovation Road Map. The intent was to provide greater clarity to existing statewide resources and the opportunities for economic expansion and diversification around core these strengths.

One of the ways that TTDC is doing something about the lack of Tennessee’s innovation on an entrepreneurial level is a new SBIR Phase 0 grant, to help companies that are applying for SBIR Phase 1 grants be able to afford the initial cost of application. More on that in the next blog post.

In the meantime, listen to the brief podcast (here) that gives TTDC’s vision and mission and next steps. Like all economic developers, Eric wants his work to lead to higher skill / wage jobs, but through wealth creation and entrepreneurial growth, not only via old school tools like abatement.