TTDC is responsible for the technology-based economic development agenda for the State of Tennessee. Technology-based economic development, commonly referred to as TBED, is an economic development approach that focuses on building innovation capacity and a climate where a knowledge-driven economic base can thrive. The primary components of a comprehensive TBED strategy include :

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

In 2005 and 2006, as part of a collaborative effort between TTDC and the Tennessee Department of Economic & Community Development, a statewide inventory of science and technology assets was conducted. The result of this comprehensive effort was the creation of a Tennessee Innovation Road Map that would provide greater clarity to the existence of statewide resources and the opportunities for economic expansion and diversification around core strengths. By focusing on regional strengths, best practice strategies can be designed to build innovation capacity in all regions of Tennessee that lead to higher skill, higher wage jobs.

Findings from the road map include a comprehensive research & development funding analysis, a lack of programs leveraging existing R&D for economic value, a lack of programs designed to grow the existing research base, fragmented/fractured innovation network and industry and research leaders asking for a TBED mechanism with the flexibility to respond to market opportunities. By the recommendation of Commissioner Kisber and the subsequent approval by Governor Bredesen, the decision was made to revitalize the Tennessee Technology Development Corporation as the state’s lead organization for TBED planning and implementation.

In summary, the Tennessee Technology Development Corporation is tasked with accelerating efforts to transition Tennessee's economy to a knowledge-based economy that provides high skill and high wage job opportunities for its citizens. Going forward, the state’s “innovation” or “competitiveness” agenda for an effective and efficient TBED program will be developed and implemented by the Tennessee Technology Development Corporation in partnership with the Tennessee Department of Economic & Community Development.