TTDC

Frequently Asked Questions

1.  What is the Tennessee Innovation Road Map?

The Innovation Road Map is the result of a statewide initiative designed to identify the state's science and technology assets, define exploitable market opportunities based on regional strengths, and evaluate best practice strategies to build innovation capacity in all regions of Tennessee.  The initiative called for the exploration and survey of Tennessee in order to identify and map those resources that are essential for an entrepreneurial and innovative culture.  The road map succeeded in identifying these assets and provides direction on how the public and private sectors can work together to build innovation capacity and be more competitive in a global economy.  

The initiative was launched in Spring of 2005 and completed in Spring of 2006, sponsored by the Tennessee Technology Development Corporation in partnership with the Tennessee Department of Economic & Community Development. Click here to view the entire Innovation Road Map.

2. What were the findings of the Tennessee Innovation Road Map?

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. 

3.  What is meant by technology-based economic development?

Technology-based economic development is an essential component of a comprehensive economic development program.  While business recruiting efforts may be the most familiar activity associated with state, regional, or local economic development organizations, both community development and technology-based development are necessary to lay the strongest possible foundation for a strong and sustainable economy.  Technology-based economic development programs are designed to build innovation capacity with a focus on:

• stimulating entrepreneurship and creating an entrepreneurial culture
• increasing public and private research funding (basic & applied research)
• supporting technology transfer and commercialization from research organizations
• increasing the availability of and access to seed, angel, and venture capital
• growing a diverse talent pool of educated and skilled workers
• connecting innovators and promoting collaboration 

4.  Why focus on innovation?  

If Tennessee is to remain competitive in an economy being transformed by technology advancements and global competition, the focus must be on stimulating and supporting innovation.  Innovation is the cornerstone of productivity and economic expansion in America and around the world.  According to the National Innovation Initiative via the US Council on Competitiveness, "innovation will be the single most important factor in determining America's success through the 21st century".  The initiative defines innovation as "the intersection of invention and insight, leading to the creation of social and economic value."  Innovation is the process by which great wealth can be generated, and Tennessee must create and support the necessary talent, infrastructure, and investment that fuels innovation.

5.  Who will benefit from TTDC?

TTDC is about creating new high skill, high wage jobs in sustainable industry sectors and retaining existing high skill jobs.  Regional technology development efforts will all benefit from and be empowered by the innovation capacity building programs offered by TTDC- resulting in more research and development infrastructure, more highly educated and skilled workers, more investment capital, and more technology commercialization activity. A partnership approach is central to the program’s success and local and regional programs will be supported, connected and provided new opportunities by the filling of current gaps in the state's innovation agenda.

6.  Will TTDC benefit both urban and rural communities?

Yes.  Although the state's primary science and technology assets are located in urban areas, all regions and communities in Tennessee can benefit from the innovation capacity building programs offered by TTDC.  With the mass adoption of information technology and other productivity enhancing tools, there is no such thing as a "low tech" industry, and all firms in all industries benefit from the process of innovation.  Business opportunities are optimized when the various pieces of the value chain are connected.  TTDC will end statewide fragmentation and connect the necessary people and organizations together across the value chain.