MTI Says Tech an Anchor for Minnesota's Economy
Minnesota's technology sector remains a diverse, well developed and stable anchor to the state's economy, according to a new report released by Minnesota Technology, Inc. (MTI), Minnesota's tech-based economic development organization.
Using quantitative and qualitative measurements, Our Competitive Nature: Minnesota's Technology Economy characterizes almost 2,500 companies (with more than five employees) as technology intensive, including 1,300 advanced manufacturers, 850 information technology companies, and 300 life sciences companies. These sectors account for 164,500 jobs, the report states.
Our Competitive Nature also reveals the diversity of Minnesota's tech sector. The state's 10 largest companies include six advanced manufacturing companies, two information technology technologies, and two life sciences companies. One of the weaknesses in the state's tech sector, the report contends, is an economy dominated by billion dollar companies and companies with sales of less than $100 million.
"The lack of a 'middle class' of technology company means there is not much ground for the next generation of Minnesota's high-tech leaders and high-tech companies to emerge," said Jacques Koppel, President of MTI. "The upper echelon companies like ADC Telecommunications, Medtronic and 3M keep us on the tech map, in addition to employing a huge and well compensated workforce."
The MTI report suggests the state consider a more collaborative relationship with its most recognizable technology sectors – medical devices, telecom/wireless communications and storage networking – and capitalize on its new tech industries: nanotechnology, biocatalysis and bioinformatics.
Our Competitive Nature: Minnesota's Technology Economy includes several useful tables that allow comparison of Minnesota and the Twin Cities with other states and metro areas, respectively. Appendix A provides a snapshot of how the rankings vary for several cities across five of the better-known national indices, including those by AEA, Milken and the Progressive Policy Insitute. The report is available at: http://www.minnesotatechnology.org/trends/articles_reports.asp
Minnesota