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Texas Council Recommends Reorganizing Economic Development Efforts
Texas Gov. Rick Perry's Competitiveness Council has released its recommendations following a year-long study of the state challenges in the global economy. The study found that Texas lacks the institutional organization to execute transformational economic programs and will require greater collaboration between state agencies to remain competitive in high-tech industries.
Part of this collaboration would be the creation of a standard enterprise model for economic development in the state. Since Texas' economic developments efforts have been characterized by disparate regional programs and narrowly-focused state programs, the state lacks a unifying model of how companies are created and prosper, the council felt. This has adversely impacted economic development initiatives, which have been plagued by a lack of standard performance metrics, redundancy and a single statewide strategy that could guide decisions made within organizations. By designing such a model and implementing a joint-operations approach between economic development organizations and agencies, Texas could improve its ability to successfully implement change.
The report's lengthy list of recommendations includes a few suggestions that directly apply to technology-based economic development. These include:
- Expanding the T-STEM program, which supports and accredits K-12 STEM academies;
- Include economic development metrics in funding formulas for state universities and community colleges;
- Incorporate private investment into the state's Emerging Technology Fund and align the fund with the Texas Clusters Initiative;
- Create Innovation prizes in Energy Storage and Clean Coal;
- Re-institute R&D tax credits;
- Create a statewide angel network;
- Establish a statewide commercialization foundation as a one-stop shop for university technologies; and,
- Stimulate the creation of incubators in the state.
Read the Council's Report to the Governor at: http://www.governor.state.tx.us/gcc