Many people enjoy and appreciate anniversaries. I count myself among them, and I frequently use such occasions to reflect upon the changes that have occurred over the year.
Since the first anniversary of the Texas Emerging Technology Fund is approaching, I thought it might be a good time to refresh our memories about this endeavor as well as recap progress to date.
No one, of course, needs reminding of the role technology plays today—from common household items to sophisticated machines that do practically anything. Virtually all aspects of life are impacted by recent advances. Moreover, high-tech industries will be the major engines of economic growth in the decades to come.
The future success of numerous industries will undoubtedly depend upon the use of technology, much of which is not even in our vocabularies or imaginations yet. Similarly, the future prosperity of regions, states, and nations will be driven by whether (or not) they emerge as key locations for cutting-edge industries.
The creation of both the United States and the Republic of Texas was by revolution. That unique spirit still survives, but rather than focusing on political matters, it is now channeled into improving our economies and subsequently our daily lives. In fact, some analysts predict that over the next decade, life will be completely revolutionized because of the accelerated changes in areas such as biotech, nanotech, smart materials, and infotech.
Over the past several years, business, civic, and government officials have implemented programs designed to prepare the state for economic expansion in these and other nascent fields. One of these strategies is the Long-Range Plan for Technology (1996-2010) which outlines a vision for education in the 21st Century. Since its adoption, computers and the Internet have made learning more interesting and exciting in today’s classrooms. From instructional materials to library resources to better prepared teachers, the eyes of Texas are upon the countless benefits this and other, similar initiatives will provide in the years ahead.
Work is also ongoing to cement Texas’ role as a site for tech-oriented industries. One such endeavor is the Texas Technology Initiative. This plan was designed to retain and attract advanced technology industries and to accelerate commercialization from research and development to the marketplace. The initiative’s overarching goal is to expand current businesses and attract new ones to the Lone Star State. Targeted industries include nanotechnology, biotechnology, and software technology, all of which will help make Texas a worldwide leader in research, development, design, commercialization, and manufacturing.
Closely associated with this program is the identification of several industry clusters that have essentially unlimited potential for growth in the future and the development of plans to expand employment opportunities in them. I was closely involved in selecting these clusters, many of which relate to projected advances in industry groups such as biotechnology and life sciences, information and computer technology, aerospace and defense, energy, petroleum refining and chemical products, and manufacturing.
The success of this endeavor has played a significant role in efforts that led to the authorization by the 78th Legislature of the $295 million Texas Enterprise Fund in 2003. This fund has provided state leaders with the flexibility and financial means to close deals that will improve the state’s economy. They include business incentives, infrastructure development, job training programs, and community development endeavors. These monies have given Texas a competitive advantage and have helped to put our state at the top of the list of business relocations and expansions.
The most recent visionary endeavor designed to create jobs and enhance the state economy is the Texas Emerging Technology Fund. Signed into law by Governor Perry on June 13, 2005, the program went into effect September 1 making $200 million available to improve the state’s competitiveness on the technology front.
To help implement the program and guide the application process, seven regional centers for innovation and commercialization were established. The three major areas of investment include the increase of research collaboration between public and private sectors, the expansion of matching research grants from both federal and private sponsors, and the addition of expert research teams to numerous Texas universities. Over the past year, each of these areas has experienced significant success.
Innovation is key to expanding the Texas economy. It is crucial that we use technology effectively to increase the competitiveness of all Texas businesses, enhance the quality of education for Texas children, and otherwise improve quality of life in the Lone Star State. To maximize future prosperity, it is also critical that we continue to work to maintain Texas’ position as a center for emerging industries. With carefully crafted and visionary strategies, there is every reason to believe we will succeed on both fronts.