Why is TEC Needed?

In 2001, The St. Louis Regional Chamber and Growth Association (RCGA) commissioned a study by the Batelle Memorial Institute entitled "Information Technology Strategies for the St. Louis Region." The study looked at St. Louis in the context of the emerging Life Sciences and Bio-Medical research that is beginning to make a positive difference in our region. They said, "Rising productivity, high-quality jobs, new products and services depend upon developing and deploying technology." Supporting the entrepreneurs who develop technology is what TEC is all about.

Batelle goes on to say, "Each year more than 2600 students graduate from the (St. Louis) region's higher education institutions with IT degrees." While the number of graduates is substantial, many of the best and brightest leave the region, due to the lack of opportunities. TEC's support of new enterprises will slow and eventually reverse the flow of highly skilled graduates leaving the region.

Biotechnology is the growing focus of St. Louis's economic development. Information technologies play a critical role in the advancement of life science innovations, according to Batelle. Again from their report: "Leverage the growing BioBelt image of St. Louis to foster a broader technology position for the region, encompassing information technology as well. Since nearly every major life science region in the nation also has a strong IT presence, it is very possible and perhaps even critical for St. Louis to pursue development of both sectors."

In the 2003 study "Best Performing Cities-- Where America's Jobs are Created" conducted by the Milken Institute, St. Louis was ranked 186th out of 200 major American cities, based on an index that includes job creation, wage and salary levels, and technology growth.

St. Louis has a wealth of talent, and we should fully utilize our human and other resources to create a better St. Louis! TEC will empower entrepreneurs to form companies that will flourish into thriving enterprises. Thriving enterprises create jobs!

It's very clear that the mission of TEC is perfectly aligned with a critical need we have here in St. Louis, and supporting TEC means supporting the future of our region.