Technology-based Economic Development (TBED)

Last Updated 02/15/2024

A term that describes approaches that grow ecosystems in which entrepreneurs build and scale technology-driven businesses, which in turn create high-skill and high-wage jobs, economic opportunity, and the industries of the future. Examples of TBEDs in the U.S. include Silicon Valley (California); Research Triangle (North Carolina); and Route 128 (Massachusetts). TBED components typically require:

  • Research: research base and capacity to generate knowledge
  • Commercializing research: mechanisms to transfer knowledge to the marketplace
  • Entrepreneurship: building and sustaining entrepreneurship culture
  • Investment Capital: investment and risk capital, including leveraging private investment funds with public funds, to support startups and emerging companies
  • Workforce: availability of technically skilled workforce, especially workers in STEM fields

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