Texas Launches Innovation Initiative
If the Innovate Texas Foundation has its way, parts of the Lone Star State will become the next Silicon Valley. The Austin-based nonprofit launched Monday with the goal of enhancing competitiveness and bringing promising technologies and high-value jobs to the state, officials said. David Guajardo Nance, winner of the 2006 Albert Einstein Award for Outstanding Achievement in the Life Sciences for his work in developing new cancer therapies, will serve as the foundation's first executive director. He will help foster the transfer of new technologies from the inventor to the marketplace and facilitate partnerships between statewide angel investor networks, incubators, institutional and private equity funds and leaders worldwide.
"Innovate Texas Foundation is well positioned to be a focal point for innovation and technology-based economic development in the state," Nance said. "By being a hub for innovators and investors alike, we can be a real catalyst for growth in Texas as the economy becomes more competitive and innovation becomes more integral to job creation." Texas is already well known for its business-friendly environment and leading research. Dell Computer headquarters is located in Round Rock, Texas; Texas Instruments is based in Dallas; and NEC Corp. calls Irving, Texas home. AMD, Apple, Cisco Systems and others also have operations in the state.
"Economic downturns like the one we are experiencing right now are painful for everyone, and they require acute focus from policymakers on efforts to restore fundamental soundness to the economy," said State Rep. Mark Strama, who chairs the Texas Legislature's Technology, Economic Development and Workforce Committee. "Texas has a unique opportunity right now to consolidate some of its competitive advantages in economic development relative to other states, and emerge from this downturn stronger than we went into it. The Innovate Texas Foundation is one element of that strategy." Read more about the organization here.
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