Economically Speaking: Economic development must keep up with technology

Joseph L. Driskill is the director of the Missouri Department of Economic Development.

The whole process of economic development is changing rapidly. To be competitive in the technology-based global economy of the 21st century, we must change our entire approach to economic development.

If we conduct our business as we did in the 1990s, Missouri will be left behind. That simply is unacceptable, and it jeopardizes the economic security of Missouri families.

As a state, we simply must make our economy more competitive. And we must begin the process right away to ensure all Missourians have opportunities to pursue economic prosperity.

Over the next few months the Department of Economic Development will coordinate the development of an "economic blueprint" for Missouri that reflects the realities of the new economy.

This comprehensive plan will address the need for our state to focus on issues like technology development and commercialization, creating a climate for entrepreneurs and small businesses to succeed, building better community and transportation infrastructure, tourism, better promotion of the quality of life in our communities in order to help attract more jobs, and most importantly, an increased emphasis on improving the skills and education of our work force.

In order for our department to provide the best services to Missouri businesses, communities and our work force, we want to develop a new vision for Missouri and new leadership that, along with our regional partners, will help us make that new vision a reality.

Our statewide economic development efforts must be built on strengthening the foundations of the new economy and doing things in new and more effective ways.

To ensure future economic growth and prosperity in Missouri, we have to change. Without new ways of doing business, new-economy businesses will not have opportunities and resources to grow in our state.

Our traditional companies will be isolated in a state with little or no growth. Manufacturing companies, agriculture and agri-business, financial services companies and other companies that have traditionally been strong in Missouri need access to new technology and skilled workers in order to remain competitive.

This economic blueprint we are preparing also will reflect the reorganization of our department.

In the last fiscal year, the Department of Economic Development had nearly one-third of its general revenue funding withheld, and those cuts have been carried into this year's budget.

Our seven regional development offices were among the casualties of those budget cuts. Still, despite the closing of the offices, we must continue to look at our state's economy on a regional basis and our reorganization will ensure that occurs.

Missouri has a very diverse economy. Recent studies have listed us as having the sixth-most diversified economy in the nation.

That means we cannot take a single approach to economic development in this state. We must look at each region's distinct economic advantages and then work to maximize those strengths.

If each region is strong, the state as a whole will be strong.

On a statewide basis we must work to support the regions by taking steps to help secure capital, a strong infrastructure, quality of life and a strong education system that ensures we have a high quality work force.

In the next few weeks we will be finalizing a plan to ensure that Department of Economic Development services are effectively provided on a regional basis. We want to make sure our economic development partners have access to the information and assistance they need, when they need it.

I am looking forward to sharing that plan in the near future.

And this fall we will present our economic blueprint, which should guide us through the coming years as Missouri works to remain competitive in the 21st-century economy.