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Kentucky has a big challenge this year: Finish a plan for finding and keeping businesses that compete in the information age, said Dr. Bill Brundage, commissioner of a new branch of state government called the New Economy.
"It's going to be like herding squirrels. ... I think 20 years from now, if we do this right, Kentucky will be numbered among those states that are considered the most attractive places to work, to live and to play."
Brundage spoke Tuesday to about 75 people at a telecommunications conference at Murray State University.
The New Economy initiative, created by the 2000 General Assembly, is designed to bring Kentucky to the forefront of the so-called knowledge-based economy that is based on telecommunications and the Internet. Brundage said a big part of the effort involves simplifying the technical language.
"As we build a statewide plan, we don't want to scare people to death," he said. "We've got to stop using terms like high technology and start speaking in terms that the average citizen can relate to. That's going to take a lot of marketing on our part."
Brundage leads the development of a 10-year plan to generate more than $500 million in state, federal and private money for research and development of high-tech business. He called that "a giant leap" that would help narrow the gap between Kentucky and states such as Massachusetts and California that spend huge sums on research and development.
Kentucky must develop more research universities, a greater density of high-tech firms and a higher quality work force, Brundage said.
Although there are plenty of venture capital companies willing to invest in Kentucky, the New Economy program must develop "high-quality deals" to attract the firms, he said. Another goal is to provide $20 million to $30 million this year to help new companies grow past start-up.
The New Economy branch will establish regions that will draw from out-of-state resources in the areas of St. Louis (western Kentucky); Cincinnati (northern Kentucky); and Nashville, Tenn. (southern Kentucky). Brundage said a "feeder system" also will be created to identify and nurture students in grades K-12 who have science, engineering and business management aptitudes. He said MSU's Center for Telecommunications System Management and similar programs are providing qualified graduates, but the state must generate more high-tech jobs to keep them.
The center and BellSouth joined the West Kentucky Corp. in sponsoring the conference.
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