ODU Predicts Poor Future for HR
Regardless, it doesn’t have to be this way. Our various regional entities need to step up and create programs (and capital) that encourage new college graduates to start new businesses in the region. Another program could be created by the region’s universities that would give businesses a monetary incentive to hire new local graduates. That could be combined with a local/state government tax break for companies that hire local graduates for local jobs. These initiatives would solidify a young, educated base that would help our economy stay strong for years to come. Businesses would want to relocate here for the new ideas and opportunities that come with an intelligent, entrepreneurial workforce. It would also step up the appeal for local universities, making them more in-demand and, in turn, making them more likely to get grants/research projects from federal and private sources.
For the jobs themselves, we need to work harder to shift our focus from government-supported to private, developing industries. For example, the proposed project for the former Ford plant is a good step. A mixed-use development, it would be focused around a solar panel factory. There are a number of industries that would be great to focus on. A wind turbine plant would be a great addition to Hampton Roads. A high-tech battery factory would be another great addition that could also increase our appeal for a hybrid car plant of some sort. These jobs would be both industrial manufacturing jobs and jobs that would require high-tech research and development employees.
Once we started landing jobs for some of these new college graduates, more jobs would follow. Despite the widespread belief that my generation is one of moronic, half-educated slackers whose only aspirations are government welfare and tree-hugging, I strongly believe that we are more than that. Current college graduates want things to change for the better. I believe that you can have both environmental protection and free market business. Our biggest barrier to becoming our own economic force is that those currently in charge seem to have no regard for us. Once that changes, once our current leaders see that they should be focused on encouraging the younger generations to take part in the economy, the regional economy will be what we make of it.
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about 1 year ago
The Regional Vision for Technology-Driven Prosperity in Hampton Roads By Joseph F. Bouchard, Ph.D.
Dr. Jim Koch, President Emeritus of Old Dominion University, delivered a much needed, yet unpleasant, dose of hard reality in his annual State of the Region address this week. As was well reported in this newspaper [The Virginian-Pilot, October 7, “ODU economist predicts dour decade for Hampton Roads”] [Daily Press, October 6, “Hampton Roads economy: Recovery is slow, and the signs are worrisome”], his economic forecast for the region is mediocre, at best.
Defense spending and employment are likely to decline – a serious blow given that defense spending makes up 45% of our regional economy. Recovery in commercial and residential real estate sales and prices are likely to be modest and painfully slow. And the port faces stiff competition from other East Coast ports and declining ability to move cargo efficiently due to the state’s inability to provide adequate funding for transportation.
Does all this mean we are condemned to mediocre economic growth? Absolutely not.
Do we have a way to overcome these challenges and ensure a prosperous future for our region? We do.
Hampton Roads already has the blueprint for economic success published in Vision Hampton Roads, the region’s comprehensive economic development strategy. Led by the Hampton Roads Partnership and the Planning District Commission, it is the first region-wide roadmap of strategies and actions – to position the region as a leader in the global economy. The Vision experience is about engaging citizens and embracing ongoing region-wide economic development practices with a 21st century perspective, that is, to think globally, strategize regionally and act locally.
While underscoring the importance of the existing three pillars of our regional economy – the military, the port and tourism – this bold strategy emphasizes the critical importance of diversifying our economy through technology-based economic development. Additionally, the strategy calls for constantly scanning the horizon for future opportunities to complement the region’s existing technology clusters of Bio-Science, Energy, Modeling & Simulation, Robotics and Sensors.
The Innovation sub-committee which helped develop Vision Hampton Roads has been established by the Partnership as a permanent Innovation Task Force to implement the plan’s objective of regional economic growth through promoting technological innovation and entrepreneurship. Hampton Roads has a quarter of a million K-12 students, and Vision is an opportunity to start them on the best path for a future rife with technology and innovation.
The Task Force has two immediate missions. First, to transform the decade old Hampton Roads Research Partnership into Innovate!HamptonRoads to unify the efforts of our region’s research institutions, economic and work force development agencies, technology clusters, technology incubators, and the technology council, Technology Hampton Roads (http://HRTC.org). Working together as a cohesive team, these organizations will provide the programs, expertise and resources needed to nurture innovation and entrepreneurship across our region.
The Task Force’s second mission is to establish IdeaWorksHamptonRoads to strengthen and support the region’s technology incubators – vital breeding grounds for entrepreneurs. IdeaWorks will support the incubators by providing critical support for individuals trying to bring new technology to market: protecting their intellectual property, commercializing their technology, establishing an effective management team, creating a sound business plan, identifying customers, and, most difficult of all, attracting investors.
As Dr. Koch pointed out, our region faces daunting challenges. And through a concerted, sustained effort with broad regional support focused on creating a culture of innovation and entrepreneurship in Hampton Roads, we will succeed and flourish. The future of our regional economy depends on the success of Vision Hampton Roads.
Innovate!HamptonRoads and IdeaWorksHamptonRoads are the teams that will make that vision a reality. The volunteers who make up these teams believe that contributing their time, efforts and expertise will transform Hampton Roads as the go-to place for people with great ideas.
Dr. Bouchard is the Chair of the Vision Hampton Roads Innovation Task Force.