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Life Sciences, IT and Advanced Manufacturing
After extensive study of existing resources and business activity, it has been determined that Missouri has the necessary critical mass necessary for growth in industries that are build around three key technology clusters: life sciences, information technology, and advanced manufacturing. These three industrial clusters directly or indirectly make up more than 24.3 percent of Missouri’s gross state product, and employ over 550,000 Missourians.
Life Sciences are already well represented in Missouri. A substantial critical mass of industries, researchers, and universities exists in this growing industrial cluster, which is expected to rival the computer industry in importance and economic impact during this century. A good Missouri life sciences foundation is found along specific corridors in the state.
Plant sciences—St. Louis, Columbia, Southeast Missouri
Human health sciences—St. Louis, Kansas City, Columbia, Kirksville
Environmental sciences—Rolla-Ft. Leonard Wood, Springfield
To help encourage the development of the life sciences industry in Missouri, the state must support three distinct objectives:
Develop creative and appropriate financing avenues for start-up and small companies. Possible actions include targeted tax credits, expanded support for incubators and innovation centers, pre-seed and seed capital funding initiatives, dedication of a portion of the tobacco settlement funds to life sciences research and development.
Promote technology transfer. This would be enhanced if the state would create incentives to encourage university researchers to engage in converting their life sciences research into commercial life sciences technologies and products.
Enhance workforce education. State government’s role should be to provide incentives to companies to pay for continuing education of workers in life sciences fields, offer financial support to students entering and completing life sciences degree programs, and encourage a stronger emphasis on life sciences education at the elementary and secondary school levels.
Information technology (IT) is critical to Missouri as both an industrial cluster and an enabling technology. Life sciences, manufacturing, education, and most businesses are dependent upon IT. There are three keys to a successful IT state economic development strategy: connectivity, commerce, and competitive workforce.
Connectivity to high-speed and advanced telecommunications is a prerequisite to meeting the competition for markets in the modern networked economy. Unfortunately, the necessary high-speed and advanced telecommunications services are unavailable in two-thirds of Missouri, mostly in rural areas. This serious threat must be addressed by a comprehensive statewide telecommunications plan.
Most large businesses have already begun the process of adapting to the Internet, but an estimated 80 percent of Missouri’s smaller businesses have delayed doing business in this profitable electronic realm. This is due to a lack of knowledge regarding cost/benefits and a need for technical assistance. State government can take action to accelerate the use and integration of Internet technologies by Missouri’s manufacturing, service, and technology companies by establishing the Missouri eBusiness Institute (MO-eBI).
To fill the growing IT labor market, Missouri must establish IT training projects as a priority for customized training funds; encourage IT research universities in the state to expand research and development activities; and conduct further studies to improve our knowledge of the education and training needs of the IT industry and workforce.
Advanced manufacturing concepts and techniques are the keys for Missouri to enhance its national stature in an industry that has long been important to Missouri. The following objectives are important to a statewide plan addressing this key to growth.
Modernize technology and business practices.
Establish market-driven incentives to encourage the development and application of innovations created from university research and state innovation center clients.
Accelerate the use of advanced technologies and manufacturing practices by small and medium sized manufacturers through one statewide Manufacturing Extension Partnership program.
Enhance the ability of engineers to identify and apply new technologies and innovations.
Transform manufacturers into high performance work organizations by overcoming the severe shortage of skilled workers and managers through increased funding for an expanded customized training program.
Expand Internet high-speed connectivity in rural areas to allow industries in these areas to conduct Business-to-Business and Business-to-Consumer electronic commerce.
The vital contribution of the state’s colleges and universities can be enhanced by establishing cross-functional, integrated centers to support transportation equipment advanced manufacturing through education curriculum, workforce training, support of industry advisory boards, and applied research. Missouri can stimulate more industry/university research collaboration by targeting tax credits and leveraging increased industrial support with state matching funds. Tax incentives can be implemented to encourage industries to replace older equipment with more efficient, modern machinery.