Jobs4TN continued
Investing in InnovationAt the Tennessee Next Conference in May 2011 in Nashville, Haslam detailed a major statewide innovation initiative focusing on better coordination of innovation activities across the state, increasing technology transfer and commercialization, promoting entrepreneurship, and enhancing Tennessee companies' access to early-stage capital. Reducing Business Regulation Haslam asked ECD to lead a review of federal and state business regulations. ECD worked with existing Tennessee businesses, business advocacy groups, and state agencies to identify federal and state laws and regulations inhibiting job growth. After performing a cost-benefit analysis of regulations identified as burdensome, ECD presented recommendations to the governor and the state's congressional delegation in fall 2011. To implement the plan, ECD has undergone a significant reorganization resulting in a new senior leadership team as well as a 35 percent reduction in staff. ECD was the first state agency to complete the efficiency and effectiveness review process Haslam requested of every state government agency. "In an age of limited resources, Tennessee taxpayers want the state to focus on those activities that will result in a substantial return on investment," said ECD Commissioner Bill Hagerty. "ECD's reorganization aligned the department's resources with the governor's Jobs4TN plan while simultaneously eliminating functions the state should no longer be performing." Jobs4TN is another component of the governor's comprehensive jobs plan to support and encourage investment of new business and existing business in Tennessee. His jobs plan also includes education reform initiatives that focus on children in the classroom and a well-educated, quality workforce in Tennessee, which is the most important long-term strategy for successful economic development. Another piece of the plan is ensuring a business-friendly environment in Tennessee strengthened through less cumbersome rules and regulations on business along with tort reform to curb lawsuits and provide certainty around corporate legal issues. For more information on the Jobs4TN plan and the department's review, please visit www.tn.gov/ecd.
*The Tennessee Department of Economic and Community Development's mission is to develop strategies that help make Tennessee the number-one location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. |
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