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TechTrends e-Newsletter I March 2003 Page 1 of 6 Mit �O1dIi � Print Close III . ____ ,: a publication of , TEcH r VinnesotaidnoloN Inc,a Volume 4, Issue 3 March 2003 Cover Stork Losing Proposition Will Minnesota lose its primary source of technology-based economic development? Over the past few months, Minnesota Technology, Inc. has been facing a state budget proposal that eliminates all funding for this organization. If the budget passes, we will be forced to close our doors and cease operation by July of this year. And if that happens, Minnesota will lose its primary source of technology-based economic development, one that has brought huge returns to the state over the past decade. Since its inception in 1991, Minnesota Technology has helped more than 5,000 state S • manufacturing- and technology-related companies boost profits, cut costs, find new sources of supply, and the like. The result: nearly $1 billion in aggregate economic impact over that time span. In the last two years alone, we've assisted 1,474 companies and helped generate more than $26.4 million tax revenue for Minnesota. As the budget proposal has been debated in the legislature, a number of key observers have noted the crucial role that this organization fulfills for Minnesota-and • the equally crucial need to keep Minnesota Technology alive. An editorial in the March 11, 2003 edition of the Star Tribune called MTI a "potent asset for rural business development" and urged Gov. Pawlenty to "keep Minnesota Technology alive." State Rep. Bob Gunther (R-Fairmont), chairman of the Minnesota House's Jobs & ,; Economic Finance Committee, voiced his support in a recent interview with the • Fairmont Sentinel. "Minnesota Technology is a big benefit to industry in Greater Minnesota, and that is documented by many, many people telling us so," he noted. "There is no other group doing that technical stuff in Greater Minnesota." In a similar vein, Manufacturing & Technology News recently described MTI as "one of the strongest manufacturing assistance organizations in the country." And, in a recent issue of Politics in Minnesota, D.J. Leary, longtime political analyst and the newsletter's coeditor, hailed MTI's long-term track record, noting how important it is to maintain the organization's funding given the current gloomy economic climate. • As these and other observers also can attest, MTI's benefits extend beyond the companies that we've helped; they also improve the lives of the citizens who work at those companies. Manufacturing- and technology-based firms form the bedrock of many Minnesota communities. Our state needs to continue to nurture and http://www.minnesotatechnology.org/publications/techtrends/2003/March/printVersion.asp 4/7/2003