A STRATEGIC TECHNOLOGY INVESTMENT INITIATIVE
GOVENOR GEORGE H. RYAN

 In the fast-paced New Economy developing at the dawn of the 21 st Century, technology is the driving force for change, for advancement, for success. New and revamped technology-based businesses are revolutionizing the economy, and will continue to lead the nation and the world for years to come. States that can nurture and grow these tech-based firms will earn a growing pool of well-paying jobs for their workforce, but also reap exceptional spin-off benefits – world-class university talent, federal and private research dollars, and an invigorated entrepreneurial community capable of creating exponential economic growth. States, which fail to attract technology industries, will soon find them-selves left behind, and their citizens left out.

Illinois isn’t just competing against neighboring states, or California, Texas, or Massachusetts for these jobs – with today’s global economy, we are up against countries in every corner of the globe. In order to compete, to grow, to attract entrepreneurs, to garner new investment and new industries, as well as to help its citizens succeed in the New Economy, the State of Illinois has made a serious and coordinated investment of financial and human capital in technology that will improve education, training, economic development, and boost the quality of life of all Illinoisans.

In 2000, Governor George H. Ryan developed VentureTECH, a multi-year, $2 billion comprehensive strategy for investing state resources in education and advanced research and development, health sciences and biotechnology, and cutting-edge information technology programs.

This initiative is the keystone of the Governor’s commitment to a comprehensive, long-term strategic plan for technology growth in Illinois. Recent history has shown that a piecemeal approach to addressing technology simply will not work. Nothing short of a rational, well-designed and strategic statewide approach, which builds on our existing strengths, will allow Illinois to remain an economic and technological leader in the future.

VentureTECH has funded extensive new investments in people and programs, and has addressed the need for capital investment in technology infrastructure – the wires, chips and machines that harness incredible computing power, as well as the buildings, laboratories, and classrooms which house them. Building on a solid foundation, VentureTECH is strengthening partnerships with private indus-try and the federal government and will directly result in $4 billion in private and federal technology-related investments in Illinois.

As its name suggests, in addition to these capital investments, VentureTECH will also seek to address the need for another kind of capital – venture capital – which is critical for the continued development and expansion of technology startup companies, and their vital importance in the New Economy. Illinois’investments in entrepreneurs and researchers will ensure that future generations will benefit from our world-class research institutions and cutting-edge industries.