New Future for The Enterprise Center in Motion
Tuesday morning, Chattanooga Mayor Andy Berke, in partnership with Hamilton County Mayor Jim Coppinger, announced The Enterprise Center (TEC) will shift their mission and structure to focus on growing Chattanooga’s innovation economy and addressing issues like access to technology for all citizens.
The announcement follows a report sent to Mayor Berke last week from the Chattanooga Forward task force recommending the “creation of an entity to explore creative strategies to utilize the community’s technological assets such as the high speed gigabit infrastructure.”
“As Chattanooga is becoming a leader in the innovation century, we must capitalize on the momentum of the Gig and our city’s entrepreneurial spirit,” said Mayor Andy Berke. “The Enterprise Center has carried out its vision since 2002, building lasting partnerships with research and technology leaders throughout the region. With this refocus in mission and direction, TEC can now meld its strong history of collaboration with the future of technology and innovation in our community.”
“The Enterprise Center has executed great projects in our community in the past. This is a great opportunity for us to revisit the mission of the organization and form new partnerships to help small businesses leverage technology to grow jobs in Hamilton County,” said Mayor Jim Coppinger.
In 2002, The Enterprise Center was created to lead technology-based economic development initiatives and to identify opportunities to coordinate transfer technology with the region’s research and technology partners including Oak Ridge National Laboratory and the Y-12 National Security Complex.
“It has been my great pleasure to be a part of TEC’s great work,” said Wayne Cropp, President of The Enterprise Center, who will move into a transitional role over the next few months. “Now, the Center is positioned to take on a new role as the hub for connecting the gigabyte as an economic development catalyst. While this approach is more narrowly focused on leveraging our digital assets and building our entrepreneurial community, it builds on the accomplishments of the past decade.”
TEC programs related to Renewal Community programs between 2002 and 2009 resulted in hundreds of jobs and over $50 million in total monetary impact in the region. TEC efforts helped spur development in the Main Street, Northshore and South Broad Street areas.
“I am pleased that Mayor Berke sees TEC as the place to pull together the creative and innovative talent in our community to make the Gig come alive. It is a recognition of the mission of TEC to be a catalyst for change,” said Jim Sattler, Chairman of the Board for The Enterprise Center.
As part of their revitalization program, TEC developed extensive experience in brownfield initiatives aimed at remediation and reuse. Eight clean-up projects have been completed with over 100 acres being made available for redevelopment.
TEC also worked to facilitate the planning of potential high speed rail connecting Atlanta-Chattanooga-Nashville. Cropp will ensure that these projects are successfully completed or transitioned to other entities before new leadership is appointed in the coming weeks.
“As a past board chair of The Enterprise Center, the decision by Mayor Berke continues a critical partnership between the city and TEC. We were created to be a coordinator for technology and Mayor Berke’s approach to innovation rejuvenates our mission,” said Jim Hall, former chairman of the National Transportation Safety Board.
A team has been named to guide the transition of TEC over the coming months, including selecting new board members and a president for the organization. The transition group will work with stakeholders to review TEC bylaws, structure, strategic plan, and projects to ensure a smooth transition.
“We envision this will be a short process, so that a newly focused Enterprise Center can hit the ground running and capitalize on all the opportunity for the gig and the potential for Chattanooga in the innovation economy” said Sydney Crisp, Unum's Vice President for Global IT Infrastructure and Risk Management, who also serves as a member of TEC's transition team.
The TEC transition team includes:
-- Kristina Montague, The Jump Fund
-- Ted Alling, Lamp Post Group
-- Ken Hays, Kinsey, Probasco & Hays
-- David Belitz, Chattanooga Renaissance Fund
-- Sydney Crisp, Unum
-- Sarah Morgan, Benwood Foundation
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Last Update on August 28, 2015 17:24 GMT
WASHINGTON (AP) -- Federal Reserve Vice Chairman Stanley Fischer says that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September.
Fischer says that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. But he adds that the Fed is watching how events unfold following the surprise announcement by the Chinese that they plan to devalue their currency.
Fischer says that central bank officials have not made a decision yet on whether to raise rates but would be closely following data such as next week's jobs report and market moves before the Sept. 16-17 meeting.
Fischer said the plan is still to move rates up very slowly and gradually.
WASHINGTON (AP) -- U.S. consumers increased their spending by a moderate amount in July, while income growth was propelled by the largest jump in wages and salaries in eight months.
The Commerce Department says spending rose 0.3 percent in July, helped by a big jump in purchases of big-ticket items such as cars. June's result was revised up to a matching 0.3 percent gain.
Incomes increased 0.4 percent. The key category of wages and salaries rose 0.5 percent, the biggest advance since last November.
The report indicates that consumer spending, which accounts for 70 percent of economic activity, got off to a good start in the third quarter. Economists believe the economy will be fueled in the second half of this year by solid income and spending gains.
WASHINGTON (AP) -- Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.
The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.
The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.
The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as the stock market plunged.
Even so, the survey also found that Americans remain confident about the U.S. economy and their personal finances.
FACEBOOK-ONE BILLION A DAY
NEW YORK (AP) -- You, your mom, your grandma and elementary school buddy Lawrence might have been some of the billion people who logged in to Facebook on Monday -- the first time that has happened in a single day. That's right, one billion people, or one-seventh of the Earth's population.
It was a big symbolic milestone for the world's biggest online social network, which boasts nearly 1.5 billion users who log in at least once a month. CEO Mark Zuckerberg marked the occasion with a Facebook post.
Most of the billion people who logged in on Monday were outside the U.S. and Canada. Of Facebook's overall users, more than 83 percent come from other countries. This is also where Facebook's next billions of users will likely come from as it grows.
NEW YORK (AP) -- The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members.
Avid Life Media Inc., Ashley Madison's parent company, says Noel Biderman's departure was a mutual decision and in the best interest of the company.
Hackers originally breached Avid Life's systems in July and then posted the information online a month later after the company didn't comply with their demands to shut down.
Ashley Madison, whose slogan is "Life is short. Have an affair," purports to have nearly 40 million members.
WASHINGTON (AP) -- Republican presidential candidate Donald Trump is promising to offer a plan within a month to overhaul the tax system, calling himself "king of the tax code."
He's been hinting at such a plan recently, saying that wealthy Americans should pay more.
In a phone-in interview Friday on MSNBC's "Morning Joe" show, Trump says, "I know the hedge fund guys. ... These guys don't really build anything. They shuffle papers back and forth."
Trump says he'll unveil a plan to simplify the tax code and eliminate some deductions, asserting "nobody knows the tax code better than I do."
Trump says hedge fund managers are big supporters of Democrat Hillary Rodham Clinton and GOP rival Jeb Bush and adds, "I will have a plan."
He says hedge fund managers won't be happy.
NEWPORT BEACH, Calif. (AP) -- Defense Secretary Ash Carter is announcing that the Pentagon will fund a new venture to develop cutting-edge electronics and sensors that can flex and stretch and could be built into clothing or the skins of ships and aircraft.
The high-tech investment could lead to wearable health monitors that could be built into military uniforms or used to assist the elderly. Or it could foster thin, bendable sensors that could be tucked into cracks or crevices on weapons, ships or bridges where bulky wiring could never fit. The sensors could telegraph structural problems or trigger repair alerts.
Carter plans to lay out the details for the newly created high-tech innovation institute in a speech Friday in California's Silicon Valley.
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