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
More Business News
Last Update on July 29, 2015 17:06 GMT
PENDING HOME SALES
WASHINGTON (AP) -- The number of signed contracts to buy homes fell in June, as limited supplies of homes on the market are holding back possible sales growth.
The National Association of Realtors says its seasonally adjusted pending home sales index declined 1.8 percent to 110.3 last month. Still, strong demand from would-be buyers has pushed the index up 8.2 percent during the past 12 months.
Solid hiring and relatively low mortgage rates have fueled the previous sales gains. But buying options are increasingly limited because the market contains just five months' supply of homes, compared to the historical average of six months in a healthier market.
Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale.
PURCHASE, N.Y. (AP) -- MasterCard Inc. (MA) on Wednesday reported second-quarter net income of $921 million.
The Purchase, New York-based company said it had net income of 81 cents per share. Earnings, adjusted for non-recurring costs, were 85 cents per share.
The results met Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was also for earnings of 85 cents per share.
The processor of debit and credit card payments posted revenue of $2.39 billion in the period, missing Street forecasts. Fourteen analysts surveyed by Zacks expected $2.42 billion.
MasterCard shares have risen 10 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 2 percent. The stock has risen 25 percent in the last 12 months.
ATHENS, Greece (AP) -- Greece's prime minister says he does not want early elections, but rebels within his radical left Syriza party could force his hand.
Alexis Tsipras said Wednesday that if he loses his parliamentary majority, which has been challenged by party hardliners who oppose Greece's talks for a new international bailout, he will have to call national elections.
Tsipras said in an interview with Syriza's Sto Kokkino radio station that he wants to hold a party congress in September, once the vital bailout deal is sealed, to decide on the party's future.
Tsipras' six-month-old government is negotiating the terms of the 85 billion euro bailout -- Greece's third in little more than five years -- with representatives of the country's international creditors. The deal must be concluded before Aug. 20.
WASHINGTON (AP) -- International Monetary Fund chief Christine Lagarde says the world economy is recovering but fragile and "faces some downside risks."
In an online press conference, Lagarde describes the United States "a strong performer" and China "resilient" despite a recent drop in Chinese stock prices.
She is also optimistic over the 19 countries that use the euro.
"The euro area is beginning to turn the corner ... We have a more upbeat forecast than we have in a long time," she said.
Lagarde called again for Greece's creditors to reduce its debt burden and said the IMF could work with Greece's left-wing government, which has criticized IMF policies.
"There are lots of things that you say (in politics)," she said. "What matters at the end of the day is what you do."
Insurer Anthem hikes 2015 forecast, 2Q earnings climb
Health insurer Anthem is raising its 2015 forecast again after earnings jumped more than 17 percent in its most recent quarter.
The Blue Cross-Blue Shield carrier now expects 2015 adjusted earnings to top $10 per share, up from a previous forecast for earnings of greater than $9.90 per share.
Analysts forecast, on average, earnings of $10.04 per share, according to FactSet.
Anthem's second-quarter net income jumped from $731.1 million to $859.1 million in the second quarter, helped by enrollment gains in state and federally funded Medicaid coverage.
The Indianapolis company's earnings report comes a few days after it laid out a $48 billion plan to purchase fellow insurer Cigna Corp., the latest multi-billion dollar deal to drop in an industry where the main players are scrambling to get bigger.
AKRON, Ohio (AP) -- The Goodyear Tire & Rubber Co. (GT) on Wednesday reported second-quarter earnings of $192 million.
The Akron, Ohio-based company said it had profit of 70 cents per share. Earnings, adjusted for non-recurring costs, were 84 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The tire maker posted revenue of $4.17 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $4.08 billion.
Goodyear shares have increased 3.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent. The stock has increased nearly 7 percent in the last 12 months.
RICHMOND, Va. (AP) -- Altria Group (MO) on Wednesday reported second-quarter net income of $1.45 billion.
On a per-share basis, the Richmond, Virginia-based company said it had profit of 74 cents.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The owner of Philip Morris USA, the nation's largest cigarette maker posted revenue of $4.88 billion in the period.
Altria expects full-year earnings in the range of $2.76 to $2.81 per share.
Altria shares have risen 12 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 2 percent. The stock has risen 33 percent in the last 12 months.
FRANKFURT, Germany (AP) -- Automaker Volkswagen AG says profits slipped by 16 percent in the second quarter.
The bottom line was hit by 180 million euros ($198 million) in restructuring costs at its MAN truck division. The company also faces headwinds from troubled economies in China, Russia and Brazil.
Profit after tax fell to 2.73 billion euros from 3.25 billion euros in the prior-year quarter. Revenues rose 9.9 percent to 56.04 billion euros, largely boosted by favorable exchange rate changes.
Volkswagen said Wednesday that earnings from joint ventures with Chinese auto makers were roughly flat over the first half of the year.
CEO Martin Winterkorn said "Volkswagen remains very well positioned in an increasingly difficult market environment" and was keeping a "close watch" on global economic trends.
DETROIT (AP) -- Mini is recalling about 35,000 cars in the U.S. and Canada because they don't meet side-impact crash-test requirements.
The recall includes certain Cooper and Cooper S Hardtop two-door cars from 2014 and 2015, as well as the 2015 John Cooper Works Hardtop two-door.
The company owned by BMW says that if crash-test requirements aren't met, rear-seat passengers could have a higher risk of injury.
Dealers will install more energy absorption material between the rear interior side panels and the body starting Sept. 12.
The company says in documents filed with U.S. safety regulators that it knows of no crashes or injuries from the problem.
The recall includes 30,456 cars in the U.S. and another 4,130 in Canada.
BEIJING (AP) -- General Motors Co.'s $5 billion initiative to create cars for China and other emerging markets comes just as automakers face a collapse in the booming Chinese demand they were counting on to power their growth.
June sales in the biggest car market shrank by 3.4 percent from a year earlier as an economic slowdown deepened and smog-choked cities tried to curb growth in car ownership. Sales growth has cooled from 2009's explosive peak of 45 percent, but the latest figures surprised analysts who were forecasting a healthy 7 to 8 percent for this year.
This wrenching shift is especially significant because of China's outsize role in the global ambitions of U.S., European and Asian automakers.
Despite the slowdown, they are pushing ahead with multibillion-dollar plans to expand production and create models to suit Chinese tastes, adding to competition in a crowded market.
On Tuesday, GM said it will work with its main Chinese partner, Shanghai Automotive Industries Corp., to develop vehicles to be sold in China, Brazil, India and Mexico. GM said it aims for annual sales of 2 million vehicles beginning in 2019.
The Human RaceCheck out videos on The Human Race here!
Side RoadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!