November 2006

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Richardson Economic Development Partnership Wins Prestigious International Award

	IEDC presents the prestigious Technology-Based Development Award to REDP at the conference in New York City. Accepting the award from IEDC officials on behalf of REDP are Bill Keffler, Richardson City Manager (center) and Bill Sproull (left-center), President of the Richardson Chamber of Commerce.

The International Economic Development Council (IEDC) recently presented its prestigious Technology-Based Economic Development Award to the Richardson Economic Development Partnership (REDP), during the IEDC’s Annual Conference in New York City.  This award recognizes the REDP, a joint effort of the City of Richardson and the Richardson Chamber of Commerce, for its major contributions to critical initiatives that have grown the high-tech business community in Richardson. 

“We are extremely proud of the far-sighted steps the REDP has undertaken to position Richardson as a global leader in technology and to attract more high-tech leaders to the city,” said Richardson Mayor Gary Slagel.  “As a result of those efforts, and the significant community advocacy roles eagerly embraced by Richardson’s technology companies, Richardson today is a city noted for its uncommon vision, inspiring leadership and unwavering devotion to building a model tech-based community.”

Richardson economic development initiatives that contributed to the IEDC’s honoring of the REDP included the following:

• The REDP launched a powerful city brand, the Telecom Corridor®, that has made the Richardson area synonymous with telecom leadership and high-tech innovation.
• In 1995, the Richardson Chamber formed an affiliate known as the Telecom Corridor Technology Business Council, as a trade association for high-tech companies in North Texas to promote high-tech business-to-business networking, leadership and advocacy.  Today, the re-named Metroplex Technology Business Council (MTBC) is the largest technology trade association in Texas.
• The REDP was instrumental in the 1997 formation of STARTech Early Ventures, a high-tech business accelerator/incubator designed to institutionalize entrepreneurship in the Richardson area by providing technologists with a “safety net” and a process for turning their innovations into thriving companies.  Today, with a group of corporate stakeholders as well as prestigious venture capital partners, STARTech is the focal point for high-tech start-up activity in DFW.
• The REDP also played a vital role in landing for Richardson the largest capital-intensive project announced in the U.S. in 2003 – the recently completed, $3 billion Texas Instruments (TI) semiconductor wafer fabrication facility.  This effort also led to the creation of the $200 million Texas Enterprise Fund, out of which TI was awarded $50 million, which it then donated to the University of Texas at Dallas (UTD) to spur the creation of a $300 million public/private investment that will help UTD become DFW’s first Tier One research university.
• Most recently, in 2005, Texas created the $200 million Emerging Technology Fund (ETF) when the MTBC helped lead a statewide technology association coalition lobbying for the legislation.  The ETF now provides seed capital funding to promising tech start-ups, and it funds and encourages university/private business partnerships to commercialize technology and attracts top-notch university research teams to Texas.

Taken together, these initiatives helped Richardson – a first-ring suburb with a population under 100,000 – develop into an internationally known technology powerhouse and position itself at the forefront of the U.S. high-tech economy,

“From localized community projects to large-scale endeavors, activities for the advancement of economic development have an enormous impact on the shoring up of the nation’s economy,” said Joseph A. Marinucci, IEDC chairman.  “As our population grows exponentially and as we continue to overcome unexpected challenges, these efforts take on an even greater significance.  This award serves as a most respectful ‘hats off’ to economic development organizations like the Richardson Economic Development Partnership for leading the charge.”

The Richardson Economic Development Partnership (REDP) is a joint effort of the City of Richardson and the Richardson Chamber of Commerce, dedicated to building a vibrant and thriving local economy by attracting new investment and jobs through marketing, recruitment and working with existing employers. 

Action News is a monthly publication of the Richardson Chamber of Commerce Communications Department.

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