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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 24, 2014 07:36 GMT
UNDATED (AP) -- Asian shares were subdued today despite an improvement in China's manufacturing as a wait-and-see mood prevailed ahead of earnings reports from some of the region's top companies.
The Nikkei 225, the benchmark for the Tokyo Stock Exchange, erased early gains to slip 0.4 percent to 15,268 in afternoon trading.
Hong Kong's Hang Seng was up 0.5 percent at 24,099.99 while South Korea's Kospi lost 0.1 percent to 2,027.40. Shares were mostly higher in Southeast Asia.
UNDATED (AP) -- The price of oil fell today, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange.
The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
HONG KONG (AP) -- A survey shows China's factory activity rose in July to its highest level in 18 months, a sign that mini-stimulus measures to shore up the world's No. 2 economy have taken hold.
The preliminary HSBC purchasing managers' index rose to 52.0 in July from 50.7 in June.
The index uses a 100-point scale on which numbers below 50 indicate contraction.
The report said overall new orders and new export orders in China's giant manufacturing industry rose faster in July than the month before. China's economic growth edged up to 7.5 percent in the April-June quarter after slowing in the previous period.
HSBC said the impact of finely tuned stimulus measures rolled out by policymakers in recent months is "still filtering through."
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- It's a busy day economic data and corporate earnings reports.
The Labor Department leads the data this morning with its weekly jobless claims. A little later, Commerce Department releases its report on new home sales for June, while Freddie Mac provides the latest survey of mortgage rates.
As for corporate earnings, Ford, General Motors, Caterpillar, 3M, American and Southwest Airlines and Union Pacific all report their quarterly financial results before the market opens.
After the market closes, Amazon.com, Visa and Starbucks issue their results.
Cheaper wireless plans cut into AT&T 2Q profit
NEW YORK (AP) -- AT&T has posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US.
AT&T says it earned $3.55 billion, or 68 cents per share. Excluding some one-time items, AT&T's earnings were 62 cents per share, a penny shy of expectations. Revenue, however, was $32.58 billion, slightly above expectations.
AT&T says half of its wireless subscribers have already moved to "Mobile Share Value" plans, introduced in February. It's also adding subscribers to its Next plans, which carry lower monthly fees because customers pay full price for their phones.
Executives are defending the new Next and Mobile Share Value plans, saying they boosted the number of new customers to the highest level in five years.
AT&T, the second-largest cellphone company, is dueling with No. 4 T-Mobile US, which has shaken up the industry with innovative pricing plans.
MENLO PARK, Calif. (AP) -- Facebook is on a roll. The world's largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often.
The company's shares climbed nearly 4 percent in extended trading after the results came out, signaling that they could hit a record high when the stock market opens on Thursday. Investors who bought -- and held on to -- Facebook stock during the company's initial public offering two years ago are now close to doubling their money.
Facebook Inc. (FB) said Wednesday that it earned $788 million, or 30 cents per share, in the April-June period. That's up from $331 million, or 13 cents per share, in the same quarter a year ago.
Adjusted earnings were 42 cents per share, handily beating Wall Street's expectations of 33 cents, according to a poll by Zacks Investment Research.
Facebook's revenue jumped 61 percent to $2.91 billion, also beating expectations.
BUENOS AIRES, Argentina (AP) -- Argentina's president says her country will not default because it has paid its debts to bondholders.
The government is in negotiations to resolve a dispute with some creditors over $1.5 billion in unpaid debts that could lead to the country's second default in 13 years.
But President Cristina Fernandez said Wednesday that a new term for default will have to be created to refer to "a debtor that paid and someone who blocked it."
She was referring to a U.S. judge's order that Argentina can't pay investors who accepted lower-valued bonds after a 2001 default unless it also pays off bondholders who didn't participate in the bond swap.
Many of the latter are hedge funds that bought Argentine bonds on the cheap following Argentina's record $100 billion default in 2001.
SEC considering action against S&P over ratings
WASHINGTON (AP) -- Standard & Poor's says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings it gave to six deals in 2011 involving securities tied to commercial mortgages.
S&P's parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing that it has received a so-called "Wells Notice" from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue action against S&P for alleged violations of securities laws.
Under SEC procedure, S&P will be able to make its case to the agency on the issues raised by the notice.
New York-based McGraw Hill says S&P has been cooperating with the SEC in the matter and will continue to do so.
WASHINGTON (AP) -- Federal auditors say NASA doesn't have enough money to start launching its new, $12 billion rocket program by the end of 2017 as planned.
The congressional Government Accountability Office on Wednesday issued a report saying NASA's new Space Launch System is at high risk of missing its planned December 2017 initial test flight. The post-space shuttle program would build the biggest rockets ever to send astronauts to asteroids and Mars.
The report said NASA's own officials told the GAO that there is a 90 percent chance they can't meet the launch date with current funding.
Report author Cristina Chaplain said it's not that NASA has busted its budget for the program because of technical problems. It's just that NASA didn't get enough money to carry out the massive undertaking.
SOCIAL SECURITY-COMPUTER WOES
WASHINGTON (AP) -- Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims.
Nearly $300 million later, an internal report says the new system is nowhere near ready and agency officials are struggling to salvage a project racked by delays and mismanagement.
The project is still in the testing phase, and the agency can't say when it will be completed or how much it will cost.
In the meantime, people filing for disability claims face long delays at nearly every step of the process -- delays that were supposed to be reduced by the new processing system.
The report was commissioned by Social Security to save the project. It was done by consulting firm McKinsey & Co.
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