A recent Brookings Institution report, MetroMonitor: Tracking Economic Recession and Recovery in Americas 100 Largest Metropolitan Areas, lists Boise among the top 20 strongest-performing metro areas for economic recovery. High technology was cited as an important driver of growth.
The report was cited by Earl Sullivan, The Cores chairman, in an exchange with media about how a private industry-led, public-supported med-tech industry cluster in the Treasure Valley can be a catalyst for growth in this important sector of the Idaho economy.
Sullivan explained that the two large tech companies located in the Treasure Valley, Micron and Hewlett-Packard, have paved the way for The Cores vision of a med-tech ecosystem. Their work has established a high-tech ecosystem similar to the med-tech vision of The Core. Micron and Hewlett-Packards work has both educated and engaged bankers, business owners, educators and elected officials while showing these groups that it takes an entire community to grow a specialized business cluster. When the pieces are assembled and in place, the probability of success of a highly specialized enterprise is significantly higher.
A med-tech economy, like high tech, cannot exist without the support of capital sources to finance growth and legislators and other elected officials to help develop effective and sustainable policy. Nor can it thrive without engaged and motivated people in the industry to grow their organizations, collaborate with peers and continue to develop new ideas and new companies.
The Core is working to do for med-tech what Micron and HP have done to put the Treasure Valley in the national high-tech discussion. In Idaho, and specifically in the Valley, we have a variety of health and med-tech-related resources. The Cores directive as an entity reinforced by a recently completed strategic planning process is to begin focusing these resources into a community that can educate capital sources, policymakers and the community at large while creating a core competency for Idaho in health and health-related businesses.
The Core is identifying the specific needs of med-tech to enable sustainable growth and is working with higher education including The Core co-founder Idaho State University and member Boise State University to make sure Idaho and the Treasure Valley have a reliable talent stream for its workforce.
Saint Alphonsus and St. Lukes health systems, trustee members of The Core, have outstanding resources in terms of people, ideas and potential spin-out applications. The Core has committed its support to find ways to keep the resources here while growing new business opportunities in the Treasure Valley.
The Core is also working with public officials to develop and promote appropriate, sustainable policy to encourage growth.
To grow an industry and an ecosystem centered in health care makes sense for our community. Health care has staying power, because it cant be outsourced, and this kind of investment leads to healthier communities and better futures for Idahoans. That is why Saint Alphonsus made the decision to invest in The Core and to support its mission.
To read the full Brookings Institution report, go to http://bit.ly/MCbxeA.
BLAINE PETERSEN Chief financial officer, Saint Alphonsus Health System. Trustee, The Core
367-7347; firstname.lastname@example.org; www.thecoreidaho.com