| Tech funding hits the skids
Virginia Business
July 2004
Adding the final piece of evidence that
the high-tech industry may no longer rank as a pet sector,
the Virginia General Assembly this spring severely cut
funding to the organizations designed to promote and
enable the recruitment and expansion of technology-based
businesses. Among those hit hardest: the Hampton Roads
Technology Council, which went from $600,000 in state
money to zero, and the Center for Innovative Technology
(CIT), which saw its $7.65 million budget slashed by
25 percent, or nearly $2 million. The latter provides
indirect government monies to most of Virginia’s
10 local technology councils — including Hampton
Roads.
“It’s not surprising, but
it still hurts,” admits Terry Riley, executive
director of the Hampton Roads Technology Council. “We’re
like any other business, though. We’ll just have
to adapt to changing market circumstances.”
The organization has already substantially
cut back jobs and programs and is working to increase
its volunteer rolls and industry sponsorship. Still,
the immediate impact will be severe: the Hampton Roads
council will this year put on half as many promotional
and educational events and substantially reduce media
and government relations activities. Riley sees opportunity
in the tough times. “We have a chance now to develop
strategies that will enable us to build back to what
we were without relying on public monies.” Which,
he adds, are “basically unreliable.”
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