OTHER NEWS
Efforts to support entrepreneurs pays
off in high-wage jobs

Since 2004, South Dakota Technology Business Center (SDTBC) client and graduate companies have created 339 new jobs and in 2009 paid an average salary of more than $70,000. The Center was started by Forward Sioux Falls to foster entrepreneurship and create high-wage, high-skill career opportunities in the Sioux Falls area.

"Job growth for clients and graduates did slow in 2009," said SDTBC Executive Director Rich Naser. "Given the economic conditions, these companies still needed to add 28 new positions."

Employment continued to increase and sales were up 84 percent. "This was probably the most surprising number in our annual economic impact data," Naser said. "Total sales for our companies increased from $54 million in 2008 to just over $100 million in 2009."

Companies continued to have success in securing equity investment in 2009, another key measure of entrepreneurial activity. SDTBC clients and graduates received an additional $2.29 million in equity investment, bringing the six-year total to more than $44 million in equity funding. Of that total, $40 million was raised after the companies began working with the SDTBC.

One key innovation indicator did slow significantly for the center's clients, according to Naser: the total number of patents pending increased from 25 in 2008 to 26 in 2009 and the number of patents secured remained at 11.

"The low number of patents issued in the Sioux Falls area has been identified through the Future Sioux Falls economic development planning process as an issue that needs to be addressed," Naser said. "The growth in private sector research will likely improve patent numbers for Sioux Falls. However, the lack of university research activities in Sioux Falls is something we still need to resolve."

For more information about the SDTBC, visit www.sdtbc.com or contact Rich Naser at (605) 275-8010.