New economic-development group seeks state funds

'Innovation Tennessee' hopes for up to $5 million, could replace Sundquist-era TTDC

Email | Print By Milt Capps

The Tennessee Technology Development Corp. board of directors has approved a grant of $100,000 to a new "Innovation Tennessee" economic-development initiative, while asking state Economic and Community Development Commissioner Matt Kisber to provide as much as $5 million in state funding for the program, as well.

TTDC is also asking Kisber to make ECD Technology Director Eric Cromwell available to Innovation Tennessee, either as an executive on-loan or as a permanent hire by Tennessee Tomorrow Inc., the Nashville-based non-profit organization that would initially host the initiative.

TTDC Chairman Dan J. Marcum, founder of Tullahoma private-equity investment fund Marcum Capital, revealed the two actions by the group's board in an interview today. Marcum said TTDC will consider in coming months whether or not "Innovation Tennessee" ought to supplant TTDC itself, which was set up during the administration of Gov. Don Sundquist.