FOR IMMEDIATE RELEASE
September 8, 2008

THE WORLD WON’T WAIT SAYS INNOVATION VALLEY INC.; REGIONAL GROUP LAUNCHES $16 MILIION ECONOMIC DEVELOPMENT EFFORT

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Every day, around the world, businesses are choosing places to locate new facilities. To attract new businesses and maintain a thriving economy, East Tennessee must act now – because the world won’t wait.

That was the message Innovation Valley Inc., an investor-directed program dedicated to recruiting, retaining and expanding business growth, delivered to community business leaders at a kick-off breakfast this morning. The group outlined its plan of traditional economic development marketing strategies as well as innovative tactics in work force development, education and technology-led economic development to grow local business.

Additionally, organizers announced the group has already raised $4.2 million toward the $16 million cost of the five-year campaign.

Bruce Pearl, University of Tennessee men’s head basketball coach; Jimmy Haslam, president and CEO of Pilot Travel Centers LLC, and Hallerin Hilton Hill of WNOX-FM celebrate the launch of the Innovation Valley Inc. economic development campaign at the Knoxville Convention Center on Sept. 8, 2008. Connected by live, streaming video, the kick-off event took place simultaneously at locations in Knoxville, Oak Ridge and Blount County.

Live, streaming video connected the event across three locations: the Airport Hilton in Blount County, the Knoxville Convention Center in Knox County and Pollard Technology Conference Center in Oak Ridge. The locations span the 25-mile-long Innovation Valley Technology Corridor and underscore the regional approach now under way.

Community, business and government leaders in attendance were treated to a synchronized presentation, a technology-fueled event led by Innovation Valley Inc. board chairman Dr. Thomas Mason of UT-Battelle in Oak Ridge and board members Kevin Clayton of Clayton Homes Inc. in Blount County and Jimmy Haslam of Pilot Travel Centers LLC in Knox County. The hosts were assisted by Robin Wilhoit of WBIR-TV in Blount County, Hallerin Hilton Hill of WNOX-FM in Knox County and Lori Tucker of WATE-TV in Oak Ridge.

“We have put together a truly unique partnership of business and community leaders to help our region compete globally for increased economic growth,” Mason said. “It’s all about a regional impact, and we realize that by partnering instead of competing, we have much more to gain for the Innovation Valley Technology Corridor. It all works together, and together it works better.”

Joined by their media co-hosts, the Innovation Valley Inc. board members Mason, Haslam and Clayton introduced the organization’s goals and strategic plans. The effort employs a comprehensive, five-year economic development plan designed to build on the successes of the Jobs Now! program and lead Innovation Valley into the future.

At the conclusion of the presentation, University of Tennessee men’s head basketball coach, Bruce Pearl, addressed guests from the Knoxville Convention Center location.

“The world is moving ahead in areas of education, technology and business recruitment. Just watching the Olympics from China helps you appreciate that fact. We need to keep up,” Pearl said. “East Tennessee has what it takes to meet the challenge, to recruit and train the best team and rise to the occasion. We’ve got to work together to be successful, to be at the top of our game.”

Pumped up by Pearl, attendees then were showered with colorful streamers at the conclusion of the event.

“The central idea behind Innovation Valley Inc. is that a single successful partnership benefits all partners. It doesn’t make any sense for us to devote energy and resources to working against one another when the real competition is not down the road, it’s around the world,” said Mason. “Together, we host one of the greatest concentrations of per capita high-technology expertise in the world as home to Oak Ridge National Laboratory, Y-12 National Security Complex, The University of Tennessee, Technology 2020 and more. In order for the region to truly elevate our status as the Innovation Valley, however, we must continue to focus on technology growth and develop additional programs that support entrepreneurship.”

“This kick-off event was indicative of the unified, inspired coalition that Innovation Valley Inc. represents in our region,” said Clayton. “This is the first step in bringing everyone together to collectively improve and secure our economic future and to position Innovation Valley as the place to locate or grow your business.”

Innovation Valley Inc. is an unprecedented collaboration of business and agency leaders focused on technology-led economic development throughout the region. The partnering organizations include Blount County Chamber of Commerce, Knoxville Chamber, Loudon County Economic Development Agency, Oak Ridge Economic Partnership, The Roane Alliance and Tellico Reservoir Development Agency.

Innovation Valley Inc. plans to increase economic prosperity in the region by focusing on six program areas:

• Education and workforce development
• Technology and entrepreneurship
• Global marketing
• Business retention and expansion
• Public policy
• Resources for living

By addressing these key program areas, Innovation Valley Inc. intends to foster growth for communities in our region and those who do business here.

And in doing so, generate headlines that more business and prosperity are headed to Innovation Valley. To learn more, visit www.innovationvalleyinc.org.

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