Rick King, Guest Column

For more than 70 years, Minnesota was at the forefront of innovations in medical devices, computers and other technologies that spawned the highest number of Fortune 500 companies per capita of any state. But over the past decade the global economy, and our position in it, has changed. Minnesota ranked 42nd among states for economic growth from 2004 to 2007, though we had led this measure for decades prior.

This change reflects shifts in the global economic landscape. Our state’s economic competition is no longer limited to South Dakota, Wisconsin or even California. Instead, Minnesota competes against countries like China and India, who now provide many of the goods and services that were once the backbone of our economy.

States like Ohio and Texas have recognized this fact and have responded with admirable statewide growth strategies. Ohio recently passed its third $700 million bond to support startup companies and high-tech jobs. Texas has developed special funds to make strategic investments in economic development and growth technology projects. And these investments are paying off — a recent study found that half of the nationwide new jobs created in 2010 were in Texas.

No matter the outcome of the impending recount, Minnesota’s next governor and the newly-elected legislature will be tasked with spurring our state’s economy within this global context. Like Ohio, Texas and others, Minnesota’s success will depend on our ability to articulate a clear direction for our economic future, which I believe will hinge upon three key strategies:

1. Invest in research and development. Minnesota’s 76 public, private and technical colleges have the potential to generate inventions of the future — from the University of Minnesota’s cutting-edge medical technology research to innovations in renewable energy generation happening at schools in Greater Minnesota. Considering that startup companies developed from the commercialization of university and other research generate 10 percent of all new jobs in any given year — despite constituting only 1 percent of companies — strategic investments in Minnesota’s innovation engines, like our university system, must be an important economic development strategy for the state.

2. Build our idea infrastructure. Broadband Internet expansion is today’s Internet highway system — a complex network designed to move goods to markets far and wide. It has the potential to connect patients in Roseau (or anywhere else in the world) with world-class health care at the Mayo Clinic from the comfort of their own home. It can allow Minnesota’s most remote residents to access education opportunities in the far reaches of the nation. But more importantly, broadband Internet has the potential to connect the state’s businesses, innovations and ideas to markets around the world.

Broadband’s maintenance and utilization will foster even greater job growth potential. A recent study by the Bureau of Labor Statistics says that demand for jobs dependent on broadband access — jobs in communications, database administration and computer systems analysis — are projected to grow by 25 percent from 2008 to 2018. With such enormous job-creation potential, Minnesota must dedicate itself to becoming a national and global leader in broadband speeds and connectivity. We just can’t afford not to.

3. Expand transportation to move our greatest product: our people. More than 80 percent of Minnesota’s economy is in the knowledge and service sectors — industries that rely on human interaction to succeed. My experience at Thomson Reuters is one example: I often travel to our offices in other cities and countries; five times per month I rely on air and passenger rail to get me there. On each trip, I see the economic opportunities that come from business travelers who move through hub airports to offices, meetings and destinations. Making Minnesota an accessible transportation hub will require a statewide plan for connecting our population centers with those across the nation and must be part of our state’s economic development plans.

Thanks to the work of nonpartisan volunteer commissions and task forces, our new governor and legislature will enter their terms with clear recommendations to begin building Minnesota’s new economy. My hope is that our incoming leaders will embrace these recommendations, and their potential for our state, with the same enthusiasm and support as past legislative leaders and administrations. I believe I can speak for all past commission and task force members in saying that Minnesota will be with you in the effort.

Rick King is chief technology officer for Thomson Reuters Professional in Eagan. He currently serves on the Minnesota Science and Technology Authority’s Advisory Commission, which is tasked with developing a plan for expanding Minnesota’s high-tech economic development. He is the past chairman of the Minnesota Ultra High-Speed Broadband Task Force, which crafted the state’s roadmap for broadband expansion and advancement.