Now Hiring: Many Tech Firms Are in Growth Mode
By Sarah Halstead
Inc. Magazine recently published its 2008 list of the 500 fastest-growing companies. Many West Virginians were proud to see beBetter Networks of Charleston ranked 15, and Innovative Management & Technology Services of Fairmont ranked 323 on the list. Morgantown’s Augusta Systems, Centra Bank Incorporated and KeyLogic Systems, and Advanced Technical Solutions of Scott Depot are on Inc.’s expanded list of 5,000 fastest growing companies.
These aren’t the only tech-based firms quietly programming for profit in the Mountain State. West Virginia is home to several award-winning high tech and biotech firms doing global business in industries we’re familiar with, and with some industries many of us know nothing about.
Convinced there are few good paying jobs in West Virginia beyond the traditional mainstays? Check out the employment pages of many high tech firms and you’ll see great paying jobs advertised. Education in the sciences or specialized technical knowledge is required. Engineers, scientists, programmers, robotics specialists, technical project managers, and specialized mechanics are in demand.
In 2000, the West Virginia Development Office commissioned a study titled West Virginia Technology Future: High Potential Industries and Actions to Grow Them. Today, somewhat according to the study’s predictions and recommendations, businesses are thriving in information technology services and equipment; electronics and optics; chemicals, materials, and composites; industrial and automation equipment; medical and biotech; transportation technologies; aerospace and defense; and energy and environment. What wasn’t predicted in the 2000 study was explosive growth in biometric expertise along the I-79 Corridor, earning the region the accolade of biometric data capitol of the world. Growth includes six cutting-edge biometric and identity management assets and several best-of-breed biometric companies.
The Development Office estimates the state’s biometrics industry accounted for a total of 7,142 jobs in 2006. Sixty-four percent of those jobs were spin-offs, so for every job in biometrics, an additional 1.7 jobs were created. Biometric organizations pumped nearly $19 million into state and local taxes in 2006, with 93% coming from spin-off businesses.
In 2000, 565 high-tech establishments employed approximately 15,000 workers. In a 2007 study commissioned by the West Virginia High Tech Consortium Foundation, high tech companies in north-central West Virginia contributed $5.2 billion to the state’s economy. The report described the I-79 High Tech Corridor’s economy as “diverse, well-rooted, and a significant source of employment and income.”
Recommendations for increasing West Virginia’s high tech sector call for tax incentives, more responsive higher educational programs, venture capital and angel investment infrastructure, and workforce training in high tech subjects. Some studies emphasize building on chemical, medical and mining industry infrastructure as well. As a result, state universities are working toward better organized tech transfer programs.
State government has moved forward on several recommendations, implementing financial incentives and supporting development of more resources for entrepreneurs, but not everyone is waiting for government assistance. Northrup Grumman plans to open and operate a National Work Force Center in Fairmont, underscoring their commitment to providing US based high-quality, cost-effective technology centers as an alternative to off-shoring.
State economic developers are banking on the concentration of such assets and the state’s proximity to Washington, DC and eastern metropolitan areas to increase West Virginia’s appeal to innovative companies.