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t h e o l d d o m i n i o n a n d t h e n e w e c o n o m y(t h e l o d d o m i n i o n n d t h e n e w e c o n o m y)
Dan Malone writes extensively on using telecommunications for Economic Development. He serves on the Boards of the World Teleport Association, and George Marshall International Center and is involved with numerous Virginia activities. He lives in Williamsburg.
dmalone@
THE OLD DOMINION AND THE NEW ECONOMY
The world is approaching the eye of the storm of the Information Revolution and the fundamental nature of the economy is transforming. Called variously the Information Economy, the Global Economy, the Knowledge Based Economy; the descriptor most in the forefront seems to be simply the “New Economy.”
The question: where is Virginia in all of this?
Actually, the Old Dominion is in the center of many elements of the New Economy and at the epicenter of some of the most important. It is hoped this NewsLetter will provide a better understanding of why; and whither it will lead.
TAKING STOCK
Realization that a new kind of economic activity was taking hold came slowly, and that Virginia was leading it even more slowly. Among the first hints came from an article in Fortune Magazine, in March of 1994. The author described the people and companies wiring the world’s computers together or creating products for those networks. He called the cluster of those companies along the Dulles Airport Toll Road as the “new Silicon Valley,” and he gave the place a name: the Netplex.
Business and political leadership decided these trends needed to be quantified. In 1993 the Institute for Public Policy at George Mason University was funded to produce the first analysis, followed by refinements in subsequent years. According to the Institute’s 1997 report, although only 4% of northern Virginia companies were classed as “technology industries” they accounted directly or indirectly for 45.2% of all employment and 46.7% of all incomes.
Virginia’s Center for Innovative Technology (CIT) commissioned the College of William and Mary to track multi-year trends. In July 1997, it publ
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