http://www.bizjournals.com/nashville/blog/2012/01/bill-hagerty-tennessee...

Brian Reisinger
Staff Reporter - Nashville Business Journal
January 25, 2012

Commissioner Bill Hagerty used an interesting phrase this morning while addressing dozens of technology entrepreneurs. The head of the state’s Department of Economic and Community Development told the crowd — still picking over breakfast at Lipscomb University’s Allen Arena — that he was happy to be “back home” with them, talking about tech issues.

The statement went beyond the usual niceties public officials pay their audiences. And it referred deep into Hagerty’s history as a financier, which included stints reworking companies like the one that ultimately became online navigator Mapquest.

Hagerty told the crowd — gathered as part of the Nashville Technology Council’s annual membership meeting — that they should be proud of what they’re doing. Venture capital investing in technology, he said, has led to broad “social and economic change.”

“What a thrill it’s been to be part of that transformation,” he said.

When I asked him afterward for examples, Hagerty said that he did due diligence on a team that ultimately made a small unknown entity into Mapquest. Long an online staple for people wanting quick driving directions, Mapquest continues to be a force — yes, there’s an app for that on your smart phone — that traces its roots back to tech-focused investment.

Of course, Hagerty was doing more than reminiscing.

He promoted the policies of his boss, Republican Gov. Bill Haslam, including initiatives they’ve started trying to better commercialize innovation by connecting ideas with money. Examples include the state’s $30 million INCITE fund designed to incentivize up to $300 million in private investment, and Tennessee’s status as the second state to join StartUp America.

Business interests and economic development professionals are still watching for the full effect of Hagerty’s overall economic development strategy to become apparent. And there have been, and will continue to be, political debates over the state’s strategy and various programs within it.

Hagerty, for his part, predicted impressive 2011 job numbers, which the state will release later this year.

In the meantime, the commissioner was clearly passionate talking today to those he considers his people — entrepreneurs, technology experts and investors among them. Their ability to innovate, he said, affects everything from general economic prosperity to the effectiveness of American classrooms.

“The stakes could not be larger,” he said.