Till now, it has been proved to the world that Chattanooga is the first city that has proved in beating many other cities due to its technological development. But when there are highlights, there are downsides as well that needs some modification. So, let us put some highlight on the city of Chattanooga and its economic standards.
Future of technology in Chattanooga
Though people are made to believe that Chattanooga is a great hub for bringing technological innovations with itself, some people doubt it. Some people do believe that this district has some dark side as well. The Chatanooga district is often believed not to be a city that has developed on its own or rather running the businesses in its own way. Rather they too have a wired method. The local people of the city do believe that the development in the form of technology is the main reason behind the success of the people. Yet, critics do not believe such things. Some people do believe that Chattanooga is not at all a city with a technical hub or a technical boost, rather its economy seems to face a ruin soon enough.
But some others speak something different. They feel that if the city was not well developed since the last decade, it would have never faced such great accomplishments in the form of success. The local people feel that since the past decades they have only faced unemployment and a lack of means for earning a livelihood. The unemployment was to a great extent and the residents were mainly BPL. Till date, there are people those who still remain hungry in the city. The main problem with such an uneven economy is the huge gap between the rich and the poor that compels the city to face such an uneven economy where the economy keeps on benefitting only the rich people,
The economy of the city is such a bad one that proves that the middle-class society is entirely disappearing gradually from the city. Only the highly educated people are the ones who are getting jobs in the sectors that is wholly dependent upon the high-speed internet while the others are still unprivileged.
The critics also feel that the economy was better one in the earlier days when all the people had less education. There was a sense of equality and no discrimination. The educated society of the city feels that the knowledge-based economy is the only solution which will help in the development in the near future. But it is a fact that none of the parts of the city is much developed rather than only downtown. The workers are much less educated; they possess lower skills and just find a means to earn a livelihood by boasting about the technical strength of the city.
How to run technology hubs?
It is clear to the world that the large innovations in Chatanooga have been well praised all around e world and people are benefitting by opening such companies.
The technological hubs that use the strength of the technology, as well as the intellectual property, can be a great boost to a certain extent only when the things are done in a proper manner. By this we mean there are certain necessities that need to be kept in mind while running businesses associated with technology. Some of the important things to be kept in mind are:
- The employment works need to be kept separated from the ideas
This highlights on the fact that when a person is working on a particular field and is even desiring to introduce the newer idea, he must keep the ideas to himself so that it does not become an obligation on the project he is actually working on.
- The IP ownership must be private
This is a very important thing to be kept in mind while signing up free agreements with the co-founders. Sometimes false understandings or signing for malicious bonds may put the real founder in trouble. The percentage of net profits, the roles and responsibilities, commitment in the field of business, salaries and also the assets must be well decided in time in order to prevent the further chaos.
Startup Industries Based on Technology
This is the day of the Internet. Keeping this thing in mind there have been vast improvements in the business sectors and mainly in the innovative districts like the Chattanooga. The business models are too updated. Some of the best sectors in Chattanooga offering job opportunities are as follows:
The KBMC technology solutions, the Chattanooga Software center, the company lab, the Code Science, the SIGNiX, the Computer technology solutions, the SurfN Development Corporation, The NetGain Technologies. These are some of the best companies in Chatanooga that are wholly based on the technology. No matter how many technologies have evolved here, this is primarily focused only on the high-speed internet services.
Role of human interaction in innovation
When people sit together and present their ideas to everyone sitting at the same location, there are always a string of the newer ideas from which comes a light from which to choose the perfect one. In this way, all the ideas come closer to each other which can also introduce a newer company with several newer thoughts.
With such practices, Chattanooga has proved to be the smallest city in the USA to designate a part of the downtown totally for the cause of presenting the”innovations’ and developing an interest among getting kids to plan for the best in their future.
One of the most positive impacts of an Innovation district is that it has the potential to give productive, inclusive and sustainable ideas regarding economic development. These cities also provide a scope for creating and expanding newer firms as well as helping much-downtrodden society with maximized benefits in the form of the newer jib. They help out the professors, researchers, investors as well as the businessmen
The discrimination can be a dangerous thing that can lead to the spoilage of an entire city. When there are scopes there must be a scope to preach for their equality. This is called the “real innovation” and this is something that has been never followed. But it is hoped that the economy will be quite equal in the coming years.