TEConomy will present a plan to improve Lexington’s technology industry

In Tuesday, June 24th's Budget, Finance, and Economic Development (BFED) Committee meeting, Joseph Simkins of TEConomy Partners will present recommendations for how Lexington can improve its technology economy.

Last year, Council funded a Technology Ecosystem Development Study, conducted by TEConomy, that would look at ways Lexington could bring more tech jobs and support existing tech businesses in the city. TEConomy identifies five areas where Lexington has the strongest potential for development:

• AgTech, short for “agricultural technology”
• Hard Tech, which focuses on light manufacturing of technology
• Health Tech
• Biotech, short for Biological Technology
• Business Services and SaaS ("software as a service," which often refers to cloud-based software)

TEConomy also recommends four main strategies to begin improving Lexington’s tech economy.

1. Creating a Lexington Tech Council to support new and existing local technology businesses ($300,000)
2. Creating career awareness and learning opportunities by connecting employees, businesses, and educational institutions ($90,000)
3. Boosting existing opportunities to support start-ups ($100,000)
4. Creating marketing and branding campaigns for Lexington’s tech economy ($140,000)

Council funded the first two strategies as part of their changes to the Fiscal Year 2026 Budget.