KNOXVILLE, Tenn. (WATE) — The Knoxville Chamber has released the issue brief, “Transitioning Knoxville’s Economy for the Imagination Age,” for the city to compete in economic business growth.

The brief lays out a strategy that will take about a decade to execute, according to the news release. Long-term commitment from local partners and businesses will be required for the transition to be successful.

“Of course, we’re always going to focus on our local businesses but we really need to identify, bear down on efforts to create this high wage, talent, high growth companies, innovative entrepreneurs and civic furniture,” said Amy Nolan, vice president of regional enhancement for the Knoxville Chamber.

The brief highlights the shift needed for Knoxville’s business ecosystem to take full advantage of the next industrial revolution according to the chamber. A role that the chamber is willing to play in the transition.

Nolan said there were three factors that the brief addresses, an annual pay increase that competes with other communities, growing the 24-55 demographic and technology developments.

The chamber is looking for employers who have higher annual pay to come to the community. They are conducting talent attraction campaigns, including recruiting more computer scientists, engineers and data analytics.

The chamber plans to work with secondary institutions and Knox County Schools to share the opportunities student can have within the market in Knoxville.

“It’s kind of a rallying cry for the community, how we can collaborate and really focus our efforts on this, perhaps a little more risk-taking in certain areas, as well as kind of the community coming together and saying, ‘Yes, this needs to be our focus going forward,'” Nolan said.

Knoxville can meet its full potential to become the preeminent location not only for businesses but also for families to start, scale and stay, according to the news release.