Technology and Innovation: Remote Work, Zoom Towns and a Spotlight on Biotech.

• Author: Henderson, Christina Quick
• Position: ASSESSING MONTANA'S KEY INDUSTRIES

Though the final 2020 data is still incoming, most indicators show Montana's tech industry has weathered the COVID-19 pandemic well overall.

Montana's multi-year trend of fast tech growth held steady coming into 2020. The state's high-tech firms grew nine times faster than other sectors and generated a new high of $2.5 billion in revenues in 2019, according to a survey conducted by the Bureau of Business and Economic Research. Bozeman's Next Frontier Capital reported $ 150 million in venture capital investment in Montana companies in 2019, a new record.

The onset of the coronavirus and subsequent shutdowns have led to job losses for a few high-tech and manufacturing companies that abruptly lost revenue. Funds available through the federal CARES Act and its Paycheck Protection Program helped to limit the damage.

For many tech companies, the shift to working from home or with new workplace safety protocols was smoother than expected. For some firms, growth continued or even accelerated.

In August, Ascent Vision Technologies (AVT), a veteran-owned firm specializing in counter-drone technology and aerial surveillance systems was acquired by CACI International for $350 million. AVT employs 60 people in Montana and plans to keep its headquarters in Bozeman.

Montana's robust biotech industry rose to meet the challenges of COVID-19, accelerating advances in virus testing, vaccine development and telemedicine. In July, Missoula-based therapeutics company Inimmune secured $22 million Series A investment from Two Bear Capital in Whitefish, in addition to over $30 million awarded in recent NIH research grants and contracts.

The pandemic has spurred three trends that could prove transformative for Montana's tech industry in 2021.

1) Rise of Remote Work

The new normal of working from home has sparked changes in workplace culture that are likely to stick long term. The shift presents an opportunity for Montana...