BICI Organization Description & Rationale

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The PowerPoint describes why we have created the Black Innovation and Competitiveness Initiative (BICI) and www.BlackInnovation.org. …

The PowerPoint describes why we have created the Black Innovation and Competitiveness Initiative (BICI) and www.BlackInnovation.org.

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  • 1. Black Innovation and Competitiveness Initiative STEMEDUCATION | CAPITALACCESS & INVESTMENT | HIGH-GROWTHENTREPRENEURSHIP© 2011 BICI
  • 2. CHALLENGE How do we connect Black America to the 21st century Innovation Economy? BICI Bridge to 21st century Innovation Economy  STEM Education / Workforce Development  Access to Capital / Establishing Investment Infrastructure  High-Growth Entrepreneurship / Resources Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 3. VISION The BICI will be the national voice of Black innovation and competitiveness The BICI will act as a national hub, where citizens: • Find news and information • Connect to needed resources • Access mentoring and capital investment • Engage in collaborations that empower Black Americans to succeed in this Age of Innovation and contribute significantly to the nation’s productivity Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 4. MISSION The BICI will catalyze exponential growth of Black American prosperity through increased innovation capacity and economic competitiveness The BICI will: • Serve as a catalyst for action • Serve as a launching platform for new projects and programs • Serve as a repository of information relating to strengths and developments in the Innovation Economy • Empower others in response to inquiries and collaborations • Aggregate information and warehouse resources • Provide leadership and leverage efficiencies to increase innovation capacity and competitiveness Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 5. WHAT IS THE BICI? The Black Innovation and Competitiveness Initiative is a collaborative and open-innovation platform that fosters solutions-based approaches to 21st century community economic development. Three Foundation Pillars of the BICI Platform STEM CAPITAL HIGH-GROWTH Education Investment Entrepreneurship Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 6. APPROACH The BICI will facilitate a new narrative to inspire free exchange of innovative ideas among community, business, government and education leaders, students and entrepreneurs, with a goal of achieving exponentially greater economic growth and prosperity throughout Black America. EXPONENTIALIMPACT The BICI seeks to leverage existing assets within Black American communities to create new opportunities and ensure competitiveness in the Innovation Economy. Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 7. STRATEGYPromote 21st Century Narrative for Black America – Innovation & Competitiveness  Social Media & Networking  Key Partnerships & Engagements  Events – Forums, Summits & Symposia  Online – Offline proprietary ecosystem Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 8. BICI GOALS EXPONENTIALIMPACT  Promote a 21st Century Narrative for Black American Innovation & Competitiveness  Penetrate through collaborations with existing influential resources, including media organizations  Produce proprietary online-offline entrepreneurial ecosystem  Punctuate STEM education  Partner with Black innovators: startups and existing businesses  Provide access to capital resources Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 9. JOBS Nov. 2010*: Race/Ethnicity Establishment Dynamics Overall findings: • Business startups are crucial for job creation. • The number of jobs created through the expansion of existing establishments was generally insufficient to counteract the job destruction due to business deaths and contractions. • Minority-owned establishments were more likely to close than those owned by their White counterparts. *Data reporting period 2002 - 2006 Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 10. JOBS: 21st CenturyPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEM 20th 21st century centuryBlack Blackunemployment rate unemployment ratedoubles the overall doubles the overalljobless rate. jobless rate. 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001Black 16.0 14.8 10.1 8.3 8.9 10.0 10.4 10.8 10.2 8.6White 8.7 8.5 5.2 4.1 4.0 4.4 4.8 5.2 5.1 4.2 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991Black 7.6 8.0 8.9 10.0 10.5 10.4 11.5 13.0 14.2 12.5White 3.5 3.7 3.9 4.2 4.7 4.9 5.3 6.1 6.6 6.1 PROBLEM Source: Bureau of Labor Statistics. Annual averages of monthly jobless rates. Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 11. JOBS: 20th CenturyPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEM 20th 21st century centuryBlack Blackunemployment rate unemployment ratedoubles the overall doubles the overalljobless rate. jobless rate. 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981Black 11.4 11.4 11.7 13.0 14.5 15.1 15.9 19.5 18.9 15.6White 4.8 4.5 4.7 5.3 6.0 6.2 6.5 8.4 8.6 6.7 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971Black 14.3 12.3 12.8 14.0 14.0 14.8 10.5 9.4 10.4 -----White 6.3 5.1 5.2 6.2 7.0 7.8 5.0 4.3 5.1 5.4 PROBLEM Source: BLS (Black unemployment stats stop at 1972. Whites continue back to 1954) Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 12. INVESTMENT INFRASTRUCTUREPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEM Venture Capital Industry: 1970 to 2010 Capital Investment = $445 billion + Companies = 12,655 + Black America Disconnected PROBLEM Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 13. INVESTMENT INFRASTRUCTUREPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEM ECONOMICIMPACT OFONEFIRM First Investment $2.6B investments | 450 companies | 128 IPOs | 137 M&As 1969 2011 Rockefeller Family Venture Capital Firm entered the VC industry with investment in Intel in 1969.Black America remains CONNECTED infrastructure. from America’s capital investment
  • 14. BLACK PRODUCTIVITYPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMPROBLEMBlack-owned businesses 1.9 million* Revenue $137B* Percent of GDP < 1% 21% PROBLEM *2007: Before economic collapse Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 15. SBA BUSINESS REPORT Nov. 2010: Race / Ethnicity Establishment Dynamics Median HHI Business Density Failure Rate Household Income # firms per thousand persons Business failures over 4 years Blacks $29,691 36 39.3%Hispanics $33,961 42 33.9% Asians $53,832 98 32.9% Whites $46,119 94 29.2% PROBLEM *Data reporting period 2002 - 2006 Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 16. U.S. CENSUS 2010 REPORTPer Capita Business Receipts (data for 2007) # Businesses Business receipts Population Per Capita Total in 2007 Total annual gross revenue Estimate # of U.S. citizens Business receipts Blacks 1.9 million $138B 37 million $3,729 0.8 percent total employment 0.5 percent of all receiptsHispanics 2.3 million $351B 45.4 million $7,731 1.6 percent total employment 1.1 percent of all receipts Asians 1.6 million $514B 13 million $39,538 2.4 percent total employment 1.7 percent of all receipts Whites 22.6 million $10.2 trillion 224.5 million $45,434 89.3 percent ownership of all 34 percent of all receipts scientific, tech & construction firms Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 17. U.S. CENSUS 2010 REPORTPer Capita Business Receipts (data for 2007) Businesses w/ employees Per Capita Business receipts # businesses / population Total annual gross revenue Blacks 107,000 0.003 $99BHispanics 249,000 0.005 $274.5B Asians 399,000 0.030 $461B Whites 4.6 million 0.020 $9.4 trillion Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 18. BLACK PRODUCTIVITY BLACK AMERICA ANNUAL SPENDING BUSINESS REVENUE $800B $138B Family Per Capita Income Biz Revenue $30K $3,700 PROBLEM Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 19. FROM POVERTY TO PROSPERITY SOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTION “ Entrepreneurship holds the key to the future of the developing world. Entrepreneurship brought me from a state of childhood poverty to a life of philanthropy. And just as my own experience as an entrepreneur reaped rewards I never imagined, I believe “I call embracing entrepreneurship will enable nations to make a entrepreneurship ‘quantum leap’ from despair to prosperity. the ability to I soon realized what was missing from our education system. turn dirt and scrap into gold.” We dont teach entrepreneurship. Dr. Ir. Ciputra In more than fifty years in business, I learned not only how to emerge from poverty, but also how to generate wealth and create prosperity. I call entrepreneurship the ability to turn dirt and scrap into gold. I realized that if the precious competency of entrepreneurship could lead me to such success, that competency should be shared for the SOLUTION betterment of the world. ” Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 20. STEM EDUCATION SOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTION University spinoff companies have the potential to become high-growth firms, in some cases creating entire new industries that not only change our lives but also generate hundreds of thousands of jobs … With approximately 60 percent of the nearly $150 billion federal R&D budget funneled directly to university labs, the Obama administration recognizes that it is imperative that academic innovation finds a more streamlined path to the marketplace. Joseph M. DiSimone: Chancellor’s Eminent Professor of Chemistry, University of North Carolina at Chapel Hill “ … the undeniable fact is that commercializing SOLUTION innovation leads to job creation …” Kauffman Foundation Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 21. CAPITAL INVESTMENT SOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTION Entrepreneur Bootstrapping Private Capital Will work NEED = for funding Avg. investment: $191K According to a 2009 Global Insight The Angel Capital Education Foundation (ACEF) study, venture-backed companies estimates that about 10,000 accredited accounted for 12.1 million jobs investors now belong to 265 groups that play a and $2.9 trillion in revenue in the critical role in the deal flow in their United States in 2008. communities. National Venture Capital Association (NVCA.org) SOLUTION Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 22. HIGH-GROWTH ENTREPRENEURS SOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTION Entrepreneur Startups = Jobs Will create job growth & wealth 1% = 40% In any given year, the top-performing 1 percent of firms generate roughly 40 percent of new job creation. Kauffman Foundation SOLUTION Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 23. Black Innovation and Competitiveness Initiative SOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTIONSOLUTION STEM CAPITAL ACCESS HIGH GROWTH EDUCATION INVESTMENT ENTREPRENEURSHIP Got investment? fundraising SOLUTION A new economic visionvoiceparadigm for 21st century Black America Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 24. Black Innovation and Competitiveness Initiative connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect innovation economy 2015 How do we CONNECT quickly? STEM: < 11% STEM field companies are minority-owned CAPITAL: Black investors represent less than 1% of all angels and venture capitalists HIGH-GROWTH ENTREPRENEURS: CONNECT Black entrepreneurs received 1% of tech investments in 2010 Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 25. Black Innovation and Competitiveness Initiative connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect 1st National Forum on Black Angels and Entrepreneurship  Partnership with Rutgers Business School BICI Innovation & Competitiveness themed Media Institutes  STEM Education, Capital Access, High Growth Entrepreneurship  Partnership with National Association of Black Journalists (NABJ) 1st National Summit on Black Innovation and Competitiveness Charting a new course for Black America in the 21st century Innovation Economy  Partnership with the White House, US Federal Agencies and private sector stakeholders Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 26. Proprietary online-offline entrepreneurial ecosystem connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect Innovation E-Academy* Deal Flow Branded Nation Parties Establishes a Fee-based online Fee-based Capitalizing upon free online modular step-by- access to social gatherings, network step institute for ecosystem. Vets Party With specifically entrepreneurs to entrepreneurs Purpose! will targeting access a wide and connects provide pitch individuals who range of online- qualified deal sessions at venues consider offline resources flow with angel hosted by high net themselves to move from investors. worth volunteers. innovators. idea to funded Establishes / fruition. grows angel network. *Customizable online e-Academy plug-ins will be sold to institutional clients Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 27. PUNCTUATING STEM EDUCATION connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect• STEM Symposiums • Traveling program to HBCUs• STEM Speakers • Speakers bureau• STEM Pitch-to-Angels • Contests (online & offline)• STEM HBCU Coalition • Federal grants • Commercialization of ideas • Community outreach / impact Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 28. BLACK INNOVATION connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect Inviting • Entrepreneurs can apply to be considered for an invitation to pitch a 10-minute powerpoint presentation with a 5-minute Q&A at a Party With Purpose! in their region. • Innovation Nation members will receive discounted opportunities to attend BICI conferences and forums. Inspiring • The BICI will regularly feature successful entrepreneurs and investors on our website. • Live online weekly town halls will be made available to members of the Innovation Nation. Incenting • The BICI will host pitch contests at its conferences and forums. • The BICI will feature on the website funded entrepreneurs from Party With Purpose! venues around the nation. Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 29. ACCESS TO CAPITAL connectconnectconnectconnectconnectconnectconnectconnectconnectconnectconnect Deal Flow • Entrepreneurs who complete the e-Academy will progress directly into the BICI Deal Flow Stage. This arena is a collaboration with angels recruited by the BICI. • Entrepreneurs who seek direct access to the Deal Flow Stage are invited to apply to the DFS Vetting Committee for selection to present to angels. Monthly events will bring together angels and entrepreneurs seeking investments. Party With Purpose! • The BICI will provide an easy online signup for individuals who volunteer to become a PWP! host. The commitment is to produce a minimum of three PWP! gatherings over the course of one year. Hosts agree to invite their own network and provide the venue. The BICI will ensure a turnkey pitch program, including vetted entrepreneurs for the party. Hosts may also provide their own selected entrepreneurs to pitch. Forums, Conferences, Contests • The BICI will bring together entrepreneurs and angels at our events in collaboration with partners. Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 30. BICI NEEDS National Steering Committee Members Guiding the vision of the collaborative effort with the White House Sponsors: Forums, Conferences, Summit Underwriting the venues that enable the BICI to provide substantive programming with leading entrepreneurs and investors as panelists Development Funds Production of the online-offline ecosystem platform BICI Operating costs Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org
  • 31. ABOUTUS BICITEAM The Co-founders Johnathan M. Holified Chad Womack, Ph.D Mike Green Click here for bios Contact Johnathan M. Holifield 716.361.9889 | http://blackinnovation.org | johnathan@blackinnovation.org STEMEDUCATION | CAPITALACCESS & INVESTMENT | HIGH-GROWTHENTREPRENEURSHIP