Building a Tech Based Economy

TECNA Conference August3-5, 2011 Atlanta, Georgia

Approaches designed to encourage the creation and growth of innovative companies, especially those that are technology-driven
Enhancing the competitiveness of existing companies in all industries (including agriculture) by introducing new ways of doing things
Emphasis is “growing your own” rather than recruitment, although recruitment can play a role, particularly the recruitment of talent
Goal: create an environment in which innovative firms can be created, grow, and thrive without government action

“ Innovation occurs at the intersection of invention and insight. It’s about the application of invention– the fusion of new developments and new approaches to solve problems.” – Sam Palmisano, Chairman and CEO, IBM
“ The process that transforms ideas into commercial value.” – The Centre for Innovation Studies in Calgary
“ A creation (a new device or process) resulting from study and experimentation.” – dictionary.com
“ Innovation is a locally driven process, succeeding where organizational conditions foster the transformation of knowledge into products, processes, systems, and services.” – Edward Malecki, Technology and Economic Development , from Partnerships for Innovation solicitation

To achieve widely shared prosperity:
A vibrant economy
An ever-expanding winners’ circle

Economic change accelerating in pace and scope
Driven by technological advances and growing interdependence of activities across the globe
Challenges for
Companies
Workers
Communities
Technology industries pay higher wages
Because of the growing technology-intensity of all industry, citizens’ success is increasingly dependent on their ability to learn, adapt, and contribute to innovation

Intervene at the margins of private sector investment flows of capital (financial and intellectual) to:
Address economic transition
Capture the benefits of investments in research and development, federal laboratories, higher education
Put technology to work addressing critical societal challenges
Build “entrepreneurial cultures”
Help existing industries modernize
Make sure citizens are prepared to capitalize on innovation-driven growth
Diversify the economies of states and regions

States, regions, and cities develop strategies and action plans to:
Identify an area’s comparative advantages
Establish a vision, mission, and goals for the future
Define specific actions and implementation plans with resources needed, partners, time frame, overall priorities, and measurable outcomes
Carefully monitor results and adjust strategies

Maryland
Maryland Technology Development Corporation (TEDCO)
Georgia

To facilitate the creation and growth of businesses throughout all regions of the State through the commercialization of technology.
– Establish and manage programs that support innovation and promote entrepreneurship
– Funding for technology transfer and development
– Funding for business formation, growth and expansion

• University Technology Development Fund
Support pre-commercial university research for technology commercialization
• TechStart
Increase the number of university start-up companies
• Maryland Tech Transfer and Commercialization Fund
Transfer and commercialization of technology created or incubated in Maryland

• Rural Business Innovation Initiative
Provide intensive business and technical assistance to technology-based companies
• Federal Tech Transfer Initiatives (in and out)
Facilitate the commercialization of federally funded research and create opportunities for companies to further their innovations
• Maryland Stem Cell Research Fund
Promote state-funded human stem cell research and medical treatments through public and private entities

To date, 145 companies have received MTTCF funding and completed their projects. With an investment of over $10 million these companies have gone on to receive downstream funding from angel and venture investors, federal awards and other resources exceeding $435 million. This is a leverage of the state’s investment through TEDCO of $43.3 to $1.

Monday, November 14, 2011
7:30 a.m. to 6:00 p.m., Baltimore, Maryland The Entrepreneur Expo will take place as part of Global Entrepreneurship Week (GEW) , with world-wide activities in recognition of the entrepreneurial spirit. It is the first large-scale event dedicated to promoting the key to Maryland’s innovation economy, its entrepreneurs. The day will include several programming tracks, dynamic exhibit floor, keynote sessions, networking reception and more.

Identify Clusters

Conduct a SWOT analysis
Strengths: Talent, Universities, Airport
Weaknesses: Capital, Strategic Plan, Marketing
Opportunities: Create a world-class VC event, support legislation to promote angel investing; Create a strategic plan (SR68); Hire a PR Director/Technology Evangelist
Threats:

Coordinate messaging with other entities
Chambers, Development Authorities, State ED
Cross pollinate committees
Get early buy-in
Define your role – what you won’t be doing, as well as what you will do

Get statistics

Support existing industries via PR assistance, awards/recognition programs, and Economic Gardening
“ Economic gardening connects entrepreneurs to resources, encouraging the development of essential infrastructure and providing entrepreneurs with needed information.”

Building a Tech Based Economy

by Melanie Brandt on Aug 09, 2011

Accessibility

Categories

Upload Details

Usage Rights

2 Embeds 240

Statistics

Building a Tech Based Economy Presentation Transcript

http://ct.typepad.com	234
http://www.typepad.com	6