Building a Tech Based Economy
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Building a Tech Based Economy

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August 5, 2011

August 5, 2011

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Building a Tech Based Economy Building a Tech Based Economy Presentation Transcript

  • 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.”