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Building a Tech Based Economy
 

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.”