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Maryland Economic Development Association (MEDA), profile picture
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2015 MEDA Annual Conference Deputy Assistant Secretary Tom Gu

The document discusses promoting entrepreneurship and innovation through building ecosystems. It summarizes the mission of the Deputy Assistant Secretary and EDA to lead the economic development agenda by promoting innovation and competitiveness. It then provides examples of EDA investments and programs to establish regional clusters and innovation ecosystems, including a $520,000 investment to establish a healthcare regional innovation cluster in Baltimore, Maryland and a mdSTEPP program to train medical device entrepreneurs and form new companies. Finally, it introduces EDA's cluster mapping website as a tool to understand and locate partners across industry clusters.

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3 PROMOTING AN ECOSYSTEM FOR ENTREPRENEURSHIP AND INNOVATION Presented by Deputy Assistant Secretary Tom Guevara MARYLAND ECONOMIC DEVELOPMENT ASSOCIATION ANNUAL CONFERENCE
EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. How EDA Functions Setting the Stage for Long-Term Prosperity •  Creating a Macro/Micro Balance •  Investing in a Broad Range of Programs •  Building from a Foundation (Cluster Identification) •  Increasing Capabilities -> Increased Capacity -> Growth and Development ECOSYSTEMS FOR ENTREPRENEURSHIP AND NNOVATION  
Economic Development creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services. What is Economic Development? •  Economic Development requires effective, collaborative institutions focused on advancing mutual gain for the public and the private sector. Economic Development is essential to ensuring our economic future. ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION   •  Economic Development must focus not only on the physical capacities, but also the cultural and intangible assets available.
•  The world is continuously changing. •  Regions must adapt or face economic decline in an era of globalization. •  Be on the ‘better’ side of change. •  Long term economic growth and the benefits of prosperity and quality of life are dependent upon development. •  Economic development promotes capacity-building relationships that are the first step to building an innovation ecosystem. Why Economic Development? ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  
I N N O VAT I O N . R E G I O N A L C O L L A B O R AT I O N . J O B C R E AT I O N . U.S. DEPARTMENT OF COMMERCE Hierarchy  of  Needs   ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION   Connected   Ecosystem   Engines  of   Innova-on   Business  Support   Technology   Infrastructure     Basic  Infrastructure   Incubators Accelerators Policies Capital Transportation Utilities Broadband Cellular Wireless Universities / R&D Commercialization Capital Policies People  &  Culture   People  &  Culture                                                People  &  Culture            People  &  Culture                                                              People  &  Culture  
Economic Development Logic Model Inputs   Construc-on   Planning   Special   Ini-a-ves   Technical   Assistance     Project   Outputs   New  Facili-es     New  Plans   New     Strategies   New   Infrastructure   Capacity   Outcomes   Community   Capacity   Firm  and   Industry   Capacity   New  Firm   Forma-on   Innova-ve   Infrastructure   Realized   Outcomes   Startups   Jobs   Innova-on   Earnings   Exports   Sustainability   Business   Growth   Wealth   Vision   Prosperity   Quality  of   Life     ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  
ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION   •  In 2013, EDA invested $520,000 in the Economic Alliance of Greater Baltimore, Inc., and BioHealth Innovation, Inc., of Baltimore, Maryland, to establish the Healthcare Regional Innovation Cluster (H-RIC) initiative. •  Engages regional stakeholders and provides resources and programmatic support to a new healthcare innovation cluster that is aiming to accelerate the commercialization of new technologies developed from emerging technology sources throughout Montgomery and Baltimore Counties.  
Maryland Technology Development Corporation - mdSTEPP Program ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION   •  Designed to address the problem of the small number of experienced medical device entrepreneurs in the Region. •  Brings together a team of medical device professionals who can lead multiple commercialization efforts in parallel using an efficient and proven commercialization process to train a next generation of medical device entrepreneurs and leverage the other assets in the Region to form 5-7 new medical device companies each year. •  Upon completing the 18-24 month Program, the project companies will be better positioned to attract investment, hire employees, and generate revenues.
EDA Cluster Mapping Project ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION   •  www.clustermapping.us - Here policy makers, economic development professionals, and researchers will find powerful data and tools to understand clusters, improve institutions, and locate appropriate partners across the country.
What Can I do with a Cluster Map? ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  
13 Final Thought: Building relationships is the first step in creating an innovation ecosystem. Thank You