Building a Tech Based Economy

TECNA ConferenceAugust3-5, 2011Atlanta, 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, 20117:30 a.m. to 6:00 p.m., Baltimore, MarylandThe 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.”