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WEXFORD SCIENCE+TECHNOLOGY
Innovation Economics
NATO Allied Command Transformation
Industry Day 2011
Industry Drivers
Politics
Economics
Threats
WEXFORD SCIENCE+TECHNOLOGY
The New Normal
Threats Politics Economics
WEXFORD SCIENCE+TECHNOLOGY
Political Pressures
• Laser focus on debt reduction
• Discourse has become disassociated with needs
• Political strategy is trumping cooperation
• The clock could be allowed to expire!
WEXFORD SCIENCE+TECHNOLOGY
$500bn
$850bn
Technology Driven Cost Benefit?
From:
•Requirements •Capabilities •Procurement •Manufacturing
Toward: •Flexibility •Alacrity •Speed to solution •Enhanced effectiveness
WEXFORD SCIENCE+TECHNOLOGY
An Emerging Economic Theory
• Classical (Smith) • Neoclassical (supply & demand) • Keynesian (gov’t guiding hand) Productivity Pricing Promotion
Labour
Land
Capital
Knowledge
Entrepreneurship
Technology
Innovation
Innovation Economics Processes Products Business models
Labo
ur C
apit
al
WEXFORD SCIENCE+TECHNOLOGY
Open Innovation Ecosystems
Motorsport Valley, UK
Cambridge, Kitchener, Waterloo, CN
WEXFORD SCIENCE+TECHNOLOGY
What Defines an Ecosystem?
Porous University/Institution Applied Research Focus
Intentional Outflow of Ideas
Administrative Vision
Facilities and Infrastructure
Entrepreneurial Faculty & Students
Regional Innovation Hub
Differentiated Research
Research Centers of Gravity
Gov’t Labs & Programmes
Destination Faculty
Access to Policymakers
Commercialization Opportunities
Business Climate
Favorable Policies and Regs
Spectrum of Companies (Clusters)
Robust IP Marketplace
Access to Financing Instruments
Culture
Entrepreneurial Outlook
Support Organizations
Management and Catalysts
Spectrum of Companies
WEXFORD SCIENCE+TECHNOLOGY
A NATO ACT Innovation Gateway?
CRADA
WEXFORD SCIENCE+TECHNOLOGY
New Venture Uncertainty
• Fail to fully develop technology
• Low market demand
• No sustainable business plan
• Poorly spend funds on non critical elements
WEXFORD SCIENCE+TECHNOLOGY
Reverse Technology Transfer
Enhance the University’s role as a partner with industry in the commercialization of value driven technology: – By engaging in collaborations, partnerships and joint ventures with business; – providing talent and expertise (through the Business Gateway) to assist companies
in commercializing their own technologies; – helping entrepreneurs identify financing sources and qualified management
talent; – encouraging business creation activities.
Create deal flow and commercialization opportunities for promising ODU technologies – by proactively guiding the entry of ODU technologies into the marketplace; – actively promoting the licensing of ODU technologies; – creating magnetic commercialization within the University’s focused research
capabilities. – handholding faculty and students through start-up process.
WEXFORD SCIENCE+TECHNOLOGY
What Makes IRP Unique?
Access Proximity Infrastructure
Intellectual Capital University Village Class A/ Lab Facility
Research
Capabilities
Campus Amenities/
Affiliate Program
National Lambda
Rail
Technology Transfer Centers of
Excellence
Modeling &
Simulation
Academic Programs
Norfolk/
Hampton Roads
Research
Instrumentation/
Assets
University
Resources
Defense/Security
Ecosystem
Accelerator/ Finance
Services
Faculty Consulting Port of Virginia HUB, Empowerment
Zones Student Workforce Gov’t Facilities
WEXFORD SCIENCE+TECHNOLOGY
Eco
syst
em L
ever
age
WEXFORD SCIENCE+TECHNOLOGY
University Technology Park at IIT
Chicago, IL
Science Center
3535 Market Street
Philadelphia, PA
Science Center
3701 Market Street
Philadelphia, PA
Hershey Center for Applied Research
Hershey, PA
Washington University in St. Louis
St. Louis, MO
University of Maryland BioPark – Bldg I
800 W. Baltimore Street
University of Maryland BioPark – Bldg II
801 W. Baltimore Street
Innovation Research Park @ ODU
Old Dominion University
Norfolk, VA
Science Center
3711 Market Street
Philadelphia, PA
BioResearch and Development Growth Park
at the Danforth Center
St. Louis, MO
Innovation Research Park @ ODU – Bldg 2
Old Dominion University
Norfolk, VA
University of Miami Life Science
Research and Technology Park
Miami, FL
Wake Forest Biotech Place
Raleigh-Durham, NC
If You’ve Seen One Research Park… WEXFORD SCIENCE+TECHNOLOGY
Innovation Economics In Action
Product improvements
New customers
Fresh ideas
Talented employees
Dynamic environment
Prototype development
Engineering expertise
Procurement assistance
Student design projects
Internships/graduates
IRP collaboration office
On-Site machine shop
WEXFORD SCIENCE+TECHNOLOGY
Thomas Osha
4211 Monarch Way
Suite 102
Norfolk, Virginia 2350829
(757) 353-5737
Thank You
Executive Director Economic Development
WEXFORD SCIENCE+TECHNOLOGY