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August 5, 2011
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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.”