are generating more commercialized technology, and industry is continuing to do so, “so we have a huge amount of capital to raise, a challenge.”
Overall, he said, Dr. Camp has estimated a total need for $1.6 billion in growth-stage capital in the state to fund about 200 companies. In the aggregate, all these needs total some $3.5 billion, principally in private sector capital. “I am on the board of the National Venture Capital Association,” he concluded, “and one reason my work there is a priority is that we have to do a much better job connecting to large amounts of risk capital, which is likely to be even more highly concentrated on the coasts over the next 10 years.”
A questioner closed the discussion on capital needs by urging a more ambitious target of $5 billion and greater participation of Ohio pension funds. He said that this amount would constitute only 5 percent of the holdings of those funds, and would constitute an appropriate and patriotic use of Ohio resources. “It’s not too much to ask that we invest in ourselves,” he said, “because if we don’t do that, certainly no one else is going to do it.”
Bringing the symposium to a close, Dr. Wessner once again thanked Dr. Mary Good for her leadership of the National Academies study of State and Regional Innovation Policies, thanked the sponsors for their support, and thanked the participants and audience for what he deemed a very informative and successful meeting.