Growing Innovation Clusters for American Prosperity Summary of a Symposium (2011) / Chapter Skim
Currently Skimming:
PANEL III: STATE AND REGIONAL INITIATIVES
PANEL III: STATE AND REGIONAL INITIATIVES
Pages 71-88
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 71... ...
But the ideas that fuel innovation, she said, can come from the private sector, state government, or the federal government. Primary Industry Clusters The primary industry clusters supported by the TIO are biosciences, nanotechnology, manufacturing (including seven centers of the Manufacturing Extension Program)
|
From page 72... ...
Governor Rendell and the legislature had taken steps before the recession to invest nearly $915 million to spur the alternative energy economy. Funds distributed since 2003 and new legislation, such as the Alternative Energy Investment Fund, she said, would ensure that the commonwealth would be a national leader in this emerging sector for years to come.
|
From page 73... ...
SOURCE: Rebecca Bagley, Presentation at June 3, 2009, National Academies Symposium on "Growing Innovation Clusters for American Prosperity." Fortunate Timing for Job Creation The state had also created an Alternative Energy Investment Fund, enacted in July 2008 for infrastructure that was needed to support the energy cluster. The act provided $650 million in funding and tax credits for alternative energy and conservation.
|
From page 74... ...
. While the goals of TBED tended to focus on natural resources, brick-andmortar projects, and business parks, the goals of IBED were clusters, networks, innovation and technology products "intervening at the margins of the private sector." The flows of financial and intellectual capital, he said, now have the following objectives: • Address the current economic transition.
|
From page 75... ...
They sought to develop value by investing in such structures as business parks and manufacturing facilities attracted by tax, land, and other incentives. They were led by long-standing organizations such as chambers of commerce and economic development commissions.
|
From page 76... ...
Finally, a cluster of more specific features emerges from an analysis of IBED best practices, including longevity, bipartisan support, continuous reinvention, private-sector involvement, accountability, and effective leadership. The clusters themselves, which might be considered the essential structure of IBED, embody all of these features and can uniquely concentrate knowledge assets, host globally competitive firms, create high-wage jobs, and attract scarce global talent and investment.
|
From page 77... ...
In terms of structure, the Kansas Technology Enterprise Corporation had a portfolio of research and investment programs that it leveraged heavily with SBIR and business assistance programs. Instead of creating business incubators, it created innovation and commercialization corporations, linked them together, and recruited managers with national experience in venture capital to create regional early-stage investment funds.
|
From page 78... ...
Critical ingredients of success included the willingness of civic, business, and political leaders to work on Hot Teams, each one consisting of members from academia, government, small and large innovative businesses, venture capital, as well as each geographical region represented. These leaders were willing to hold "feet to the fire" when necessary to catalyze collaboration.
|
From page 79... ...
The centerpiece was a $2 billion National Innovation Seed Fund that consisted of a Fund of Funds and a technical assistance grant fund; the latter provided entrepreneurial support and services to portfolio companies and fund managers. It also called for a new public-private innovation intermediary to accelerate the growth of the innovation economy and oversee the National Innovation Seed Fund.
|
From page 80... ...
In financial resources, the state was doing well in STTR and SBIR awards, but small business loans and venture capital investment were weak compared to nine other benchmark states. Human resources were very strong as measured by educational level, but almost all qualified graduates work for the federal government or federal contractors rather than owning their own businesses.
|
From page 81... ...
SOURCE: John Mathieson, Presentation at June 3, 2009, National Academies Symposium on "Growing Innovation Clusters for American Prosperity." product was about average. "So Virginia isn't getting much for the incredible assets it has." Mr.
|
From page 82... ...
We identified gaps and then did case studies of other state programs that might help us enhance research excellence at universities and increase our bang for the buck. Promoting innovation is not just a matter of spending research dollars." A second conclusion was that the state had very little public-private collaboration.
|
From page 83... ...
We want to increase collaboration among stakeholders, and sustain centers of excellence in technology. If we do all these things and do them right, Virginia will become a model innovation economy." The Washington State Innovation Economy Egils Milbergs Washington Economic Development Commission Mr.
|
From page 84... ...
"We have to think about how to spend those monies," he said, "because we don't want to produce our own bubble." He said that in his opinion, the most important metric for innovation success is the experience of the consumer. "The most important way to create jobs is by creating customer satisfaction." Washington State depends on consumers, he said, and on innovation.
|
From page 85... ...
He stressed a key feature of the innovation-driven model -- the exchange of cheap inputs for high-value inputs. Traditional planning, he said, would opt for cheap labor based on cost alone.
|
From page 86... ...
He described a "Glimmers of Hope" virtual tour of Washington's innovation clusters whose purpose was to learn about the visions of each cluster, as well as their financial plans. Anyone, he said, could "follow the ‘tour' via the Internet, communicate with it, invest in it, comment, collaborate, and even use the output." Eventually, he said, this process will connect the regions, so that the entire state can function as a "toolbox" or a "social and economic laboratory of democracy." By building such a system, he said, the state would have an economic model of how inputs drive the business environment and how the business environment creates wealth, jobs, and ultimately state revenues.
|
From page 87... ...
SUMMARY OF PRESENTATIONS 87 He closed with a time-honored quotation about innovation: "The best way to predict the future is to invent it."3 3 This quote is attributed to Alan Kay, a developer of the object-oriented programming language Smalltalk invented at Xerox PARC in the early 1970s. Smalltalk was the inspiration for the graphical user interface pioneered by Apple Computer.
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.