Innovation: The Engine of Future Economic Growth
Innovation: The Engine of Future Economic Growth
What is Economic Development Anyway?
Company Growth Large Mature e.g. Coke/Home Depot/UPS NCR
Small / Innovation Stage
Traditional Economic Development focus Growth Stage
3
Economic Growth What’s Going on? Business Growth Stagnated Challenged by: – Economy Fluctuations – Technology Changes faster than ever … – Global Competition – A Flat World
Advancing Georgia’s Strategic Industries A Focused & Strategic Approach
A new way of doing something… with significant positive change
Innovation… A new model
A new model for Economic Development A comprehensive environment for advancing global competitiveness for Georgia’s Company’s
Strategic Industries Impact
430,000
employed
120,000 employed
15,000 employed
389,000 employed
83,000 employed
11th In US
#2
7th
12th in US
8th in US
$7.8B Revenue
$58.5B Revenue
$9.6B Revenue
transportation
67,000 employed
#3 Seaport
$43B Revenue
$15B Revenue
$4B Revenue
Accelerating Growth – The Strategy • Deep levels of Industry expertise • Connections to Innovative Research • Connections to other State Resources
Innovation – Growing Georgia’s Economy Innovation based product and service growth offers a never ending replenishment of sustainable economic growth Produces continuingly increasing new products and services – increased momentum and global competiveness
Innovation a process for … “Failing Fast”
• Commercialization Focus • Produces a “pipeline” of growth • Minimal investments while pushing potential winners
Idea
Technology Validation
Market Trials
Business Model Validation
Failure is an inevitable part of the innovation process, ..... The Theory of Economic Development. Cambridge, MA: Harvard University Press
Economic Impact-
Scaling Jobs/Investment Growth
• 135 Active Innovation Projects leveraging New Technology – 229% Increase over FY08: • $1,357M – Private Investment • $9.68M – Leveraged Federal Funds
StateWide Impact
Results FY 09
Centers of Innovation Deep Industry Expertise for Strategic Industries – Industry Marketing for all Georgia Market & Technical knowledge
Manufacturing Gainesville
Energy Atlanta
Life Sciences Augusta
Connections to .. R&D – University & Other Market Expertise Business Connections Industry Leadershp & Strategic Planning: Logistics – Complete Aerospace –Complete Agribusiness – In Process
Aerospace Eastman
Agriculture Tifton
Logistics Savannah
Strategic Partners
A new tool for advancing Georgia economic impact by leveraging the profiles of more than 500 leading research faculty at eight Georgia public and private research universities enhancing the potential for collaboration across disciplines and universities by allowing industry to find experts, research centers, and projects with commercial potential.
8 303
Research Universities
Patented Bio-Research Properties
500+ Top Faculty in Patents, Awards & Publications
ONE HIGH-POWER SEARCH SOURCE
Of note …
• Innovator Award June 2009 – Southern Growth Policies Board • Top 5 BioTech Incubators Nationally – Augusta
Innovation Grants
• Matching funds for University Research • Commercialization focus – producing new products and services • Requires support from the Center of Innovation Director
Who to contact …
Organization
Page Siplon Nick Fuhrman
Bill Boone
Stacy Shuker Phd.
Jill Stuckey
John Zegers
www.georgiainnovation.org
Innovate… make your mistakes as fast as you can…
www.georgiainnovation.org Thank you
What is Economic Development Anyway?
Company Growth Large Mature e.g. Coke/Home Depot/UPS NCR
Small / Innovation Stage
Traditional Economic Development focus Growth Stage
3
Economic Growth What’s Going on? Business Growth Stagnated Challenged by: – Economy Fluctuations – Technology Changes faster than ever … – Global Competition – A Flat World
Advancing Georgia’s Strategic Industries A Focused & Strategic Approach
A new way of doing something… with significant positive change
Innovation… A new model
A new model for Economic Development A comprehensive environment for advancing global competitiveness for Georgia’s Company’s
Strategic Industries Impact
430,000
employed
120,000 employed
15,000 employed
389,000 employed
83,000 employed
11th In US
#2
7th
12th in US
8th in US
$7.8B Revenue
$58.5B Revenue
$9.6B Revenue
transportation
67,000 employed
#3 Seaport
$43B Revenue
$15B Revenue
$4B Revenue
Accelerating Growth – The Strategy • Deep levels of Industry expertise • Connections to Innovative Research • Connections to other State Resources
Innovation – Growing Georgia’s Economy Innovation based product and service growth offers a never ending replenishment of sustainable economic growth Produces continuingly increasing new products and services – increased momentum and global competiveness
Innovation a process for … “Failing Fast”
• Commercialization Focus • Produces a “pipeline” of growth • Minimal investments while pushing potential winners
Idea
Technology Validation
Market Trials
Business Model Validation
Failure is an inevitable part of the innovation process, ..... The Theory of Economic Development. Cambridge, MA: Harvard University Press
Economic Impact-
Scaling Jobs/Investment Growth
• 135 Active Innovation Projects leveraging New Technology – 229% Increase over FY08: • $1,357M – Private Investment • $9.68M – Leveraged Federal Funds
StateWide Impact
Results FY 09
Centers of Innovation Deep Industry Expertise for Strategic Industries – Industry Marketing for all Georgia Market & Technical knowledge
Manufacturing Gainesville
Energy Atlanta
Life Sciences Augusta
Connections to .. R&D – University & Other Market Expertise Business Connections Industry Leadershp & Strategic Planning: Logistics – Complete Aerospace –Complete Agribusiness – In Process
Aerospace Eastman
Agriculture Tifton
Logistics Savannah
Strategic Partners
A new tool for advancing Georgia economic impact by leveraging the profiles of more than 500 leading research faculty at eight Georgia public and private research universities enhancing the potential for collaboration across disciplines and universities by allowing industry to find experts, research centers, and projects with commercial potential.
8 303
Research Universities
Patented Bio-Research Properties
500+ Top Faculty in Patents, Awards & Publications
ONE HIGH-POWER SEARCH SOURCE
Of note …
• Innovator Award June 2009 – Southern Growth Policies Board • Top 5 BioTech Incubators Nationally – Augusta
Innovation Grants
• Matching funds for University Research • Commercialization focus – producing new products and services • Requires support from the Center of Innovation Director
Who to contact …
Organization
Page Siplon Nick Fuhrman
Bill Boone
Stacy Shuker Phd.
Jill Stuckey
John Zegers
www.georgiainnovation.org
Innovate… make your mistakes as fast as you can…
www.georgiainnovation.org Thank you
