Job Creation Summit - 2017
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Author and Journalist Bill Holstein explains how technology and entrepreneurship will be the hallmarks of reviving the American economy.
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Job Creation Summit - 2017
- 1. BLUEPRINT FOR AREAL RECOVERY A U T H O R OF WHY GM MATTERS THE NEXT AMERICAN ECONOMY WILLIAM J. HOLSTEIN Creating The Next American Economy WilliamJHolstein.com How American Cities, States, and Regions Create Technology Clusters NERETA Job Creation Summit June 14-15, 2017 Scranton, PA Presentation available on slideshare.net Search for: Holstein NERETA
- 2. OCT.
- 3. WHAT IS AN IDEA FACTORY? It can be a university, research institute, large hospital, national weapons laboratory or a large private sector company. WilliamJHolstein.com
- 4. WHAT IS AN IDEA FACTORY? It is characterized by: ‣ ‣ Sustained Interactions Both Formal and Informal Between: ‣ ‣ Different disciplines Different cultures, nationalities With A Mix of Basic and Applied Research Mostly Funded by Government and Corporations WilliamJHolstein.com
- 5. HOW DO IDEAS LEAVE THE FACTORY? The key is the technology licensing and patenting office. ‣ Under what terms does the office allow development of a technology? ‣ Does it facilitate robust exchange of ideas between "inside" and "outside?" ‣ What resources does it possess? WilliamJHolstein.com
- 6. 5 STAGES OF THE COMMERCIALIZATION ECOSYSTEM
- 7. STAGE 1 START UP SETTING UNIVERSITY FINANCING GOV’T LARGE CO’S TEAM SCIENTISTS& RESEARCHERS ONLY
- 8. STAGE 1 STAGE 2 START UP DEVELOPMENT SETTING UNIVERSITY INCUBATOR/ HALFWAY HOUSE FINANCING GOV’T TEAM SCIENTISTS& RESEARCHERS ONLY TEAM GROWS: - MARKETING - FINANCE OTHER KEY INPUTS: - MENTORING - PEER NETWORKING - SKILLED LABOR - NETWORKING MECHANISMS LARGE CO’S SBA ANGELS FOUNDATIONS
- 9. INCUBATORS There are more than 1,000 incubators in the U.S. Why are they not more effective? ‣ Funding is short-term and dependent on governors, mayors, and chambers of commerce. Income streams from rentals to start-ups is so important they do not encourage the companies to leave. They do not establish themselves at the heart of a technology cluster. ‣ ‣
- 10. CAN GOVERNMENTS HELP FINANCE STARTUPS? States may create funds, such as the Texas Enterprise Fund, but governments should not manage the funds directly. ‣ That often leads to charges that political or personal considerations played a role in who gets a grant or investment. It's best if a university entity, such as the University of Texas' IC2 Institute, makes the judgments. ‣
- 11. STAGE 1 STAGE 2 STAGE 3 MARKET FACINGSTART UP DEVELOPMENT SETTING UNIVERSITY INCUBATOR / HALFWAY HOUSE OFFICE FINANCING GOV’T TEAM SCIENTISTS& RESEARCHERS ONLY TEAM GROWS: PROFESSIONAL - MARKETING CEO MAY BE - FINANCE REQUIRED OTHER KEY INPUTS: - MENTORING - PEER NETWORKING - SKILLED LABOR - NETWORKING MECHANISMS LARGE CO’S SBA VC FUNDING ANGELS FOUNDATIONS
- 12. STAGE 1 STAGE 2 STAGE 3 MARKET FACING STAGE 4 VALLEY OF DEATHSTART UP DEVELOPMENT SETTING UNIVERSITY INCUBATOR / HALFWAY HOUSE OFFICE FINANCING GOV’T TEAM SCIENTISTS& RESEARCHERS ONLY TEAM GROWS: PROFESSIONAL - MARKETING CEO MAY BE - FINANCE REQUIRED CEO + FULL FINANCIAL TEAM - MANUF. - LOGISTICS - SALES OTHER KEY INPUTS: - MENTORING - INCUBATORS - PEER NETWORKING - NETWORKING MECHANISMS LARGE CO’S SBA FOUNDATIONS VC FUNDING ANGELS
- 13. STAGE 1 STAGE 2 STAGE 3 MARKET FACING STAGE 4 VALLEY OF DEATH STAGE 5 FULLY COMMERCIALIZED START UP DEVELOPMENT SETTING UNIVERSITY INCUBATOR / HALFWAY HOUSE OFFICE FINANCING GOV’T LARGE CO’S SBA FOUNDATIONS VC FUNDING TEAM SCIENTISTS& RESEARCHERS ONLY TEAM GROWS: PROFESSIONAL - MARKETING CEO MAY BE - FINANCE REQUIRED CEO + FULL FINANCIAL TEAM - MANUF. - LOGISTICS - SALES OTHER KEY INPUTS: - MENTORING - INCUBATORS - PEER NETWORKING - NETWORKING MECHANISMS ANGELS
- 14. STAGE 1 STAGE 2 STAGE 3 MARKET FACING STAGE 4 VALLEY OF DEATH STAGE 5 FULLY COMMERCIALIZED START UP DEVELOPMENT SETTING UNIVERSITY INCUBATOR / HALFWAY HOUSE OFFICE FINANCING GOV’T LARGE CO’S SBA FOUNDATIONS VC FUNDING TEAM SCIENTISTS& RESEARCHERS ONLY TEAM GROWS: PROFESSIONAL - MARKETING CEO MAY BE - FINANCE REQUIRED CEO + FULL FINANCIAL TEAM - MANUF. - LOGISTICS - SALES OTHER KEY INPUTS: - MENTORING - INCUBATORS - PEER NETWORKING - NETWORKING MECHANISMS ANGELS
- 15. ‣ Absence of venture capital for early stage companies. ‣ Mechanisms for introducing Ph.D. would-be entrepreneurs to MBA-trained corporate executives. MOST COMMON GAPS http://www.truceinc.com/ ‣ Difficulty in finding right mix of skills to create core management team.
- 16. MOST COMMON OVERLAPS If a state or region has too many competing institutions…and too much institutional rigidity… the result is confusion for end-users. Resources are not properly focused…no one program achieves scale.
- 17. MOST COMMON OVERLAPS KEY QUESTIONS: ‣ Do government agencies, political leaders, universities, institutes, innovation centers and the private sector have broad agreement on a strategic direction? ‣ …and who does what? http://www.medicine.usask.ca/famil y/
- 18. THE CHALLENGE OF SCALING The real gains from a public policy point of view of having start-ups and small enterprises come when those companies are able to scale. An often-stated goal for these "gazelles" is to encourage them to grow to $1 billion in annual sales. The biggest limitation: access to workers with the right skills.
- 19. TRAINING / RETRAINING ECOSYSTEM
- 20. Workers pay to take appropriate classes Support from: - Fed / State / Local - Foundations - Student Loans Companies require specific skills, advise community colleges on courses, provide equipment and instructors COMMUNITY/TECHNICAL COLLEGE SYSTEM Output Well-trained workers for jobs that exist today and in the future
- 21. DOES EDUCATION FEED THE CLUSTER? ‣ Are community & technical colleges aligned with their region’s technology- based clusters? ‣ Are they anticipating their needs in 5-10 years? Good fortunes for your region lie ahead
- 22. Are workforce development people at the table when universities, governmental entities and the private sector discuss the industries of the future? Are economic development people trying to develop a healthier regional ecosystem or are they just chasing deals with incentives? Do university educators understand that their role should extend beyond the edge of the campus?
- 23. CONCLUSIONS Americans are the best in the world in creating technology-based ecosystems, or "soft infrastructures." They are key to our competitiveness and to our response to Asian powerhouses. But no single entity is in charge of them.
- 24. CONCLUSIONS They require that participants build a consensus...and define their roles as broadly as possible. The culture they establish will determine whether a cluster succeeds or fails.
- 25. BLUEPRINT FOR AREAL RECOVERY A U T H O R OF WHY GM MATTERS THE NEXT AMERICAN ECONOMY WILLIAM J. HOLSTEIN Available in print and e-reader formats today.