Job Opening: New heroes required!

Northern Ireland needs new Entrepreneurs and Innovators

12th September 2013

Steve Orr, Director, NISP CONNECT

Introduction

Steve Orr

Entrepreneur

NISP CONNECT

Professional & Strategic Partners

Capital Providers

New Company Creation Process

The Burning Floor

We need to create new products that people around the world want to buy

“You need to prioritise the creation of new innovative companies”

New Approach to Economic Development for Innovation*

Old Industrial Age

Macroeconomics:

Infrastructure.

Labour.

Land.

Capital.

New Knowledge Age

Microeconomics:

Ideas.

Capital.

Talent.

Business-led independent collaboration with academia

and government.

*Hwang & Horowitt 2012 “The Rainforest: How to build the next silicon valley”

NISP CONNECT Vision

The transformation of Northern Ireland into one of the most entrepreneurial knowledge

economies in Europe by 2030.

The transformation of Northern Ireland into one of the most entrepreneurial knowledge

economies in Europe by 2030.

What will

Look like?

Knowledge Economy Baseline

Baseline 2009

Target 2030

Knowledge economy – Total employees 30,600

Number of innovation businesses 2,100

New innovative start up companies required annually

200

Venture capital invested annually £12M

Total expenditure on R&D £500M

Science and technology grads 57,300

Knowledge Economy Baseline

Baseline 2009

Target 2030

Knowledge economy – Total employees 30,600 71,250

Number of innovation businesses 2,100 7,000

New innovative start up companies required annually

200 500

Venture capital invested annually £12M £90m

Total expenditure on R&D £500M £1,050m

Science and technology grads 57,300 71,250

The 2030 Result

An additional £5 billion

GVA per annumwith companies anchored in NI

(Oxford Economics 2012)

WHAT’S STOPPING US?

Analysis & Methodology

#IdeaFest

KEI Conference

VisionTargets

Blockers

Tiger Teams:BlockersSolutions

100+

Participants

70+ participant

Expert Group Workshops

THE BLOCKERS

(what’s holding us back?)

Understanding the BlockersRisk Capital

NI’s current model of risk capital intervention is too small in scale and ineffective in operation to achieve the 2030 KEI investment targets.

Talent

We need stronger management teams to form and grow start up companies

and…

There is a mismatch between demand required to grow innovative companies and supply of key talent disciplines.

Culture

We need our kids to aspire to be successful in the knowledge economy, not the professions

and…

We must foster a culture where businesses collaborate to compete.

Solution – CultureBusiness-Led

To be explored further:

1. Brand the tech lifestyle & sell differently to 11, 16, 22 yr old and parents, principals, etc.

Generation Innovation expansion?

2. Foster innovation

3. Foster collaboration

Public Policy

Political leadership:

1. Adopt the KEI targets.

2. Raise the status of the entrepreneur and the innovator.

3. Make NI the best place to live. More: Irish Open Golf, MTV, G8…

Generation Innovation vision

By 2020 the majority of kids will aspire to a career in ‘the knowledge economy’

Your responsibility

Careers teachers and parents are the most important people

Influencing the direction of our young people

Clinical Research Associate

Chief Financial Officer

Venture Capitalist

Intellectual Property Lawyer

Angel Investor

Director of Scientific affairs

Corporate Investor Marketing

Business Analyst

TrainingAccounting

Founder

Director of Real Estate

Public Relations

Quality AssuranceManagement Consultant

Graphic Design

Chief Executive

Product Development

Sales Director

Supply Chain Management

Regulatory AffairsWeb development

Account ExecutiveVice President of Engineering

Software Development

Aspirations and Dreams

Accountancy

Law

Medicine

Aspirations and Dreams

Accountancy

Law

Medicine

Change the world

“Put a dent in the universe”

Steve Jobs

1955 – 2011

What you can do

• Generation Innovation: nominate now!

www.generationinnovation.co.uk

• Speakers at careers or prize dayswww.founders4schools.org.uk

• Steer young people towards technical careers or non-technical careers

Thank you