new venture development: how to be a hometown hero randy goldsmith, phd
TRANSCRIPT
Importance of Innovation
“The interaction of technological innovation with the competitive marketplace is the fundamental driving force in capitalist
industrial progress.”
Joseph Schumpeter, 1942
U.S. Comparative Advantage
Innovation Productivity
Quality of Life
Economic Progress
1840 1890 1940 1995 2045
Mercantile Factory Corporate Knowledge
Productivity
New Economy
New Economy
New EconomyOld Economy
Old Economy
Old Economy
Steam
Steel
ElectronicsCIT
•Real PPCI•Education•Life Span•Health•Gov Serv•QOL
New Economy
Innovation
Transformation
Economic Progress
BiologyChemistryPhysics
Engineering
EnergyTransportation
CommunicationsMaterials
Bioscience
Innovations
Companies& Jobs
EconomyEducation
Government Recreation
QOL
Discovery
Transfer
Development
Transform
New
Entrepreneurs
The Agents of Change
Economic Research
• “Small firm establishment births have a larger impact than any other factor examined on gross state product, state per capita income, and total state employment. Donald Bruce, SBA
• “A distinction between technology- and knowledge-intensive industries and the remaining industries demonstrates that the positive (economic) impact is based upon an enhancement of new innovative ventures.” P. Mueller, Small Business Economics
High-performance, Innovation Intensive Enterprises (HPPIEs)
• High performance: 2X jobs, 2X revenues
• Age range: 15-20 years
• Total # companies: 375,000 (2.3%)
• Size: All (<20 employees = 94%)
• Location: 77% urban, 23% rural
• Industry sector: All
HPIIEs account for virtually ALL new growth in US economy
Source: SBA: Gazelles Revisited
Average HPIIE Entrepreneur
• 40 years old
• 70% married
• 60% have 1+ children
• 72% middle class
• 95% bachelors degree
Hometown Hero
INVICTUS MEDICAL, Inc
Daniel Mendez
Founder
2012
12
Hero’s
• Corporate legal - free
• Intellectual property filing - free
• Marketing plan - free
• FDA clinical plan – deferred payment
• Mentors – free
• Office space – free
• Public relations - free
Hero’s
Science, Nature and TIME magazine each proclaimed it one of the most significant and exciting scientific breakthroughs of 2009.
Rapamycin Holdings, Inc.George Fillis, CEO
2012
Hero’s
Critical Community Factors for Entrepreneurs
• Availability quality work force.
• Availability quality management.
• Access to expansion capital.• Overall regional economic
health.• Overall standard of living.
• Entrepreneur support organizations.
• Access to alternative financing.
• Quality K-12 schools.
• Availability of qualified service providers.
• Access to seed capital.
Council for Entrepreneurial Development
A Model for ChangeAn Innovation Ecosystem
Service Providers Capital
EntrepreneurialNetwork
Entrepreneurs TechnologyNetworks
CollaborateCommunicate
Participate
Emerging & Converging
• Biotechnology
• Nanotechnology
• Energy
• PhotonicsThe Era ofInnovation
Shifts in Small Company R&D
R&D 1984 2008
Share 5.9% 20.7%
Spending $4.4 Billion $40.1 Billion
Increasing Role Small Ventures
Large Hadron Collider
First High-Energy, Man-Made-Particle Collision
Brain-machine Interface
Source: Scientific American
Duke UniversityCenter for
Neuroengineering
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