state of the ecosystem presentation
TRANSCRIPT
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Welcome
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#SOEMe17
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#SOEMe17
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#SOEMe17
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Co-working and Collaboration
Density – ConnectivityLucy Van Hook, Our Katahdin
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5 co-working spaces
2015 2016
17 co-working spaces
“There’s considerable evidence that co-working spaces are the key connection points for, and, often on the leading edge of, the growth of a tech community.” --Mulas, Victor, Michael Minges, and Hallie Applebaum. "Boosting Tech Innovation: Ecosystems in Cities: A Framework for Growth and Sustainability of Urban Tech Innovation Ecosystems."
There are more than 871 people using co-
working spaces around the state and
more than 350 companies.
Co-working & Collaboration
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Incubators, Accelerators & College
EntrepreneurshipDensity – Connectivity – Diversity Renee Kelly, University of Maine Orono
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College Entrepreneurship
In 2016, more than 560 students across Maine took part in classes on entrepreneurship and
innovation
There were 41 different courses offered to college
students.
There were 8 degree tracks or
concentrations
There are 8, very active, student
entrepreneurship clubs.
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Incubators & Accelerators
More than 75 different companies served in 2016
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Keynote Speaker Thomas Chapman – Chapman &
CoOmaha, Nebraska
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Chapman and Company, LLC specializes in measuring the activity in entrepreneurial ecosystems, helping those ecosystems build programs to accelerate and sustain economic growth.
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Bona Fides
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
20000000
40000000
60000000
80000000
100000000
120000000
0
5
10
15
20
25
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35
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45
50
Nebraska Risk Capital Investments 2006-2015
Funding Companies
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1st Principles
What do you want for Maine?
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Conventional Wisdom
Economic development is about jobs and investment.
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Reality
New job growth comes from young companies.
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Reality
2016 - ConAgra leaves Nebraska....
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Nebraska Stuff
25 24 billion dollar enterprises have their HQ in Nebraska…
all but one started in Nebraska.
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Building
Hard to get to a place, if you do not know where you are going.
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Ecosystem
talent
talent finance
policy
comm
unity
customersmetrics
infrastructure
research
Institutionalinnovation
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Not Ecosystem
talent
talent fie
infrastructure
research
ME
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Genealogies
ACI Worldwide
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MxG
Really awesome.
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Support
Kauffman (and others) scrape national data. It lags.
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Participation
You don’t.
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InsightsRank City Raw Per Capita Rank City Raw Per Capita
1San Francisco 580406.9 1246.5 1 San Francisco 580406.9 1246.52Dallas 94822.4 133.5 2 Santa Barbara 11464.5 257.83Atlanta 83347.8 145.9 3 Seattle 75441.9 202.14Washington DC 82319.8 135 4 Minneapolis 52860 1505Chicago 76073.1 79.6 5 Atlanta 83347.8 145.96Seattle 75441.9 202.1 6 Washington DC 82319.8 1357Houston 60009.6 90.1 7 Dallas 94822.4 133.58Minneapolis 52860 150 8 Madison 8305.7 129.59Miami 44107.1 73.4 9 Cincinnati 24812.1 115
10Philadelphia 37950.2 62.5 10 Hunstville 4985 112.111 Phoenix 33934.1 74.2 11 Indianapolis 19822.5 99.712Cincinnati 24812.1 115 12 Des Moines 6009 96.513Portland, OR 22712.4 95.1 13 Portland, OR 22712.4 95.114Charlotte 20103.5 82.9 14 Houston 60009.6 90.115 Indianapolis 19822.5 99.7 15 Lincoln 2681.2 82.916Baltimore 18693 66.8 16 Charlotte 20103.5 82.917Orlando 18074 75.7 17 Kansas City 16800.6 80.518Tampa 17381.7 58.4 18 Chicago 76073.1 79.619St. Louis 17266.8 61.4 19 Orlando 18074 75.720Kansas City 16800.6 80.5 20 Phoenix 33934.1 74.221Santa Barbara 11464.5 257.8 21 Miami 44107.1 73.422Madison 8305.7 129.5 22 Baltimore 18693 66.823Raleigh 7761.2 60.9 23 Philadelphia 37950.2 62.524Hartford 7520.1 62.1 24 Hartford 7520.1 62.125San Antonio 7234.4 30.3 25 St. Louis 17266.8 61.426Des Moines 6009 96.5 26 Omaha 5609.1 61.327Omaha 5609.1 61.3 27 Raleigh 7761.2 60.928Albuquerque 5142.8 56.7 28 Cedar Rapids 1564.2 58.829Hunstville 4985 112.1 29 Tampa 17381.7 58.430Charleston 3961.6 53.2 30 Albuquerque 5142.8 56.731Richmond (VA) 3633.4 28.6 31 Reno 2437 5432New Orleans 3419.5 27.1 32 Charleston 3961.6 53.233Honolulu 2971.7 29.8 33 Chattanooga 2715.8 49.6
34Memphis 2896 21.5 34 Portland (ME) 2608.3 49.635Chattanooga 2715.8 49.6 35 Peoria 1308.1 34.636Lincoln 2681.2 82.9 36 Athens 658.7 32.4
37Portland (ME) 2608.3 49.6 37 Fargo 757.3 32.438Reno 2437 54 38 Tallahassee 1214 32.139Little Rock 1898.3 25.9 39 San Antonio 7234.4 30.340Cedar Rapids 1564.2 58.8 40 Honolulu 2971.7 29.841Peoria 1308.1 34.6 41 Richmond (VA) 3633.4 28.642Tallahassee 1214 32.1 42 New Orleans 3419.5 27.143Fargo 757.3 32.4 43 Little Rock 1898.3 25.944Athens 658.7 32.4 44 Memphis 2896 21.545Springfield (MA) 527.4 8.3 45 Springfield (MA) 527.4 8.3
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InsightsAll Capital
$100k-$1mm
Prototype Capital – Under $100k
Series A
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Recommendations
1. Trust each other. Be humble and win together.2. Focus on founders first. What does she need? 3. Ecosystems succeed cyclically…don’t be discouraged
by a slowing down.4. Set audacious goals.5. Start more great companies.
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2016 Pitch Competitions &
Exits Density – Connectivity – Diversity
James Morin, UMaine Business Challenge
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Pitch Competitions
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Exits
In 2016, there was more than $300 million in major
company exits in Maine
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"Hoffman’s actions serve as an example of the positive impacts an acquisition can have on the community. When a local business is built and sold, it serves as a liquidity event for startup founders and investors who realize a return on
their financial investments and sweat equity. In cases where founders and early employees still retain significant amount of shares in the company, an exit (like Putney’s) potentially creates a number of newly wealthy individuals who may be
interested in using that capital to launch their own companies or invest in promising local startups."Whit Richardson, Maine Startups
Insider
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2016 Capital Investment
TrendsDensity – Connectivity – Diversity
Tom Rainey, Maine Center for Entrepreneurial Development
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Early-Stage Funding Total Deals Total Invested Exits
Slow Money Maine 26 $4,283,000
Maine Angels 26 $3,430,624(Approx. 50% Maine companies) Bangor Angels 4 $364,948
Maine Venture Fund 10 $1,175,424 3o 6 Seed Investments - $613,624o 4 Growth Investments - $561,800
Other Funding Sources (Loans/Grants/ Later Stage)Coastal Enterprises, Inc. Maine Community Foundation Finance Authority of Maine Maine Technology Institute Small Business Innovation Research Program (SBIR)
Investment Capital Trends
2016 – Almost $10 million in early stage capital was invested.
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Why We Host:Maine Technology Institute
Brian Whitney, President
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Thank YouSee you next year for #SOEMe18