Growing Innovation Clusters for American Prosperity The Washington Innovation Economy June 3, 2009 Egils Milbergs Washington Economic Development Commission National Academy of Sciences Washington, D.C.
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Growing Innovation Clusters for American Prosperity
The Washington Innovation EconomyJune 3, 2009
Egils MilbergsWashington Economic Development Commission
National Academy of SciencesWashington, D.C.
L U V ?
What does a trillion dollars look like?
The Other Washington
World-Class Technology & Innovation
COSTCOCOSTCO
CommercialAirplanes
Washington State Is Innovating • Generations of Ingenuity
• Birthplace of innovative retail models: Costco, Amazon.com, Nordstrom, Starbucks
• 3 companies in world’s top 25 most innovative companies (Microsoft, Amazon.com & Starbucks) (Business Week)
• Home to cutting edge research centers
• World’s largest locally controlled port systemAligned for Growth
• 3rd best US state for business in 2008 (Forbes Magazine)
• 2nd best state in terms of innovation activities and capacity (Kauffman Foundation Report )
• 3rd highest gain in tech jobs in 2008 (Business Journal)
• 3rd “Greenest State” (Forbes.com)• 1st in attracting creative class (Fast Company)
• 164 Venture Capital Deals in 2008 (National Venture Capital Association)
Ten Year VisionMake Washington State the most attractive, creative and fertile investment environment for innovation in the world as a means of achieving long term global competitiveness prosperity and economic opportunity for all the state’s citizens.
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…with change occurring at mind-boggling speed, we can’t rest on our laurels, so let’s commit today to grooming a workforce and leaders who are agile, creative, and embrace innovation.
Gov. Chris GregoireMarch 10, 2009
We must look over the horizon and prepare for the new economy that will emerge when this recession passes. Simply put, we must re-build, re-tool and re-invent our national strategies for sustained economic success.
Commerce Secretary Gary LockeFormer Gov. Washington State
March 18, 2009
New Model for Economic Development
Traditional Model Innovation Driven Model
Attracting and retaining companies Investing in talent, ideas and infrastructure
Jobs Quality of jobs, per capita incomes
Lowest cost of business inputs Higher value inputs, increasing productivity and outcomes
Top down economic development Bottom-up and organic growth
Competing regions: zero sum game Collaborating regions: value creation
Closed linear innovation system Open innovation ecosystem
Locally focused clusters Globally focused clusters
Strategize Organize Operationize
Drivers of Innovation and Growth
TALENTGrow talent in strategic
industries, high demand occupations
INFRASTRUCTUREInvest in smart, clean, and green
infrastructure
INVESTMENTDiversify R&D base, ignite
local innovation and entrepreneurship
STRATEGY
Aerospace
Information Technology
Health Services
Alternative Energy
Defense
Silicon Forest
Agriculture & Wine
“Twilight”
Life Sciences
Some Key Industry Clusters
Smart Grid
Seattle –King County
Source: Sommers,Beyers,Wenzl,Industry Cluster Analysis, 200811
Puget Sound Tech Universe
Source: Washington Technology Industry Association (WTIA)http://wtia.micromaps.com/
Global Health Ecosystem
Ecosystem
Organizing the Innovation Ecosystem
SUCCESS FACTORS• Addressing strategic
opportunities
• Strong organizational leadership
• Innovative project(s) around core competency
• Relationships to accelerate deployment
• Financial plan
• MetricsInnovation Roadmapping Forums
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Connecting the Regions in Washington’s Innovation Ecosystem
Washington Economic Development Commission
Talent• Supply of middle skills• S&E attainment•Verbal, math, science proficiency•Educational attainment• R&D personnel• Life long learning
InnovationDrivers
BusinessPerformance
EconomicGrowth andCompetitiveness
allows investment in
leadsto
necessaryfor
InvestmentEntrepreneurship• University R&D• Private R&D intensity• Intellectual property generated• Company startupInvestment• Equity investment• Federal investment• Foreign capital attracted
InfrastructureTransport• Freight• Information delivery• CommutingBusiness Climate• Cost of business• Business attractiveness
Competitive Companies•New products/services•Productivity growth• Export growth•Market share•High impact firms•Profitability•More investment
Increased, Better Employment• Income growth • Employment• Reduced income disparity
Increased State Revenue• Aligned policy & investment• State revenue generated
Wealth Generated• GDP by state• Standard of living
Success Metrics for theInnovation Economy
Source: WEDC and Washington Technology Center
Considerations for organizing effective regional innovation strategy• making innovation a clear and central mission• focusing on organic growth• enhancing the visibility of regional resources• enabling leadership, entrepreneurship and innovation
culture• adapting policy to different economic
structures/conditions• maximizing results through partnerships, relationships
and intermediaries• rationalizing government and program structure• leveraging federal ARRA programs• measuring performance and outcomes
The best way to predict the future is to invent it.
www.wedc.wa.gov
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