Welcome to North Texas! Innovate North Texas Catalyst for Technology Commercialization and Business Innovation • Fourth largest metropolitan area • High quality of life • Fastest growing metropolitan area • Good infrastructure • Transportation hub • Robust employment climate • Diverse and educated workforce • Affordable housing • Second largest concentration of • Mecca for sports, the arts, shopping high tech workers • Largest number of Fortune 500 • Friendly, welcoming community • No individual or state income tax companies s Dramatic population growth ahead for North Texas • • • • • • • • • • • • • • 6.5 MM residents in 2010 3.825 MM workers in the workforce 221,000 high tech workers Region is growing by 150,000 residents per year 3 MM new residents over next 20 years 9.5 million residents by 2030 Of the 3MM new residents,1.77 MM workers in the workforce Average wages in North Texas dropped 4% in 10 years For new residents, low-paid service jobs or high-paid tech jobs? Average tech job pays $38K more per year than average private sector job If things stay the same -> 324,000 high tech workers by 2030 Our goal: double the projected number of high tech workers in the region… … resulting in 427,000 not 324,000 high tech workers This would add $3.9 billion a year impact on North Texas economy. 1 Requirements for a vibrant innovation ecosystem Tier One research universities … Favorable rules of the game … that interact with industry Knowledge intensity Specialized business infrastructure High quality and mobile work force Good climate & quality of life Results oriented meritocracy Entrepreneurship Open business environment Risk-taking is rewarded Collaborative environment Two important books: Silicon Valley Edge and Silicon Valley Fever 2 How North Texas stacks up - Tier One research universities … + Favorable rules of the game - … that interact with industry + Knowledge intensity - Specialized business infrastructure + High quality and mobile work force + Good climate & quality of life + Results oriented meritocracy + Entrepreneurship - Open business environment + Risk-taking is rewarded - Collaborative environment 3 Stakeholders in the Innovation Ecosystem Corporations Universities Entrepreneurs Funding Sources 4 The Innovation Ecosystem Jobs Commercialization Product Development Funding Intellectual Property Business Need 5 Department of Commerce “Universities have long been a critical driver of innovation in the US. We are committed to working with university leaders to increase the economic impact of our nation’s investment in research and development to help drive economic growth and job creation.” Secretary of Commerce Gary Locke “How well America moves ideas out of the research lab and into the marketplace will determine whether thousands, perhaps millions of good jobs in high-growth industries like clean energy, biotechnology and IT will be created here in America for the benefit of our workers.” Assistant Secretary of Commerce for Economic Development John Fernandez 6 A New Paradigm for Economic Development – The Rockefeller Institute Across America, higher education institutions are working to become key drivers of economic development. Research and development of new ideas to strengthen the country’s competitive edge. Helping to deploy these innovations into commercial use. Providing knowledge-focused services to employers. Leadership role in the cultural, social, and educational revitalization of their home communities. Educating people to succeed in the innovation age. 7 Georgia Research Alliance • Initiated when Georgia lost MCTC to Austin, TX • Alignment of business, academic and government interests • Focus on Opportunity Creation in three key areas: Eminent Scholars Centers of Research Excellence Commercialization • In 20 years, GRA results: • • • • • Generated $2.6 billion in federal and private investment Increased sponsored research dollars by 250 percent Recruited 62 world-renowned Eminent Scholars in areas of strategic importance Launched 175 companies Created 5,500 high tech, high wage jobs 8 What the region lacks in natural resources, boosters make up for in vision! 1841 1850 1858 1880s 1885 1901 1914 1917 1936 1974 2009 Dallas was founded. Dallas beat Farmers’ Branch as county seat. Galveston was the largest city in Texas, and Dallas was only #17. The Dallas Morning News became Texas’ dominant newspaper. With five major railroad lines, Dallas became a key distribution center. Dallas boosters started annual trade missions around the Southwest. Successful campaign to locate new Federal Reserve Bank in Dallas. Dallas Love Field opened. Dallas was host city for centennial celebration of Texas’ Independence. DFW International Airport opened. Dallas/North Texas became the fastest growing metropolitan area in the U.S. 9 Introducing Innovate North Texas Drive economic development throughout the innovation ecosystem. Focus on demand-driven new technology development. Facilitate interaction and collaboration among corporations, universities, entrepreneurs and funding sources. Educate community at large about innovation. Represent technology and innovation perspectives to companies interested in relocating to North Texas. Universities Corporations INTX Funding Sources Entrepreneurs 10 Innovate North Texas – key industry focus Healthcare IT Services Logistics Energy Aerospace 11 Innovate North Texas – the first two years Provide forums to foster cross fertilization for collaboration and technology transfer. Education programs Strategic research briefings Brainstorming sessions / innovation workshops Corporation-sponsored university programs Innovation gymnasiums Commercialization workshops Demand-driven new technology development 12 The INTX Angle: Demand-Driven New Technology Development • Going beyond basic venture creation • Bridging the gap between early-state development and true commercialization • Working with corporations across North Texas in six-stage valuation process Identify technology-driven business growth needs Acquire IP from universities and similar sources Identify suitable entity to apply further development Build management team for intermediary business Arrange funding for additional development Measure IP against predefined specifications Sell business to client corporation 13 Innovate North Texas Catalyst for Technology Commercialization and Business Innovation QUESTIONS AND COMMENTS?