technology based economic development in west virginia
DESCRIPTION
Technology Based Economic Development in West Virginia. Gaps, Strengths and Recommendations. 2008 Create WV Conference. Panelists. John Maher …………...Marshall University Amy Anastasia………..Marshall University Keith Pauley…………...MATRIC Mary Hunt-Lieving- Benedum Foundation: Moderator. - PowerPoint PPT PresentationTRANSCRIPT
Technology Based Economic Development in West Virginia
Gaps, Strengths and Recommendations
2008 Create WV Conference
Panelists
John Maher …………...Marshall University
Amy Anastasia………..Marshall University
Keith Pauley…………...MATRIC
Mary Hunt-Lieving- Benedum Foundation: Moderator
TechConnectWV
501C3 nonprofit
Public, private and institutional members
Facilitate, Advocate and Communicate TBED in WV
What is a Technology-Based Economy Intellectual infrastructure Spillovers of knowledge from
Universities and informal networks Physical Infrastructure Technically skilled workforce Capital Entrepreneurial Culture Quality of Life
What is TBED
TECHNOLOGY
TALENT CAPITALSkilled Technical Workforce, Innovators, Business Development Professionals, Entrepreneurs and Business Leaders
Pre-Seed, Seed, AngelVenture Capital, Grants
WHAT’S NEEDED TO DO IT WELL
Benefits of aTechnology Based Economy Commercialized Innovation
Highly Skilled, Highly Paid Workforce
Accessible Technology Infrastructure
More “creative” communities adapting and embracing change, innovation and diversity
Technology-Based Economy
Participation in Global Marketplace Entrepreneurial Ventures Regional, National and International
Relevance
WV High Technology Consortium and North Central WV Tech Corridor
Over 18,000 technology jobs that pay $53,325 (avg) a year ---
$25K + more than the state’s per capita income
Make up 9% of the jobs in region and 16% of all wages - tech jobs= better jobs
$5.5 Billion Economic Impact Anderson Economic Group
West Virginia TBED Strengths Presence of a large
number of nonprofit and federal research institutions
National Energy Technology Laboratory
FBI Criminal Justice Information Services Division
NASA Independent Verification and Validation Facility
National Institute for Occupational Safety and Health
DoD Biometrics Fusion Center National Biometrics Security
Project Rahall Transportation Institute MU Forensic Science Center WVHTF NTTC
West Virginia TBED Strengths Growing academic research base
Increased focus on tech transfer and commercialization at MU and WVU
Growing technology sector, particularly in North Central West Virginia
Strengths (cont.) Highly productive workforce/strong college graduates Quality of life that is attractive to many people Entrepreneurial support infrastructure getting
stronger Innova WVU, MU,WVHTF and CAZ Incubators More opportunities for networking, Knowledgeable service providers
Increased focus on technology transfer and commercialization at WVU and MU
WV Technology Strengths
Battelle Analysis Based on academic and economic indicators Opportunities for growth Asset-Based
Advanced Energy and
Energy-Related Technology
Identification, Security and
Sensing Technology
Advanced Materials and
Chemicals
Battelle Report 2007
West Virginia’s Technology Strengths
Molecular Diagnostics,
Therapeutics and Targeted Delivery
Systems
CORE COMPENTENCIES TOTECHNOLOGY PLATFORMS
Battelle Report 2007
How Battelle Identified Platforms
Weaknesses
Comparisons with cohort of similar states Data-driven performance indicators National indices Interviews and focus groups: WV
stakeholders
Weaknesses Small base of technology industry
High tech sectors account for only 14% of WV’s GSP during the 1997 – 2004 time period and Level I sectors account for only 3% of GSP (WVU, Regional Research Institute)
Education levels 16.9% of West Virginian’s 25 years or older have
completed a bachelor’s degree compared to 27% nationally but
The percentage of West Virginia’s holding a high school degree increased from 75% in 1998 to 81.2% in 2005
Lack of entrepreneurial talent Image of WV is not consistent with a
technology-based economy
Weaknesses (cont.) Perceived and/or real lack of investment
capital Lack of deal flow Conservative and risk-averse No significant population centers No statewide organization focused on
TBED
WV Blueprint for TBED
Under development, in final stages Addresses both strengths and
weaknesses Ambitious, yet attainable Builds on existing efforts Recommends new systems where needed
Addressing the Weaknesses
Focus efforts on Technology Platforms Build research expertise in these areas Focus financial and policy resources Specific projects/opportunities Build networks around platforms
Business Development
Find and develop investment capital at all stages
Technical Assistance
Commercialization Assistance
Entrepreneurial Talent and Workforce Development Expatriate recruitment Entrepreneurial education Workforce training for tech skills STEM Education Community College and Higher Ed
Infrastructure
Physical space Incubators Research facilities Laboratories
Image and Awareness
Publicize Inform Celebrate
Tech and entrepreneurial successes
Why TBED in WV?
New Business Expanded Business Global Economy Skilled Jobs Higher Wages