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3. 3
PROMOTING AN ECOSYSTEM FOR
ENTREPRENEURSHIP AND
INNOVATION
Presented by
Deputy Assistant Secretary
Tom Guevara
MARYLAND ECONOMIC DEVELOPMENT ASSOCIATION
ANNUAL CONFERENCE

4. EDA’s mission is to lead the federal
economic development agenda by promoting
innovation and competitiveness, preparing
American regions for growth and success in
the worldwide economy.
How EDA Functions
Setting the Stage for Long-Term Prosperity
• Creating a Macro/Micro Balance
• Investing in a Broad Range of Programs
• Building from a Foundation (Cluster Identification)
• Increasing Capabilities -> Increased Capacity ->
Growth and Development
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND NNOVATION

5. Economic Development creates the
conditions for economic growth and
improved quality of life by expanding the
capacity of individuals, firms, and communities
to maximize the use of their talents and skills to
support innovation, lower transaction costs, and
responsibly produce and trade valuable goods
and services.
What is Economic Development?
• Economic Development requires effective, collaborative institutions
focused on advancing mutual gain for the public and the private sector.
Economic Development is essential to ensuring our economic future.
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION
• Economic Development must focus not only on the physical capacities,
but also the cultural and intangible assets available.

6. • The world is continuously changing.
• Regions must adapt or face economic decline in an
era of globalization.
• Be on the ‘better’ side of change.
• Long term economic growth and the benefits of
prosperity and quality of life are dependent upon
development.
• Economic development promotes capacity-building
relationships that are the first step to building an
innovation ecosystem.
Why Economic Development?
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION

7. I N N O VAT I O N . R E G I O N A L C O L L A B O R AT I O N . J O B C R E AT I O N .
U.S. DEPARTMENT OF COMMERCE
Hierarchy
of
Needs
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION
Connected
Ecosystem
Engines
of
Innova-on
Business
Support
Technology
Infrastructure
Basic
Infrastructure
Incubators
Accelerators
Policies
Capital
Transportation
Utilities Broadband
Cellular
Wireless
Universities / R&D
Commercialization
Capital
Policies
People
&
Culture
People
&
Culture
People
&
Culture
People
&
Culture
People
&
Culture

8. Economic Development Logic Model
Inputs
Construc-on
Planning
Special
Ini-a-ves
Technical
Assistance
Project
Outputs
New
Facili-es
New
Plans
New
Strategies
New
Infrastructure
Capacity
Outcomes
Community
Capacity
Firm
and
Industry
Capacity
New
Firm
Forma-on
Innova-ve
Infrastructure
Realized
Outcomes
Startups
Jobs
Innova-on
Earnings
Exports
Sustainability
Business
Growth
Wealth
Vision
Prosperity
Quality
of
Life
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION

9. ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION
• In 2013, EDA invested $520,000 in the Economic Alliance of
Greater Baltimore, Inc., and BioHealth Innovation, Inc., of
Baltimore, Maryland, to establish the Healthcare Regional
Innovation Cluster (H-RIC) initiative.
• Engages regional stakeholders and provides resources and
programmatic support to a new healthcare innovation cluster
that is aiming to accelerate the commercialization of new
technologies developed from emerging technology sources
throughout Montgomery and Baltimore Counties.

10. Maryland Technology Development
Corporation - mdSTEPP Program
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION
• Designed to address the problem of the small number of experienced
medical device entrepreneurs in the Region.
• Brings together a team of medical device professionals who can lead
multiple commercialization efforts in parallel using an efficient and
proven commercialization process to train a next generation of
medical device entrepreneurs and leverage the other assets in the
Region to form 5-7 new medical device companies each year.
• Upon completing the 18-24 month Program, the project
companies will be better positioned to attract investment, hire
employees, and generate revenues.

11. EDA Cluster Mapping Project
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION
• www.clustermapping.us - Here policy makers, economic
development professionals, and researchers will find
powerful data and tools to understand clusters, improve
institutions, and locate appropriate partners across the
country.

12. What Can I do with a Cluster Map?
ECOSYSTEMS FOR ENTREPRENEURSHIP
AND INNOVATION

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Final Thought:
Building relationships is the first step
in creating an innovation ecosystem.
Thank You