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Innovation Futures
- 1. Global Economic Battlefield of the Future Jeff Amerine, PMP University of Arkansas Innovate Arkansas November 4, 2010
- 2. Future “Economic Arms Race”: The Global Innovation Battleground Arkansas’ Challenge and Opportunity Societal Impacts Workforce Education Implications
- 3. “But they should not lose sight of innovation: managers know that the future of their businesses depend on it, and government leaders understand that the long- term growth prospects of cities and nations are tied to it. Even—perhaps especially—in times of economic turbulence, innovation remains the most important differentiator separating economic winners from also-rans.” André Andonian, Christoph Loos, and Luiz Pires Building an innovation nation, Mckinsey & Company
- 4. Ideation Innovation Commercialization Economic Growth Time ◦ Sustained Economic Growth = Continuous Innovation Cycle
- 5. Advanced Car Batteries Renewable Energy Storage Advanced Biofuels Carbon Capture Solar Power: Thin Film and Space-based Solar Source: Michael Totty, Five Technologies that Could Change Everything , October 29, 2009, Wall Street Journal Who will win the new global innovation race in green technologies?
- 6. Source: Building an innovation nation, André Andonian, Christoph Loos, and Luiz Pires , Mckinsey & Company
- 7. Prerequisites ◦ Physical Infrastructure ◦ Rule of Law ◦ Government Stability ◦ Focus: World-class Technology Sector ◦ Innovation Culture Innovation Hot Spring •Small, fast growing hub •Reliant on a few firms •Narrowly focused Source: Building an innovation nation, André Andonian, Christoph Loos, and Luiz Pires , Mckinsey & Company
- 8. Source: Building an innovation nation, André Andonian, Christoph Loos, and Luiz Pires , Mckinsey & Company http://whatmatters.mckinseydigital.com/flash/innovation_clusters/ Fayetteville, Arkansas Interactive “Innovation Heat Map” View:
- 9. Three Growth Paths Government Incentives Geographic Differentiators University Hub Dynamic Ocean •Sustained Innovation •Significant Start-up Churn •Innovation Culture •Multiple Sectors/Clusters Source: Building an innovation nation, André Andonian, Christoph Loos, and Luiz Pires , Mckinsey & Company Innovation Hot Spring •Small, Fast Growing Hub •Reliant on a Few Firms •Narrowly Focused
- 10. Mostly not in Arkansas…but progress is happening
- 13. $$ Time Seed Early Growth Mature / Expansion Angels Venture Capital Strategic Investors Debt Investors Revenues Expenses Mezzanine Finance Bootstrap – Self Financing Gov Grants Concept Basic Research Applied Research Validation – M kt & Tech Patent Application/Licensing Pre-Seed Funding & Skill Gaps = Commercialization Friction Points Grant Proposal Dev
- 14. Inadequate Patent & Technology Understanding 1-2 Big Hits per Decade Significant Employment, & Royalties 7 Licenses $120+ Million in UA Research 30 Invention Disclosures 10 Patent Applications 5 AR Start-ups Commercialization Education & Evangelism Faculty Tenure / Rewards Technology & Patent Validation Funding Market Validation Funding Grant Coaching & Mentoring Business Plan Competitions Lack of Researcher Awareness & Compliance Inadequate Market Understanding Inadequate Grant Skills Insufficient Access to Venture Funding
- 15. Filling the Funding/Skill Gap UA Validation Fund & NSF Grants More Quality Arkansas Ventures • Commercialization Education • Market Validation • Technology Validation • Government Grant Coaching/Mentoring • Patentability Validation • Business Plan Competitions
- 16. Innovation-based economies will prosper Pace of innovation accelerates and product lifecycles shorten even further Capital and talent migrate toward innovative regions with high quality of life Institutional unemployment occurs in stagnate regions Government, business, and individuals compete globally based on their “innovation quotient (IQ)”* Regional workforce education must be visionary, agile, and proactive in curriculum development, recruitment, and retention * Source: Mochari, I., (2002) The Innovation Factor: What's Your Innovation Quotient?, Inc. Magazine Online.
- 17. Filling the Talent/Skill Gap Sustainable Economic Clusters • Recruiting, Retaining Best and Brightest • Convert Student Visas to H1B Visas • Innovation Education • Government Grant Coaching/Mentoring • Green Technology Education • Commercialization Education • Business Plan Competitions Curriculum & Policy Imperatives = “Dynamic Ocean”
- 18. Innovation will be the key strategic global differentiator McKinsey’s “Innovation Heat Map” shows challenges and opportunity for Arkansas Green, sustainable technologies will drive the next economic boom Economic growth requires early-stage funding to bridge the “Valleys of Death” in the innovation to commercialization process Regional workforce education must be visionary, agile, and proactive in curriculum development, recruitment, and retention
- 19. References Amerine, J., (2010) NSF PFI Grant Slide Materials. Andonian, A., Loos, C., & Pires, L. (2009) Building an Innovation Nation, Mckinsey & Company Online. Retrieved from: http://whatmatters.mckinseydigital.com/innovation/building-an- innovation-nation Mochari, I., (2002) The Innovation Factor: What's Your Innovation Quotient?, Inc. Magazine Online. Totty, M., (2009) Five Technologies that Could Change Everything , Wall Street Journal, October 29, 2009.