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It’s Time to Change the Game: Creating Jobs Through Innovation

It’s Time to Change the Game: Creating Jobs Through Innovation. Context for Remarks Today:. 10 years as Chamber CEO 20 years in Economic Development Since 2007 focusing on Emerging Growth Companies Since 2005, Member of CSU Board of Trustees Relationship between University and EGC

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It’s Time to Change the Game: Creating Jobs Through Innovation

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  1. It’s Time to Change the Game:Creating Jobs Through Innovation

  2. Context for Remarks Today: 10 years as Chamber CEO 20 years in Economic Development Since 2007 focusing on Emerging Growth Companies Since 2005, Member of CSU Board of Trustees Relationship between University and EGC Now Chair of the Board- new focus

  3. Recent Local News: Ouch! This Requires Action…

  4. Innovative Growth Companies Drive Job Growth and Economic Competitiveness • Emerging Growth Companies equal only 5-15% of all US Businesses, created 2/3 of all new jobs in the past 2 decades • Emerging Growth Companies have created 50% of innovations, 95% of radical or revolutionary innovations • Emerging Growth Companies have created entire new industry sectors, such as Biotech, Online Retail, Wireless Messaging, and others

  5. What is an Emerging Growth Company (EGC)? Companies that grow fast, sell to global markets, and provide a very healthy ROI in the process to founders and/or outside investors

  6. The Key to Winning the Economic Game is Innovative Entrepreneurs

  7. Embrace “Pivot Point” Economic Development IPO Acquisition Great Cash Flow Co. Major Corporations M&A Firms, Wall Street Logistics, Transportation, Distribution Customers & Competitors Professional Service Providers Raw Material Providers Sales & Marketing Professionals International Trade Liaisons Capital Sources Industry Executives Regulators & Policymakers Media & Trade Groups Growth Company

  8. The Innovation Scorecard: Get Off the Bench, Get In the Game! 2 Case Studies: Chico/Butte County Sacramento Region

  9. The Innovation Scorecard Process Capture Data & ID Companies • Stakeholder Mapping Session • Innovation Board Room Session • Independent Input Submitted Electronically by Others • Patent & Other Program Research

  10. The Innovation Scorecard Criteria: 11 Categories, 60 Factors, taken from 1,500 Alumni & 300 Investors • Business Success • Capital • Global Connectivity • Advocacy • Facilities • Technical Resources • University/Higher Education • Talent • Local Connectivity • Transportation/Logistics • Sense of Place

  11. Analyze the Data • Top 10 Findings in 4 Categories • Gap Analysis Between IMPORTANCE and CAPACITY • Local/Regional Strengths • 3-5 Major Impediments • Leverage Strengths; And Address the Impediments

  12. Identify Companies by our Six Category Typology: Start Up Sensations Hidden Gems Mid Market Marvels Emerging Market Leaders Local Innovation Icons Global Leaders

  13. Chico’s 4 Main Impediments: 1. Access to Capital – Particularly Seed and Early Stage Investment Capital 2. Transportation – Ingress/Egress Into and Out of the Community 3. Lack of Pervasive High Speed Internet for Key Business Sectors 4. Lack of Local Innovation Expertise and “Deal Makers”

  14. "We (the Chico Community) have to do a better job of getting local capital to the very best local ideas and entrepreneurs." - Steven P. Hoke, V.P., Morgan Stanley Smith Barney Impediment #1 Example: ACCESS TO CAPITAL

  15. "Our current airport services are inadequate to attract the captains of industry to come to Chico on a repeat basis. We need to improve in this area." - Chris Friedland, Founder/CEO, Build.com Impediment #2 Example: TRANSPORTATION

  16. Case Study #2: Sacramento Region Top 10 Least Important Factors for Innovation Readiness • Cultural Events • Bus Transportation • Getting Around the Community • Logistics Providers • New Facilities • Conference Centers • Available Land • Access to Child Care • Youth Sports and Recreation • Bike Travel

  17. Sacramento’s 4 Main Impediments Lack of Early-Stage Venture Capital (Impacting Companies Ability to Launch and Achieve Key Early Business Milestones) Unfulfilled Commercialization/Tech Transfer Capability (In Comparison to the level of Research Dollars Flowing Into the Region) Insufficient Skilled Technical Workforce (To Accommodate High Growth, and High-Growth-Potential Companies) Lack of Venture-Backed Executives and Serial Entrepreneurs (Often Leaving Significant Gaps in High-Growth Start-Up Management Teams)

  18. "Funding a company in the earliest stages is always tough, particularly for companies not located in or near Silicon Valley. In the Sacramento region there is a very small supply of early-stage venture capital. Banks, VCs and Angels don't like to put money into deals that are unproven so it's up to the entrepreneur to figure it out. Typically it takes multiple iterations for any early company to hone in on their product, message, market and path to profitability. For whatever money can be scraped together with SBA Loans, Friends and Family or personal savings, the entrepreneur needs to create the business plan, structure the business, prototype and prove that sales can happen. The most important of the these is the proof that sales can happen  - then look for bigger sources of money." - Robb Moore, CEO, ioSafe Impediment #1: Lack of Early Stage Venture Capital

  19. Impediment #1 Model Program: Summary Southwest Michigan First offers you access to all the pieces that a company needs to come together for success: a history of life science innovation that began when Dr. W. E. Upjohn invented the first pharmaceutical pill and now offers biological, organic, pharmacological and advanced manufacturing expertise; the $65 million Southwest Michigan First Life Science Fund believed to be the largest sum of community-based private capital ever to be raised and managed by an economic development organization; an angel network committed to entrepreneurship; the Southwest Michigan Innovation Center, a 69,000-square-foot life science incubator and the Michigan Medical Device Accelerator.

  20. How is this important for a Chamber of Commerce? • Provides simplicity and clarity for much-needed job retention and creation activities • Addresses a vital, and under-served, segment of your business community • Ready-made media engine with ongoing positive stories • Opportunity to generate revenue (Tech Groups, new members, new sponsorship opportunities) • Leverage existing Chamber skills (advocacy, recognition, events)

  21. Recommendations for the Chamber as you focus on Innovation • Look beyond your borders for connecting • Look closely at your metrics for innovation for possible engagement • Develop regional partners • Reach out to higher education institutions • Examine how partnering with other regional innovation efforts can help you develop a culture for innovation acceleration

  22. Questions? Bob Linscheid 530-521-1896 bob@innovate-northstate.com

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