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Technology Based Economic Development in West Virginia

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.

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Technology Based Economic Development in West Virginia

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  1. Technology Based Economic Development in West Virginia Gaps, Strengths and Recommendations 2008 Create WV Conference

  2. Panelists • John Maher …………...Marshall University • Amy Anastasia………..Marshall University • Keith Pauley…………...MATRIC Mary Hunt-Lieving- Benedum Foundation: Moderator

  3. TechConnectWV • 501C3 nonprofit • Public, private and institutional members • Facilitate, Advocate and Communicate TBED in WV

  4. 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

  5. What is TBED TECHNOLOGY CAPITAL TALENT Pre-Seed, Seed, Angel Venture Capital, Grants Skilled Technical Workforce, Innovators, Business Development Professionals, Entrepreneurs and Business Leaders

  6. WHAT’S NEEDED TO DO IT WELL

  7. 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

  8. Technology-Based Economy • Participation in Global Marketplace • Entrepreneurial Ventures • Regional, National and International Relevance

  9. 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 ImpactAnderson Economic Group

  10. 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

  11. 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

  12. 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 Strengths (cont.)

  13. WV Technology Strengths • Battelle Analysis • Based on academic and economic indicators • Opportunities for growth • Asset-Based

  14. Battelle Report 2007 Advanced Energy and Energy-Related Technology Advanced Materials and Chemicals Identification, Security and Sensing Technology Molecular Diagnostics, Therapeutics and Targeted Delivery Systems West Virginia’s Technology Strengths

  15. How Battelle Identified Platforms CORE COMPENTENCIES TO TECHNOLOGY PLATFORMS Battelle Report 2007

  16. Weaknesses • Comparisons with cohort of similar states • Data-driven performance indicators • National indices • Interviews and focus groups: WV stakeholders

  17. 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

  18. 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 Weaknesses (cont.)

  19. 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

  20. 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

  21. Business Development • Find and develop investment capital at all stages • Technical Assistance • Commercialization Assistance

  22. Entrepreneurial Talent and Workforce Development • Expatriate recruitment • Entrepreneurial education • Workforce training for tech skills • STEM Education • Community College and Higher Ed

  23. Infrastructure • Physical space • Incubators • Research facilities • Laboratories

  24. Image and Awareness • Publicize • Inform • Celebrate • Tech and entrepreneurial successes

  25. Why TBED in WV? • New Business • Expanded Business • Global Economy • Skilled Jobs • Higher Wages

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