Innovation & Entrepreneurship Asset Mapping

1. Discovery Milestone Join us in creating Central Illinois’ Economic Future! Innovation & Entrepreneurship Asset Mapping January 10, 2013 Entrepreneurship Center, Peoria ViTAL Economy Alliance Frank Knott – fknott@vitaleconomy.com Jim Haguewood – jim@onegroupconsulting.com Mark Madsen – mmadsen@priorityone-advisors.com www.focusforwardci.com

2. Session Agenda Welcome & Introductions Session Objectives Focus Forward CI Regional Economic Goals Defining a regional Innovation Ecosystem Set the Baseline Refinement of the Assets Conclusions

3. Session Objectives • Identify and discuss assets that exist to foster healthy and sustainable 21st century economies, • Quality of Place • Community Economic Development • Innovation & Entrepreneurship • Education & Workforce Development • Recognize areas of strength and weakness across the region • Target new opportunities to build capacity and access to resources in geographic areas of weakness • Capture insight from regional subject matter experts to inform regional and county economic development strategies

4. Focus Strategic Assets on the Goal Focus Forward CI 2017 Goals 1,319 new jobs @ $53,175 11,841 new jobs @ $48,832 Improvement of 19,456 jobs by $5,000/yr. $747M new direct wages Increase bachelor degrees 25+ by 10,254 Increase the 25-44 age group by 5% (+21,236) Increase new business starts by .5% annually Increase mid-sized firms (20-99 employees) from 10.7% to 15% of all firms Reduce poverty by 10% for all families and female households with children under 5 • Quality of Place • Innovation & Entrepreneurship • Community Economic Development • Education & Workforce Development

5. Session Format • Baseline • Preliminary list from advance survey • Review additional asset categories • Refinement • Analysis of asset categories to establish concentration, utilization, connectedness & new opportunities • Conclusions • What the baseline and analysis is telling us? • Where are new opportunities to improve?

6. Key Characteristics of an Innovation Ecosystem 2 1 GOAL: to generate entrepreneurial ventures within the economy served by the Ecosystem A self-sustaining system whose individual members benefit from each others participation via symbiotic relationships The region takes on gazelle-like behaviors that attract and retain entrepreneurs, venture capitalists and students • Composed of a series of connected but • separately controlled innovation assets: • Business Incubators • Technology Transfer Resources • University Research Centers of Excellence • Entrepreneur and Innovations Assets • Workforce Development Assets • SBDC Resources • Community Colleges • Integrated Equity & Debt Finance Framework 3 7 6 The Ecosystembecomes a first-mover/pioneer that is very difficult for other regions to emulate 4 The region exhibits network effects establishing lock-in making the cost of moving prohibitive 5 Relationships established across different industries become mutually beneficial and self-sustaining

7. What is the existing entrepreneurial climate in the region?What is the climate of innovation?What is the climate of risk taking?

8. Build the Baseline • Review baseline information from the online survey: • Business Incubation Assets • Facilities, organizations and programs with a mission to cultivate and grow business startups to sustainability • Specialty Infrastructure • Infrastructure, equipment or supplies that are accessible by entrepreneurs to develop and launch new ventures • Top 10 Entrepreneurs • Recognized entrepreneurs or business owners that represent the characteristics of the entrepreneurial and innovation spirit • Business Development &Support Services • List of business services and/or organizations that provide direct support to businesses in the region

9. Build the Baseline, cont. • Formal or informal knowledge sharing networks • Informal networks where entrepreneurs and highly motivated creative people come together to share and “ignite new ideas” • Public or Private R&D centers or parks • Facilities concentrated in close proximity to attract and grow high tech companies • Companies with significant research and development centers with specialized equipment and talent • Entrepreneurship & business plan programs • Organizes or program focusing on the attraction and development of entrepreneurs and new business ideas • Specialty finance tools • Business capital resources with special knowledge and high risk tolerance such as angel networks, venture capital, CDC’s, regional banks, etc. • Technology transfer systems • Entities that facilitate the transfer of skills, knowledge, methods from governments or universities for a purpose of commercialization

10. Refinement • Describe the regions entrepreneurship culture? • How are the regions entrepreneurs and innovators being nurtured? • What innovation & entrepreneurship assets have the greatest impact in the region? Why? • Which innovation & entrepreneurship assets are being underutilized or leveraged? • What are the gaps or limitations in the regions innovation ecosystem? • Which of the innovation & entrepreneurship assets are connected across the region? • What are the region’s innovation & entrepreneurship opportunities? Niche Markets?

11. Conclusions • Regional entrepreneurship culture and market strengths • Regional entrepreneurship culture and market weaknesses • Opportunities for new connections or improvement • What is the asset mapping and analysis telling us? • What are the top three priorities or actions to improve community economic development in the region?

12. Contact Us & Get Involved! View Us! www.focusforwardci.com Contact Us! 309-673-9330 focusforwardci@gmail.com