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Supporting & strengthening the knowledge economy

Supporting & strengthening the knowledge economy. The Next Generation Economy 2009 Legislative Policy Conference Minneapolis, Minnesota January 14, 2009. The economic context: Minnesota’s industry clusters. Industries thrive when clustered….

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Supporting & strengthening the knowledge economy

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  1. Supporting & strengthening the knowledge economy The Next Generation Economy 2009 Legislative Policy Conference Minneapolis, Minnesota January 14, 2009

  2. The economic context: Minnesota’s industry clusters Industries thrive when clustered…. …as a geographic concentration of interdependent companies and institutions that have sufficient scale to generate external economies.

  3. Minnesota has many leading —and growing — clusters Including:- Medical devices- Alternative energy- Wood products/forestry- Recreation and related products- Creative enterprises- Printing- Health care

  4. Effects of Globalization on Minnesota’s Clusters • On organization of clusters • On competitive advantage • On workforce & education • On importance of place • On environment

  5. 1. Increasing globalization AND localization Diminishing importance of proximity to supply chains, information, expertise, research, and markets. Retaining importance of of proximity to skills, startups, schools, know how, talent, and schmoozing.

  6. 2. Shifting competitive advantage 60s-70s Making Things Cheaper 80s-90s Making Things Better 2000s Making Better Things

  7. “When people talked about innovation in the ‘90s they invariably meant technology. When people speak about innovation today, it is more likely to they mean design. Consumers, who are choking on choice, look at design as the new differentiator” Business Week , 7-4-05

  8. 3. Changing workforce — both supply and demand • Emerging industries need: - more creative employees - entrepreneurs - amenities to entice and keep talent - educational institutions to prepare the workforce & entrepreneurs - workplace learning opportunities

  9. Benefiting from a more diverse workforce: Languages in Minnesota’s schools

  10. Immigrant-founded venture-backed U.S. public companies, 2005

  11. 4. Place matters more thanever before • Provides an experience, brings tourists • Establishes an identity/brand • Attracts & retains talent

  12. 5. The environment: “a series of great opportunities disguised as insoluable problems” Minnesota’s Green Jobs, 2008-2020

  13. Firsts in Minnesota . . . "We'll also fund additional research in cutting edge methods of producing ethanol….Not just from corn, but from wood chips and stalks or switch grass. Our goal is to make this new kind of ethanol practical and competitive within six years." “Farmers plan to build the first U.S. biomass ethanol plant in Luverne.”

  14. Where can Minnesota invest to prosper in the global economy? • In supporting sustainable clusters • In higher education, particularly its community colleges • In innovation, including user-driven • In its arts & artisan-based enterprises • In amenities and distinctive places • In extending global connections

  15. 1. Supporting sustainable clusters • Minnesota has a number of distinctive clusters in its cities and rural areas. • Minnesota already has more officials and experts in cluster analysis (HIPA cluster workshops). • Minnesota’s workforce development in sector (and cluster) oriented.

  16. Minnesota cluster analysesHumphrey Institute,2007

  17. Clusters in 21st Century • Greater importance of talent & knowledge • Emphasis on design- and place-based assets • Changing definition, structure, functions of clusters • Valuing triple bottom line (economic, equity, environmental) outcomes

  18. No NAICS Holistic health Arts & culture Alternative energy Artisanal food Green building Log homes Motorsports It’s difficult to find emerging clusters with conventional data

  19. Government roles • Support civic infrastructure • Fill market gaps in specialized services • Build more intentional connections to educational institutions • Encourage a balance among economic, social, &environmental outcomes

  20. 2 The workforce imperative in a knowledge economy • The mid-skilled work force is least portable/importable factor. • Labor is important and underappreciated source of innovation. • Competencies in existing clusters can be used to develop new and competitive clusters • Postsecondary institutions are critical cluster partners.

  21. North Carolina’s Community College Cluster Hub Strategy • BioNetwork (5 colleges) $ 9.5 m • Hosiery Technology Center $400,000/yr(Catawba Valley CC) • Textile Training Center (PCC) $400,000/yr • Marine Training Center (Carteret CC) • Aerospace (Haywood CC) $1.5 m • Advanced Materials (Wilkes CC) $1.5 m • Digital Interactive Entertainment and Simulation Technology (Wake tech) • Motor Sports (3 colleges) $500,000

  22. 3. Invest in all forms of innovation • R&D to maintain competitive positions of clusters and develop new strengths • Product and environmental design that appeals to special tastes • Incremental improvements that come often come from workforce

  23. “It dawns on consumers that your product—be it jeans, socks, or a high-end gas range—is a meaningful symbol of their personal aesthetics, their inner selves” “We all know that no one in their right mind would ever pay $300 for socks. But having a right mind is so yesterday.” Fast Company Magazine, Sept 2007

  24. Design that appealstodifferentiatedconsumer base Fashion jeans Novelty shoes Swatches Artisan breads Barista coffees Microbrewed beers Green homes Architectural art Handmade goods

  25. 4. Support artisan firmscompete small, grow large • Recapture the artisan economy • Recognize lifestyle and sector-style entrepreneurs • Grow by aggregation rather than acquisition

  26. Creative economies in 5 states

  27. Self-employment in selected sectors

  28. 5. Invest in amenities and brand Intrinsic identity Distinguishing spaces

  29. Place-based responses in Western NC • Handcrafted architectural elements • Craft and Garden Trails • Small Production Facilities • Revival of NC Furniture and Textile Industry • Reusing space and energy

  30. Portland’s Green Label Green Building Cluster • Highest number of LEED certified buildings in US • Direct wages estimated $350-960M in 2006 • 821 LEED accredited professionals • 125 projects underway • High growth rate • Local demand and exports • Large % of supplies local • Compared to other metro areas: • bike 7x as much • more hybrids per capita • drive 16% fewer miles/capita • buy local campaigns • -hi consumption organic foods

  31. 6. Invest in global connections • Joint participation in trade shows • Study tours • Collaborative R&D • International student exchanges and international internships • Regional and cluster partnerships

  32. “Imagination is more important than knowledge.” Albert Einstein Regional Technology Strategies Carrboro, North Carolina Stuart Rosenfeld 919 933-6699 rosenfeld@rtsinc.org

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