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Jerry W. Giles Director of Finance - Team Leader, Science and Research

Navigating the Changes in Economic Development – Sighting for the Collaborative Lighthouse Federal Laboratory Consortium Mid-Atlantic Regional Meeting October 23, 2007. Jerry W. Giles Director of Finance - Team Leader, Science and Research Virginia Economic Development Partnership.

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Jerry W. Giles Director of Finance - Team Leader, Science and Research

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  1. Navigating the Changes in Economic Development – Sighting for the Collaborative LighthouseFederal Laboratory ConsortiumMid-Atlantic Regional MeetingOctober 23, 2007 Jerry W. Giles Director of Finance - Team Leader, Science and Research Virginia Economic Development Partnership

  2. Virginia’s Business Climate # 1 Ranking 2007 # 1 Ranking 2007 # 1 Ranking 2007

  3. Virginia Profile • 3rd in Federal R&D spending & SBIR awards • Total R&D - $7.6 billion (12th rank) • Industry R&D - $4 billion (16th rank) • University R&D - $914 million (14th rank) • Venture Capital Investments (11th rank) • Highest concentration of tech workers in U.S. • 11,300+ high-tech companies operate in Virginia • 29 federal R&D centers in Virginia

  4. Navigating the Changes in Economic Development • Market forces have shifted the paradigm. Some in policy making positions "get it" and some don't. • Competitive arsenals for new attractions and existing expansions still reflect the older economic paradigm in many cases. Invest to retain and attract. • States tax incomes; localities tax assets (real estate, machinery) - conflicting revenue streams and motivations will arise. • Workforce, Workforce, Workforce and Operating Costs - The consistent drivers of location decisions.

  5. Initiatives and Verticals Advanced Manufacturing Plastics/Polymers Initiative Fabricated Wood Initiative Food Processing Natural Resources Chemicals Security & Services Distributed Services Initiative Modeling & Simulation Initiative Federal Security Agencies & Providers Information Technology Finance, Insurance, HQ Professional & Business Services Science & Research Energy Initiative Life Sciences/Medical Devices Nanotechnology Emerging/Convergent Technologies Corporate R&D/Federal Labs Transportation Global Logistics Initiative Automotive Aerospace Global Logistics Distribution

  6. Collaborative Lighthouse Strategies • Support technology, R&D emerging technology sectors that play to Virginia’s strengths and diversify state economy. Invest to retain and attract. • Focus on Virginia’s R&D assets and possible collaborative outcomes. • Find opportunities to connect complementary research among state universities, federal labs and industry and promote private sector investment. • Leverage Virginia’s Center for Innovative Technology (CIT) and their expertise in SBIR/STTR and seed stage technology investment.

  7. Proactive collaboration opportunities. Facilitation and introduction of corporate/ academic entities with needs/solutions. Enhance marketing strategies for technology companies. Attract quality R&D players. Federal Labs and VEDP

  8. Intellectualcapital#1 resource. Interconnected global economy requires new solutions. Innovation enhances competitiveness and is critical to our shared success. Virginia’s growth and retention of high tech jobs and gazelle-like companies is the prize. Embracing the Innovation Economy

  9. For More Information Jerry W. Giles Director of Finance - Team Leader, Science & Research Virginia Economic Development Partnership P.O. Box 798 901 East Byrd Street Richmond, VA 23218 Phone: 804-545-5703 Fax: 804-545-5701

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