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PROMOTING AN ECOSYSTEM FOR ENTREPRENEURSHIP AND

INNOVATION

Presented by Deputy Assistant Secretary

Tom Guevara

MARYLAND ECONOMIC DEVELOPMENT ASSOCIATION ANNUAL CONFERENCE

EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

How EDA Functions

Setting the Stage for Long-Term Prosperity

•  Creating a Macro/Micro Balance •  Investing in a Broad Range of Programs •  Building from a Foundation (Cluster Identification) •  Increasing Capabilities -> Increased Capacity ->

Growth and Development

ECOSYSTEMS FOR ENTREPRENEURSHIP AND NNOVATION  

Economic Development creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services.

What is Economic Development?

•  Economic Development requires effective, collaborative institutions focused on advancing mutual gain for the public and the private sector. Economic Development is essential to ensuring our economic future.

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

•  Economic Development must focus not only on the physical capacities, but also the cultural and intangible assets available.

•  The world is continuously changing.

•  Regions must adapt or face economic decline in an era of globalization.

•  Be on the ‘better’ side of change.

•  Long term economic growth and the benefits of prosperity and quality of life are dependent upon development.

•  Economic development promotes capacity-building relationships that are the first step to building an innovation ecosystem.

Why Economic Development?

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

I N N O V A T I O N . R E G I O N A L C O L L A B O R A T I O N . J O B C R E A T I O N .

U.S. DEPARTMENT OF COMMERCE

Hierarchy  of  Needs  

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

Connected  Ecosystem  

Engines  of  Innova-on  

Business  Support  

Technology  Infrastructure    

Basic  Infrastructure  

Incubators Accelerators

Policies Capital

Transportation Utilities Broadband

Cellular Wireless

Universities / R&D Commercialization

Capital Policies

People  &  Culture  

People  &  Culture  

                                             People  &  Culture  

         People  &  Culture  

                                                           People  &  Culture  

Economic Development Logic Model

Inputs  

Construc-on  

Planning  

Special  Ini-a-ves  

Technical  Assistance    

Project  Outputs  

New  Facili-es    

New  Plans  

New    Strategies  

New  Infrastructure  

Capacity  Outcomes  

Community  Capacity  

Firm  and  Industry  Capacity  

New  Firm  Forma-on  

Innova-ve  Infrastructure  

Realized  Outcomes  

Startups  

Jobs  

Innova-on  

Earnings  

Exports  

Sustainability  

Business  Growth  

Wealth  

Vision  

Prosperity  

Quality  of  Life    

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

•  In 2013, EDA invested $520,000 in the Economic Alliance of Greater Baltimore, Inc., and BioHealth Innovation, Inc., of Baltimore, Maryland, to establish the Healthcare Regional Innovation Cluster (H-RIC) initiative.

•  Engages regional stakeholders and provides resources and programmatic support to a new healthcare innovation cluster that is aiming to accelerate the commercialization of new technologies developed from emerging technology sources throughout Montgomery and Baltimore Counties.  

Maryland Technology Development Corporation - mdSTEPP Program

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

•  Designed to address the problem of the small number of experienced medical device entrepreneurs in the Region.

•  Brings together a team of medical device professionals who can lead multiple commercialization efforts in parallel using an efficient and proven commercialization process to train a next generation of medical device entrepreneurs and leverage the other assets in the Region to form 5-7 new medical device companies each year.

•  Upon completing the 18-24 month Program, the project companies will be better positioned to attract investment, hire employees, and generate revenues.

EDA Cluster Mapping Project

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

•  www.clustermapping.us - Here policy makers, economic development professionals, and researchers will find powerful data and tools to understand clusters, improve institutions, and locate appropriate partners across the country.

What Can I do with a Cluster Map?

ECOSYSTEMS FOR ENTREPRENEURSHIP AND INNOVATION  

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Final Thought: Building relationships is the first step in creating an innovation ecosystem.

Thank You