Rocky Mountain Innovation Initiative

CREW PresentationKelly PetersMarch 4, 2009

THE BRIGHT SIDE

An economy fueled by innovation Now, more than ever before, innovation drives the northern Colorado

economy. From small startup companies to global technology leaders, the regional economy is increasingly fueled by work that pushes science and technology to new levels—and opens up new jobs for area residents.

• Each year, Fort Collins alone generates 11.45 patents per 10,000 people—nearly four times the U.S. city average.  

• Northern Colorado is capitalizing on innovation to put local residents to work in jobs that pay well and generate economic activity that ripples through the regional economy. That’s the bright side of the story.

THE DARK SIDE

A workforce that is underutilized

• 25,000 people underemployed 

• More than 5,500 skilled tech workers have been displaced in Larimer County. Add in the many newly unemployed workers in northern Colorado and you have an army of people hungry for jobs that pay well and put families on the path to prosperity.

Turning the light OnIgniting the Innovation Economy• Accelerate the success of high impact

innovation-based startup companies

• Promote a regional entrepreneurial culture and ecosystem

• Foster the development of targeted industry clusters

Entrepreneurial Ecosystem

Infrastructure

Talent

Capital

Support

Innovation

New EnterprisesIndustry Clusters,Wealth, Jobs

Startup Venture

What is Business Incubation?• Nurturing young companies

– Shared facilities– Business services and connections– Education and consulting– Capital raising support

• 80% vs 35% success rate

• 1200+ in the US, 7000 worldwide

• Variety of types

Why Technology/Innovation?

• Match underutilized workforce skills

• Utilize university assets

• High growth industries

• Salaries 2X-3X regional average

• Sophisticated needs

Business Economy Composition

RMI2 2009 Funding• City of Fort Collins

– $60K– $23K – $109K real estate value (2008 actual)

• CSU / CSU Ventures - $50K

• NCEDC - $10K

• City of Loveland - $10K

• Fundraising and events - tbd

RMI2 Programs and Services• Access to Capital

– Northern CO Rockies Venture Club– NoCo Angels (new in 2008)– Angel Capital Summit partner (new in 2007)– Investment pitch coaching (new in 2007)

• Business Advisory & Mentoring Services– Advisors network and advisory boards– Entrepreneur-in-Residence (new in 2009)– SAGE (new in 2007)

RMI2 Programs and Services

• Professional Services– Service provider network/referrals– Attorney / CPA-in-Residence (new in 2009)– Market research reports (new in 2008)

• Networking and Education– Weekly CEO Roundtable (upgraded in 2008)– Innovation After Hours (new in 2007)– Seminars (first in 2008, more planned)

RMI2 Programs and Services

• Facilities– 200 W Mountain Suite C (2004), Suite A (2008)– Innovation Cottage (2008)

• Marketing and PR– Web site – www.rmi2.org – Press releases– Newsletter

• GIS (2007) and BioScience (2009) Clusters

Larimer Bioscience and Rocky Mountain GIS Cluster

• Bringing together industry leaders in both segments to collaborate, share ideas and elevate Northern Colorado’s image worldwide on these core competencies.

RMI² Incubator Clients-Today’s Start-up’s Tomorrow’s Future

Hydraulic Hybrid Engines

Kid-powered recyclable toys

Enterprise software

Hospital equipment solutions

Animal stem cell research

Life saving Vaccines

Email archiving software

Asset mapping software

Workplace stress management

Efficient Engines

Sprig Toys

Metrics -History

• 27 startup companies – 10 current

• 138 net new jobs created – 55 current

• $71,000 average salary

• $53M capital raised

5 Year Goal

• RMI² will help 50 new tech startups launch, which will:– create more than 300 new primary jobs – with average salaries greater than $70K, – a direct payroll of more than $24 million

and, – raise over $100 million in capital.

Vision4 story building4th floor market rent31,336 sq feetUp to 3,000 sq feet wet labLEED Gold

Benefits to Region- Creating a Bright Future

• Diversifies economy – more resilient• Addresses workforce underemployment• Downtown area magnet (future incubator facility)• Attracts innovators from outside of region• Promotes regional collaboration that benefits all

Northern Colorado communities• Emphasizes visionary community image • High wage job and growth business creation

Kelly.Peters@rmi2.org970-581-5395 cell

www.rmi2.org

“There are two ways of spreading light: to be the candle or the mirror that reflects it.”– Edith Wharton