Technology Based Economic Development in West Virginia

Gaps, Strengths and Recommendations

2008 Create WV Conference

Panelists

John Maher …………...Marshall University

Amy Anastasia………..Marshall University

Keith Pauley…………...MATRIC

Mary Hunt-Lieving- Benedum Foundation: Moderator

TechConnectWV

501C3 nonprofit

Public, private and institutional members

Facilitate, Advocate and Communicate TBED in WV

What is a Technology-Based Economy Intellectual infrastructure Spillovers of knowledge from

Universities and informal networks Physical Infrastructure Technically skilled workforce Capital Entrepreneurial Culture Quality of Life

What is TBED

TECHNOLOGY

TALENT CAPITALSkilled Technical Workforce, Innovators, Business Development Professionals, Entrepreneurs and Business Leaders

Pre-Seed, Seed, AngelVenture Capital, Grants

WHAT’S NEEDED TO DO IT WELL

Benefits of aTechnology Based Economy Commercialized Innovation

Highly Skilled, Highly Paid Workforce

Accessible Technology Infrastructure

More “creative” communities adapting and embracing change, innovation and diversity

Technology-Based Economy

Participation in Global Marketplace Entrepreneurial Ventures Regional, National and International

Relevance

WV High Technology Consortium and North Central WV Tech Corridor

Over 18,000 technology jobs that pay $53,325 (avg) a year ---

$25K + more than the state’s per capita income

Make up 9% of the jobs in region and 16% of all wages - tech jobs= better jobs

$5.5 Billion Economic Impact Anderson Economic Group

West Virginia TBED Strengths Presence of a large

number of nonprofit and federal research institutions

National Energy Technology Laboratory

FBI Criminal Justice Information Services Division

NASA Independent Verification and Validation Facility

National Institute for Occupational Safety and Health

DoD Biometrics Fusion Center National Biometrics Security

Project Rahall Transportation Institute MU Forensic Science Center WVHTF NTTC

West Virginia TBED Strengths Growing academic research base

Increased focus on tech transfer and commercialization at MU and WVU

Growing technology sector, particularly in North Central West Virginia

Strengths (cont.) Highly productive workforce/strong college graduates Quality of life that is attractive to many people Entrepreneurial support infrastructure getting

stronger Innova WVU, MU,WVHTF and CAZ Incubators More opportunities for networking, Knowledgeable service providers

Increased focus on technology transfer and commercialization at WVU and MU

WV Technology Strengths

Battelle Analysis Based on academic and economic indicators Opportunities for growth Asset-Based

Advanced Energy and

Energy-Related Technology

Identification, Security and

Sensing Technology

Advanced Materials and

Chemicals

Battelle Report 2007

West Virginia’s Technology Strengths

Molecular Diagnostics,

Therapeutics and Targeted Delivery

Systems

CORE COMPENTENCIES TOTECHNOLOGY PLATFORMS

Battelle Report 2007

How Battelle Identified Platforms

Weaknesses

Comparisons with cohort of similar states Data-driven performance indicators National indices Interviews and focus groups: WV

stakeholders

Weaknesses Small base of technology industry

High tech sectors account for only 14% of WV’s GSP during the 1997 – 2004 time period and Level I sectors account for only 3% of GSP (WVU, Regional Research Institute)

Education levels 16.9% of West Virginian’s 25 years or older have

completed a bachelor’s degree compared to 27% nationally but

The percentage of West Virginia’s holding a high school degree increased from 75% in 1998 to 81.2% in 2005

Lack of entrepreneurial talent Image of WV is not consistent with a

technology-based economy

Weaknesses (cont.) Perceived and/or real lack of investment

capital Lack of deal flow Conservative and risk-averse No significant population centers No statewide organization focused on

TBED

WV Blueprint for TBED

Under development, in final stages Addresses both strengths and

weaknesses Ambitious, yet attainable Builds on existing efforts Recommends new systems where needed

Addressing the Weaknesses

Focus efforts on Technology Platforms Build research expertise in these areas Focus financial and policy resources Specific projects/opportunities Build networks around platforms

Business Development

Find and develop investment capital at all stages

Technical Assistance

Commercialization Assistance

Entrepreneurial Talent and Workforce Development Expatriate recruitment Entrepreneurial education Workforce training for tech skills STEM Education Community College and Higher Ed

Infrastructure

Physical space Incubators Research facilities Laboratories

Image and Awareness

Publicize Inform Celebrate

Tech and entrepreneurial successes

Why TBED in WV?

New Business Expanded Business Global Economy Skilled Jobs Higher Wages