Innovation: The Engine of Economic Growth · Jobs/Investment . Business Growth Large Mature e.g....
Transcript of Innovation: The Engine of Economic Growth · Jobs/Investment . Business Growth Large Mature e.g....
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Innovation:The Engine of Economic Growth
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Throughout the second worst recession in a hundred years, "the greatest engine of innovation thatgreatest engine of innovation that has ever existed" kept running. In fact, the recession itself was ca sed b inno ation getting o t ofcaused by innovation getting out of control, and now it's clearly over with that astonishing burst of economic growth revealed on Friday.
Tom Friedman
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Centers of Innovation exist to create a new model for Economic Development … connecting Industry expertise to University R&D, and other GA resources to high growth potential enterprises commercializing new Products, Services & Processes….g ,
leveraging “intellectual & knowledge capital” for economic growth
Economic ImpactIdea Idea Technology
ValidationTechnology
Validation Market TrialsMarket Trials Business Model Validation
Business Model Validation Scaling Growth Scaling Growth
Economic Impact-Jobs/Investment
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Business GrowthBusiness Growth
Large Mature Large Mature e.g. Coke/Home Depot/UPS NCR e.g. Coke/Home Depot/UPS NCR
Small /Small / Traditional Economic
Growth Stage
Small / Innovation Stage
Small / Innovation Stage
Traditional Economic Development focus
StageStage
4
Innovative Entrepreneurship
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SStrategic Industries Impact
430,000 employed
120,000 employed
15,000 employed
389,000employed
85,000employed
67,000employed
11th In US
$43B
# 2 transportation#3 Seaport
$15B
7th
$7.8B
12th in US
$58 5B
7th in US
$9 6B $4B$43BRevenue
$15BRevenue
$7.8BRevenue
$58.5BRevenue
$9.6BRevenue Revenue
Highest potential for Economic Impact
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SStatewide Impact
• Activity well distributed• Activity well distributed• 19 counties without
Activity – innovationActivity – innovation projects in process
• 148 Active Innovation148 Active Innovation Projects
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Innovation Projects
G ll j t t b• Generally projects seem to be more concentrated where our COI is located C t ti i j l ti• Concentration in major population centers
• Energy and AG seem more hi ll di t ib t d thgeographically distributed than
other industries • 148 Active Innovation Projects
July- Dec 2009
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Deep Industry Expertise &Centers of Innovation
ManufacturingGainesville
Deep Industry Expertise & Leadership for Strategic Industries – Industry Marketing for all
Life SciencesAugusta
EnergyAtlanta
Industry Marketing for all Georgia
Market & Technical knowledge
AerospaceEastman
Connections to .. R&D – University … Other
AgricultureTifton
LogisticsSavannah
Market Expertise Business Connections
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Strategic Partners
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Focus• High Growth Potential EnterprisesHigh Growth Potential Enterprises
• Commercialization – New products and Services leveraging New Technologies
• Both Established and Emerging Growth E t iEnterprises
• Industry Expertise – 6 Industries – Support for all GA Economic
Development Organizations– Support (as needed) for Company
Recruitment – Industry Influence
• In GA – Improving GA competitiveness • Elevates GA WW
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Innovation Grants
• Matching funds –U i it /C ll R h &– University/College Research & Activities
C i li ti f• Commercialization focus –– new products and services
• Requires support from the Center of Innovation Director
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A new tool for advancing G i i i t bGeorgia economic impact by leveraging the profiles of more than 500 leading research faculty at eight Georgia public y g g pand private research universities enhancing the potential for collaboration across disciplines andacross disciplines and universities by allowing industry to find experts, research centers, and projects with commercial potential.
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Research Universities8
Patented Bio-Research Properties303
Top Faculty in Patents, Awards & Publications500+ Top Faculty in Patents, Awards & Publications500
HIGH-POWER SEARCH SOURCEONE
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Leadership
Steve Justice Donnie Smith Page Siplon
Stacy ShukerJohn Zegers
Stacy Shuker Phd. Jill Stuckey
www.georgiainnovation.org
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Investment Tax Credit
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End
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Investment Tax Credit
• 10% tax credit:– Credit for R&D Expenditure Increases
(IRS Section 41) – Accrues for the next 5 Years – Can be carried forward for 10 years– Applies to all GA companies – Can be applied against with-holdings
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How it applies …
• Corporate Tax bill & With-holdings– For those With Profits –
• first 50% applied to corp tax • Then against with -holdings
– Startups without corporate tax li bilit i tliability can use againstwith-holding liabilities
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Summary
• Credit for Increase in R&D expenditures
• Can be taken against with-holdings • Companies without profits can useCompanies without profits can use
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Swhart96
Centers of Innovation exist to create a new model for Economic Development … connecting Industry expertise to University R&D, and other GA resources to high growth potential enterprises commercializing new Products, Services & Processes….g ,
leveraging “intellectual & knowledge capital” for economic growth
Economic ImpactIdea Idea Technology
ValidationTechnology
Validation Market TrialsMarket Trials Business Model Validation
Business Model Validation Scaling Growth Scaling Growth
Economic Impact-Jobs/Investment
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Economic DevelopmentEconomic Development
Large Mature Large Mature e.g. Coke/Home Depot/UPS NCR e.g. Coke/Home Depot/UPS NCR
Small /Small / Traditional Economic
Growth Stage
Small / Innovation Stage
Small / Innovation Stage
Traditional Economic Development focus
StageStage
21
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Strategic Partners
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Key Measurements
Activities GDEcD Support Innovation Pipeline
Active Projects
$$$ Potential
InvestPotential
Jobs Transi-tions
Clients Assisted
Visits/ New
Contacts
Industry Invest
Assisted ($)
Jobs Assisted
(#)
Industry Investments Assisted (#)
FY 2010FY 2010 (Q2) 148 5,913K 10,832 21 1269 1008` 1,770K 1965 16
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Industry expertise
Industry expertiseexpertise
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R F l Di d E (Pi– Range Fuels – Diamond Energy (Pine Tree Ethanol)
– Deep Organic - European Growth Company
– Savannah Port Growth #1 in the USA Growth - 466%
– GA’s Life Science Incubator one of the top five places in the U.S. for Biotech startups p
Focus to Ensure Georgia’s Global Competitiveness
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Entrepreneur Supportearly discusssions• Leverage Atlanta sponsored andLeverage Atlanta sponsored and
Grass Roots programs such as…• ATDC – Startup Lounge – Startup
Atlanta –
• Support offered • “Innovative Entrepreneur” Focus vs
“Replicative Entrepreneurs”Replicative Entrepreneurs”
• High Growth Potential Enterprises –I t ll t l C it l f dIntellectual Capital focused
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R F l Di d E (Pi– Range Fuels – Diamond Energy (Pine Tree Ethanol)
– Deep Organic - European Growth Company
– Savannah Port Growth #1 in the USA Growth - 466%
– GA’s Life Science Incubator one of the top five places in the U.S. for Biotech startups p
Focus to Ensure Georgia’s Global Competitiveness
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InnovateIterate
Replicate
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