The Cluster Approach to Economic Development

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Presentation transcript:

The Cluster Approach to Economic Development The San Francisco Experience Dennis J. Conaghan

Identifying Sector Opportunities Engaged SRI International to identify highest growth prospects (2003) Financial Services Media Information Technology Business Services Tourism Telecommunications Modified approach based on alignment with City, and areas best served by our efforts

Identifying Sector Opportunities Leverage San Francisco’s Strengths Highly educated workforce Potential for expansion Transportation hub International focus Quality of life Focus on Knowledge & Experience-Based Economies

Economic Drivers: Knowledge and Experience Knowledge Sector Experience Sector EXPORT Biotech Financial Services Information Technology Environmental Products & Technologies Professional Services Digital Media Publishing, Film, TV Fashion Arts & Culture Design Dining & Entertainment Neighborhoods & Places Attractions Hospitality Specialty Retail

SFCED Focus Through research, alignment, and market intelligence, we redefined our sectors Biotechnology/Life Sciences Environmental Technology Digital Media and Entertainment Information Technology Professional Services Strong emphasis on international outreach in all five sectors

Case Study: Biotechnology In four years, San Francisco has gone from “Zero” to 34 Biotech companies Alignment of Factors Bay Area strengths and history Mission Bay: Crown Jewel, 300+ acres UCSF: world-class institution CIRM City Tax Credits Collaboration: Bay Bio, City, SFCED

Lessons Learned Continually examine and redefine sectors as market and political conditions warrant Take advantage of core strengths Maintain close collaboration with City and other like-minded organizations Persevere: a game of inches, not miles Be opportunistic and optimistic Virgin America