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 CAPITAL Skilled Technical Workforce, Innovators, Business Development Professionals, Entrepreneurs and Business Leaders Pre-Seed, Seed, Angel Venture Capital, Grants

WHAT’S NEEDED TO DO IT WELL

Benefits of a Technology 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 TO TECHNOLOGY 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