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Building a Business Led, Dynamic Economy: The San Diego Experience

Building a Business Led, Dynamic Economy: The San Diego Experience. Mary Lindenstein Walshok Associate Vice Chancellor, Public Programs Dean, University Extension University of California, San Diego Belfast June 2010. The Goals of Today’s Presentation.

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Building a Business Led, Dynamic Economy: The San Diego Experience

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  1. Building a Business Led, Dynamic Economy:The San Diego Experience Mary Lindenstein Walshok Associate Vice Chancellor, Public Programs Dean, University Extension University of California, San Diego Belfast June 2010

  2. The Goals of Today’s Presentation • Contribute to your conversation about regional economic transformation • Share the story of a community, San Diego, California, which has diversified its economic base over the last three decades • Explore parallels and differences with Northern Ireland • Probe what needs to occur in Northern Ireland to accelerate economic diversification, especially through technology and entrepreneurship

  3. San Diego in the 1950s and 1960s In the 1960s San Diego was identified by Time magazine as America’s “bust” (failed) city Local economy dominated by declining defense manufacturing, tourism and real estate speculation A number of brand new research institutions and a start-up university No major corporations or family wealth but small, primarily local businesses A long tradition of failed entrepreneurial and economic development efforts

  4. SAN DIEGO IS A HUB OF DIVERSE TECHNOLOGY COMPANIES 300 defense and security companies > 1,000 wireless communications and software companies, anchored by Qualcomm > 600 life science companies, anchored by Biogen Idec, Gen-Probe and Life Technologies 250 energy and environmental companies 600 action sports companies San Diego in 2010

  5. IT/Wireless/Software Linkabit was founded by UC San Diego professor Irwin M. Jacobs in 1968 as the first high-tech communications company in San Diego. Peter Preuss developed his first software package in 1969 and founded ISSCO in 1970. Linkabit ISSCO

  6. IT/Wireless/Software Linkabit was founded by UC San Diego professor Irwin M. Jacobs in 1968 as the first high-tech communications company in San Diego. Peter Preuss developed his first software package in 1969 and founded ISSCO in 1970. Today there are more than 1000 IT, wireless and software companies operating in San Diego. Broadcom Leap Nokia Linkabit Qualcomm LG Electronics ISSCO Kyocera

  7. Life Sciences Hybritech was foundedin 1978 by UC San Diego professors Ivor Royston and Howard Birndorf as the first “biotech” company in San Diego. Hybritech

  8. Life Technologies Life Sciences Hybritech was foundedin 1978 by UC San Diego professors Ivor Royston and Howard Birndorf as the first “biotech” company in San Diego. Today there are more than 600 life science companies operating in San Diego. Johnson & Johnson Novartis Lilly Pfizer Celgene Hybritech

  9. Energy & Environment General Atomics was founded in 1955 as San Diego’s first R&D energy company by General Dynamics. General Atomics

  10. Energy & Environment General Atomics was founded in 1955 as San Diego’s first R&D Energy Company by General Dynamics. Today there are more than 250 energy and environmental companies operating in San Diego. Synthetic Genomics General Atomics Sapphire Energy SDG&E

  11. Action & Sports San Diego’s action sports industry traces back to the founding of Gordon and Smith Surfboards in 1959. Gordon & Smith

  12. Action & Sports Callaway Golf San Diego’s action sports industry traces back to the founding of Gordon and Smith Surfboards in 1959. Today there are more than 600 action and sports related companies operating in San Diego. Hollingsworth Hurley Billabong Dean Cleary Surfboards Ekstrom Underwater Kinetics Mike Hynson Surfboards Gordon & Smith

  13. Venture Capital Investments in San Diego $s Millions of Venture Capital Investments in San Diego by Industry Category, 2009 Venture Capital Investments in San Diego, 1978 - 2009 Source: Thomson Financial for PWC/NVCA MoneyTree Report

  14. San Diego Patents 2007-2009 Source: US Patent & Trademark Office

  15. San Diego’s History of Business Leadership • 100 year history of small farms, small companies and entrepreneurs (similar to the Silicon Valley) • Defense contracting and manufacturing – the region’s largest industry in the 1930s through 1960s • Focus on R&D after World War II, which resulted in research institutions and a university opening in the region • Small business leadership prominent in the 1960s, 1970s and 1980s because of no large companies, foundations or direct government investments in the region

  16. San Diego’s History of Business Leadership • Business leaders created the environment that would incubate and grow… • World class R&D institutions • Lots of small high growth tech companies • Clusters of companies, suppliers and professional services • Collaboration among people and enterprises to create a new (albeit uncertain) economic future • Providing leadership • Contributing time and money • Sharing contacts and networks

  17. San Diego’s ‘Incubator Without Walls’ 1985 - 2010 • Facilitating the convergence of scientific invention, entrepreneurship, and smart capital • Access to technology developments in all fields • Access to diverse forms of financing -- seed, angel, venture, corporate, SBIR, grant/foundation • Business planning and market intelligence • Domain, business, and market expertise “know-how” connecting to “know-who” • Lifelong education and training for professionals • Building a community with shared tech aspirations and high levels of trust

  18. 230 Members 30 Programs ~150 Entrepreneurs-in-Residence 1,800 Volunteers 330 Events in 2009 15,000 Attendees $3 million annual budget 16 staff • Mission: to accelerate promising, innovative science into successful businesses

  19. CONNECT Measures of Success • Springboard Program • Over 1,000 companies assisted since 1993 • 118 graduate companies during 2005-2008 • 75% survival rate • 52 graduate companies in 2008 • $111.5 million in follow-on capital raised • 200 companies in the pipeline • Financial Forums • Companies have raised over $7 billion • Total jobs created >25,000

  20. What San Diego’s Experience Suggests About Successful Innovation Regions • Sometimes a blank slate can be a good thing = fewer vested interests, naysayers • Must have world class R&D • Business led commercialization initiatives can accelerate new company growth with global reach from day one • Willingness to invest time, resources, relationships and reputations in uncertain outcomes is important • Ability to absorb and learn from failure as well as celebrate success is important • Commitment to growing clusters, not just companies, over the long term is essential

  21. Questions the San Diego Experience Raises for Northern Ireland • Are there entrenched interests/naysayers who can slow down change? • Is there a critical mass of R&D output? • Is there the business leadership to facilitate commercialization and growth of global companies? • Is there a sufficient number of business and professional community leaders ready to invest time, resources and reputations? • Are there enabling programs which help create success, learn from failures and build confidence in the region’s long term global competitiveness?

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