New Venture Development: How to be a Hometown Hero

1. New Venture Development: How to be a Hometown Hero Randy Goldsmith, PhD

4. Importance of Innovation “The interaction of technological innovation with the competitive marketplace is the fundamental driving force in capitalist industrial progress.” Joseph Schumpeter, 1942

5. U.S. Comparative Advantage Innovation Productivity Quality of Life

6. Economic Progress CIT Electronics Productivity Steel Old Economy • Real PPCI • Education • Life Span • Health • Gov Serv • QOL Transformation Old Economy Steam New Economy Old Economy New Economy New Economy Innovation New Economy • 1890 1940 1995 2045 • Mercantile Factory Corporate Knowledge

7. Economic Progress Economy Education Government Recreation QOL The Agents of Change Energy Transportation Communications Materials Bioscience Companies & Jobs New Innovations Transform Biology Chemistry Physics Engineering Development Entrepreneurs Transfer Discovery

8. Economic Research • “Small firm establishment births have a larger impact than any other factor examined on gross state product, state per capita income, and total state employment. Donald Bruce, SBA • “A distinction between technology- and knowledge-intensive industries and the remaining industries demonstrates that the positive (economic) impact is based upon an enhancement of new innovative ventures.”P. Mueller, Small Business Economics

9. High-performance, Innovation Intensive Enterprises (HPPIEs) • High performance: 2X jobs, 2X revenues • Age range: 15-20 years • Total # companies: 375,000 (2.3%) • Size: All (<20 employees = 94%) • Location: 77% urban, 23% rural • Industry sector: All HPIIEs account for virtually ALL new growth in US economy Source: SBA: Gazelles Revisited

10. Average HPIIE Entrepreneur • 40 years old • 70% married • 60% have 1+ children • 72% middle class • 95% bachelors degree

11. Hometown Hero

12. INVICTUS MEDICAL, Inc Daniel Mendez Founder 2012 12

13. Hero’s • Corporate legal - free • Intellectual property filing - free • Marketing plan - free • FDA clinical plan – deferred payment • Mentors – free • Office space – free • Public relations - free

15. Pluripotent Cord Blood Stem Cells X

16. Hero’s

17. Rapamycin Holdings, Inc. George Fillis, CEO 2012 Science, Nature and TIME magazine each proclaimed it one of the most significant and exciting scientific breakthroughs of 2009.

18. Hero’s

19. Availability quality work force. Availability quality management. Access to expansion capital. Overall regional economic health. Overall standard of living. Entrepreneur support organizations. Access to alternative financing. Quality K-12 schools. Availability of qualified service providers. Access to seed capital. Council for Entrepreneurial Development Critical Community Factors for Entrepreneurs

20. A Model for ChangeAn Innovation Ecosystem Entrepreneurs Networks Technology Entrepreneurial Network Service Providers Capital Collaborate Communicate Participate

21. Emerging & Converging • Biotechnology • Nanotechnology • Energy • Photonics The Era of Innovation

22. Shifts in Small Company R&D Increasing Role Small Ventures

23. Large Hadron Collider

24. First High-Energy, Man-Made-Particle Collision

25. Brain-machine Interface Duke University Center for Neuroengineering Source: Scientific American

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