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Wisconsin Prosperity Strategy

Wisconsin Prosperity Strategy. 2010. 2010 Wisconsin Economic Summit Series Milwaukee – Oct. 5, 2010. Wisconsin Prosperity Strategy. …transforming Wisconsin’s economy through innovation in key private and public sectors. Innovation. What is it?

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Wisconsin Prosperity Strategy

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  1. Wisconsin Prosperity Strategy 2010 2010 Wisconsin Economic Summit Series Milwaukee – Oct. 5, 2010

  2. Wisconsin Prosperity Strategy …transforming Wisconsin’s economy through innovation in key private and public sectors

  3. Innovation • What is it? • a change in the thought process for doing something • the useful application of new inventions or discoveries • What does it do? • transforms business every day and sparks entrepreneurship • increases value and sometimes creatively disrupts entire markets or ways of doing business • Where should it occur? • In all fields, from business to government to education to health care and on

  4. How we got here The Wisconsin Economic Summit planning group includes more than two-dozen people from industry, education, labor and government. The group has met regularly since May to discuss the Wisconsin Prosperity Strategy; a small team of writers captured those ideas in multiple drafts. Our goal: Deliver a final draft today, nearly a month in advance of the Nov. 2 elections.

  5. How we got here Finding points of agreement We’re relying on a lot of sources and some specific products already in the field, including reports by Competitive Wisconsin Inc., Wisconsin Way, the Wisconsin Technology Council, MMAC, Wisconsin Manufacturers and Commerce, Refocus Wisconsin, BioForward and the UW System.

  6. Wisconsin Prosperity Strategy • We believe Wisconsin can move ahead by focusing on three broad areas: • Innovation in the Economy • Innovation in Education • Innovation in Governance

  7. Innovative Economy Strategic Investments New Ventures Current and Emerging Industry Clusters Research and Development

  8. Innovative Economy • Strategic Investments - Leverage Strategic Investments to Spur Wisconsin’s Competitiveness in Global, Innovation Economy • Action Options • Create $1 billion Wisconsin Prosperity Fund with a “lockbox” to prevent raids • Regional deployment of innovation strategy ala Ohio; private sector selection of projects/grants using professional fund managers • Bets targeted at current/emerging clusters that compete in a global environment • Encourage SWIB to create a “Catalyst Portfolio” to attract top-tier venture funds that would be more inclined to invest in Wisconsin and the Upper Midwest. • Encourage foundations in state to make grants to evergreen early stage funds to stimulate start-ups

  9. Innovative Economy • New Ventures - Create Entrepreneurial Ecosystem and Early Stage Capital Pools to Accelerate New Ventures • Action Options • Brand Wisconsin as best state for innovation; for starting a company • Promote entrepreneurship and expand support system for entrepreneurs • Improve access to capital through a state-seeded “fund of funds” model, similar to Ohio, where ROI since 2004 encouraged voters in May 2010 to invest additional $700 million • Wisconsin Housing and Economic Development Authority has existing bonding power ; let’s unleash it

  10. Innovative Economy • Research and Development - Build Strength in R&D Through Accelerated Technology Transfer • Action Options • Inventory of R&D in state, public and private • From a strong academic R&D base in Madison, a growing base in Milwaukee and pockets of R&D excellence in Marshfield and comprehensive UW System campuses, compete for more federal dollars • Create additional interdisciplinary Technology Centers in partnerships between universities and with private companies. • Create infrastructure to win more SBIR awards • Complete Freshwater and Innovation campuses at UW-Milwaukee

  11. Innovative Education • Align Investments in Education with Strategic Direction of Economy • Action Options • Align focus and course offerings • Continue push for seamless, collaborative education so credits can transfer and exchange easily between all educational institutions in state • Encourage more results-oriented flexibility • Make college more affordable and accessible • Focus on development of state’s “knowledge economy” • Raise percentage of four-year degree holders in state to top tier of states • Increase K-12 investment in science, technology, engineering & math • Increase entrepreneurial literacy in K-12 schools • Promote offerings to ready high school and college students for a global economy • Increase on-line and distance learning opportunities • Work to attract more out-of-state and foreign students

  12. Innovative Governance Stabilize Restructure Invest Energize

  13. Innovative Governance • Stabilize - Restore Fiscal Stability Through Budget and Debt Disciplines • Action Options • Charge government efficiency commission to reorganize state and local government and to inject private-sector “lean” disciplines; charter a “lean government board” to follow through on lean recommendations • Set goals for deficit and debt reduction

  14. Innovative Governance • Restructure - Charter an Independent Job Creation Board to Replace Department of Commerce • Action Options • Re-organize or replace Department of Commerce • Create a public-private board • Give board flexibility to act on most policy matters • Send non-job creation DOC activities to other departments • Require evaluation of board on new regulations affecting business climate • Adopt Successful Private Sector Reforms in Delivery of Health Care in Public Sector Plans

  15. Innovative Governance • Invest - Invest Strategically in State’s Infrastructure • Action Options • Expand high-speed Internet, broadband and cell phone access across all areas of state • Segregate fuel tax revenues for road and transit construction • Lift Wisconsin’s moratorium on building new nuclear reactors so that a more balanced generation portfolio is available to satisfy inevitable non-carbon energy mandates • Align intercity passenger rail links from Chicago to Twin Cities with job creation goals • Develop transmission systems to move power from outside state and across state 

  16. Innovative Governance • Energize - Capture Greater Share of Federal Dollars • Action Options • Create major office in Washington, D.C., to work Congress and Executive branch for more Wisconsin-friendly allocations and formulas for federal programs • Lead Midwest coalition to improve formulas and allocations • Pull into the state more federal research institutions • Lobby for and support defense suppliers • Include procurement assistance shop in state’s D.C. office • Expand state’s strong position in landing research dollars • Pull in significant share of Great Lakes restoration dollars • Support continuing efforts of the Wisconsin Security Research Consortium to attract classified research dollars

  17. STAY TUNED!

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