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The Role and Scope of Economic Development in Arkansas for the 21 st Century

The Role and Scope of Economic Development in Arkansas for the 21 st Century. John W. Ahlen, Ph.D., President Arkansas Science & Technology Authority Task Force for the 21 st Century Economy February 12, 2008. Seeing the Future.

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The Role and Scope of Economic Development in Arkansas for the 21 st Century

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  1. The Role and Scope of Economic Development in Arkansas for the 21st Century John W. Ahlen, Ph.D., President Arkansas Science & Technology Authority Task Force for the 21st Century Economy February 12, 2008

  2. Seeing the Future The future is already here. It’s just not evenly distributed yet. William Gibson

  3. Outline • The Arkansas Science & Technology Authority. • The role and scope of economic development in Arkansas in the twenty-first century. • The programs and services needed for the state and its communities to be globally competitive within the role and scope of twenty first century economic development. • The advisability of removal of the constitutional prohibition on state equity investments in private enterprise by economic development agencies. • The organizational structure necessary for an efficient and effective twenty-first century state economic development system.

  4. Arkansas Science & Technology Authority Bringing the benefits of science and advanced technology to the people and the state of Arkansas (since 1983) SCIENCE & ENGINEERING DOMAIN Scientific Discovery Engineering’s Grand Challenges Water Energy Climate Change Advanced Manufacturing Everyday Engineering Manufacturability Productivity Standards Safety Scientific Literacy Science & Engineering Talent Technology-Based Econ. Devel. ASTA Programs 1985 Research Commercialization Industry 1995 Basic Research Centers for Applied Tech. ‘89 AMS [NIST] Applied Research Tech Transfer (TTAG) ’89 Research Matching ’99, ’03, 05 Tech Development ’89, ‘05 Tax Credits 2003 [AEDC] Seed Capital InvestmentR&D Plan2005 ASTA Projects STEM Education 1995 Asset Initiative [NSF] Bioproduction R&D Nanosensors R&D STEM Outreach Science Minigrants [WRF] STUART [WRF] Grants (PD/Robotics) [WRF] SMART (Portal) [WRF] Technology Curriculum ‘05 Entrepreneurship [WRF] Internships Accelerate Arkansas EAST Rural Communities [Metrics] ASTA’s Formal Linkages Arkansas Capital Corporation 1985 AR School for Mathematics, Sciences and the Arts 1991 Information Network of Arkansas 1995 Arkansas Tobacco Settlement Commission 2000 Arkansas Biosciences Institute 2000 Distance Learning Coordinating Council 2005 Commission for the Coord. of Educational Efforts 2005 Connect Arkansas 2007 Task Force for the 21st Century Economy 2007 Venture Capital Investment Trust VisionWorks Advisory Committee Arkansas World Trade Center UA 2010 Commission Southern Technology Council Emerging Opportunities AR Cyberinfrastructure Initiative NASA Space Grant Consortium Rural Health Broadband Initiative Information Quality Center Workforce Cabinet Programs & Budgets Regionalism Conference STEM Pipeline [Metrics] Accelerate Arkansas NSF EPSCoR AR Research Alliance Seed Capital Risk Capital Matching Innovate Arkansas AR Biosciences Institute Issues of Interest NCTR; Federal Labs; PBA; LRAFB DC Office: Federal Relationships Complex

  5. R&D S&E Workforce Systemic Role and Scope $120 million S&E Research Risk $ & Growth Entrepreneurship Sustain Successful Companies STEM Risk $ & Growth Entrepreneurship

  6. R&D Tax Credits In-House Applied Targeted Industry Strategic AEDC BITP AEDC EWTP Industry Entrepreneurship Internships Accelerate Arkansas EAST Communities Metrics ASTA AMS Risk Capital S&E Research Growth Entrepreneurship Sustain Successful Companies STEM Programs and Services Arkansas Research Alliance Research Initiative Bioproduction R&D Nanosensors R&D STEM Education Hands-On Science • Commercialization • Centers • R&D Tax Credits • Tech Transfer-SBIR • Tech Development • Seed Capital $$ ASTA A. STEM E’powerm’t ASTA B. Middle School UAF ASU UALR ASTA ASSET Initiative ASTA C. SMART Strategic Industry Exclusion Genesis (UAF; 1986) BioVentures (UAMS) • Research • Basic Research • Applied Research • Research Matching ADHE STAR/ STEM ADHE SURF ADWE Student Loan Forgive. ADWS WorkKeys VC Act of 2001 VC Trust Innovate Arkansas ADE Tech. Grants: EAST ADWE PLTW 2ndary Ed ASMSA ADHE Workforce Risk Capital Matching ADHE ADTEC Arkansas Biosciences Institute ACHRI UA-Ag UAMS UAF ASU ADWS ADTEC ADWE [9]C/TEd ADE Science Specialists ADWE Kuder Equity Investment Tax Credit WIB Training ADWS WIRED WIB Incu. Wkr ADE National Board Certification ADE? STRIVE SBIR Cyberinfrastructure ArkPAC Interconnected

  7. R&D S&E Workforce We Can Do It Here! ADFA Three faculty; four companies; 32 employees Case Study (Updated) • $30,200 Applied Research Grant; $30,000 matching funds from industry • $420,000 NSF Grants (2) – professor and graduate students • $1.35 million in SBIR Grants (4) – PhDs, MSs, entrepreneur [6 TTAGs] • $1 million early-stage risk capital being sought – PhDs, MSs, skilled technicians [TC & SCIP] • Locating in Springdale, Arkansas • 2008: $410,000 DoD Grant

  8. State Equity Investments • Seed Capital Investment Program (1985) • “Qualified securities issued by an enterprise as a part of a scientific and technological project” • Limit of $500,000 • Venture Capital Act of 2001 • Privately managed • Venture Capital Trust • Risk Capital Matching (2007) • Validation & enterprise stages of development • Match ratios • Boards of Directors Make Investment Decisions

  9. Organizational Structure Global Community Flexible Innovative Knowledge-Based Digital Smart Interconnected & Collaborative Market-Driven

  10. The Risk of Inaction Accelerate Arkansas Arkansas - Percent of National Income Per Capita Alternative 85.0% 75.0% Baseline 65.0% 55.0% 45.0% 35.0% 1957 1965 1969 1973 1985 1989 1993 2009 2017 1961 1977 1981 2013 1953 1997 1933 1937 1941 1949 2001 1929 1945 2005 Source: U.S. Bureau of Economic Analysis

  11. Baseline Insanity is when you keep doing the same thing over and over again, each time hoping for different results. Edward Deming

  12. Alternative “Many mainstream organizations could use additional resources to revitalize their current offerings. But when the objective is to get a system unstuck, it is time to go in search of catalytic innovations.” Clayton M. Christensen, Heiner Baumann, Rudy Ruggles, and Thomas M. Sadtler, “Disruptive Innovation for Social Change,”Harvard Business Review, December 2006.

  13. The Risk of Inaction Accelerate Arkansas Arkansas - Percent of National Income Per Capita Alternative 85.0% 75.0% Baseline 65.0% 55.0% 45.0% 35.0% 1957 1965 1969 1973 1985 1989 1993 2009 2017 1961 1977 1981 2013 1953 1997 1933 1937 1941 1949 2001 1929 1945 2005 Source: U.S. Bureau of Economic Analysis Sustainable

  14. One Final Question: Do you see it now? Thank You! Comments / Questions? John W. Ahlen, Ph.D. 501.683.4400 john.ahlen@arkansas.gov www.asta.arkansas.gov

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