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Rocky Mountain Innovation Initiative

Rocky Mountain Innovation Initiative. CREW Presentation Kelly Peters March 4, 2009. THE BRIGHT SIDE. An economy fueled by innovation

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Rocky Mountain Innovation Initiative

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  1. Rocky Mountain Innovation Initiative CREW Presentation Kelly Peters March 4, 2009

  2. THE BRIGHT SIDE An economy fueled by innovation Now, more than ever before, innovation drives the northern Colorado economy. From small startup companies to global technology leaders, the regional economy is increasingly fueled by work that pushes science and technology to new levels—and opens up new jobs for area residents. • Each year, Fort Collins alone generates 11.45 patents per 10,000 people—nearly four times the U.S. city average.   • Northern Colorado is capitalizing on innovation to put local residents to work in jobs that pay well and generate economic activity that ripples through the regional economy. That’s the bright side of the story.

  3. THE DARK SIDE A workforce that is underutilized • 25,000 people underemployed  • More than 5,500 skilled tech workers have been displaced in Larimer County. Add in the many newly unemployed workers in northern Colorado and you have an army of people hungry for jobs that pay well and put families on the path to prosperity.

  4. Turning the light OnIgniting the Innovation Economy • Accelerate the success of high impact innovation-based startup companies • Promote a regional entrepreneurial culture and ecosystem • Foster the development of targeted industry clusters

  5. Entrepreneurial Ecosystem Talent Support Infrastructure New Enterprises Industry Clusters, Wealth, Jobs CO2 Startup Venture Innovation Capital

  6. What is Business Incubation? • Nurturing young companies • Shared facilities • Business services and connections • Education and consulting • Capital raising support • 80% vs 35% success rate • 1200+ in the US, 7000 worldwide • Variety of types

  7. Why Technology/Innovation? • Match underutilized workforce skills • Utilize university assets • High growth industries • Salaries 2X-3X regional average • Sophisticated needs

  8. Business Economy Composition

  9. RMI2 2009 Funding • City of Fort Collins • $60K • $23K • $109K real estate value (2008 actual) • CSU / CSU Ventures - $50K • NCEDC - $10K • City of Loveland - $10K • Fundraising and events - tbd

  10. RMI2 Programs and Services • Access to Capital • Northern CO Rockies Venture Club • NoCo Angels (new in 2008) • Angel Capital Summit partner (new in 2007) • Investment pitch coaching (new in 2007) • Business Advisory & Mentoring Services • Advisors network and advisory boards • Entrepreneur-in-Residence (new in 2009) • SAGE (new in 2007)

  11. RMI2 Programs and Services • Professional Services • Service provider network/referrals • Attorney / CPA-in-Residence (new in 2009) • Market research reports (new in 2008) • Networking and Education • Weekly CEO Roundtable (upgraded in 2008) • Innovation After Hours (new in 2007) • Seminars (first in 2008, more planned)

  12. RMI2 Programs and Services • Facilities • 200 W Mountain Suite C (2004), Suite A (2008) • Innovation Cottage (2008) • Marketing and PR • Web site – www.rmi2.org • Press releases • Newsletter • GIS (2007) and BioScience (2009) Clusters

  13. Larimer Bioscience and Rocky Mountain GIS Cluster • Bringing together industry leaders in both segments to collaborate, share ideas and elevate Northern Colorado’s image worldwide on these core competencies.

  14. RMI² Incubator Clients-Today’s Start-up’s Tomorrow’s Future Hydraulic Hybrid Engines Life saving Vaccines Kid-powered recyclable toys Email archiving software Asset mapping software Enterprise software Workplace stress management Hospital equipment solutions Efficient Engines A.R.T. Animal stem cell research

  15. Sprig Toys

  16. Metrics -History • 27 startup companies – 10 current • 138 net new jobs created – 55 current • $71,000 average salary • $53M capital raised

  17. 5 Year Goal • RMI² will help 50 new tech startups launch, which will: • create more than 300 new primary jobs • with average salaries greater than $70K, • a direct payroll of more than $24 million and, • raise over $100 million in capital.

  18. Vision 4 story building 4th floor market rent 31,336 sq feet Up to 3,000 sq feet wet lab LEED Gold

  19. Benefits to Region- Creating a Bright Future • Diversifies economy – more resilient • Addresses workforce underemployment • Downtown area magnet (future incubator facility) • Attracts innovators from outside of region • Promotes regional collaboration that benefits all Northern Colorado communities • Emphasizes visionary community image • High wage job and growth business creation

  20. “There are two ways of spreading light: to be the candle or the mirror that reflects it.” – Edith Wharton Kelly.Peters@rmi2.org 970-581-5395 cell www.rmi2.org

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