Coi garc overview may 2010
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Developing a Culture of Innovation
A Leadership Perspective
Sterling G. Wharton Executive Director, Centers of Innovation
Georgia Department of Economic Development
www.georgiainnovation.org http://twitter.com/swharton
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A new model for Economic Development A comprehensive environment for advancing globalcompetitivenessfor Georgia’s Company’s
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Power of Brand
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Throughout the second worst recession in a hundred years,
"the greatest engine of innovation that has ever existed" kept running.
In fact, the recession itself was caused by innovation getting out of control …
Tom Friedman
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InnovateIterate
Replicate
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Growth Stage
8
Business Growth
Large Mature
e.g. Coke/Home Depot/UPS NCR
Innovation Stage
Traditional Economic Development focus
New Products Services - innovation
Innovation
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Idea Technology Validation Market Trials Business Model
Validation Scaling Growth
Centers of Innovation exist to create a new model for Economic Development …
commercializing new products & services & Business models by leveraging Industry expertise to connect to University R&D, and other GA industry relevant resources to high growth potential enterprises.
leveraging “intellectual & knowledge capital” for economic growth
Economic Impact- Jobs/Investment
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Strategic Industries Impact
430,000 employed
11th In US
$43B
Revenue
120,000 employed
# 2 transportation #3
Seaport
$15B
Revenue
15,000 employed
7th
$7.8B
Revenue
389,000
employed
12th in US
$58.5B
Revenue
83,000
employed
8th in US
$9.6B
Revenue
67,000employed
$4B
Revenue
Highest potential for Economic Impact
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GDEcD Projects/ Innovation Projects
• Projects well distributed across GA
• Innovation Projects in16 counties withoutrecent GDEcD activity
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Innovation Projects (by industry )
• Distributed statewide …
• Some concentration ofinnovation projects
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AgricultureTifton
ManufacturingGainesville
Life SciencesAugusta
LogisticsSavannah
AerospaceEastman
EnergyAtlanta
Deep Industry Expertise & Leadership for Strategic Industries – Industry Marketing for all
Georgia Market & Technical knowledge
Connections to .. R&D – University … Other Market Expertise Business Connections
Centers of Innovation
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Strategic Partners
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Focus• High Growth Potential Enterprises
• Commercialization – New products and Services leveraging New Technologies
• Both Established and Emerging Growth Enterprises
• Industry Expertise – 6 Industries – Support for all GA Economic
Development Organizations– Support (as needed) for Company
Recruitment – Industry Influence
• In GA – Improving GA competitiveness • Elevates GA WW
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Innovation Grants
• Matching funds – – University/College Research &
Activities• Commercialization focus –
– new products and services • Requires support from the Center of
Innovation Director
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Leadership
Steve JusticeNEW
John Zegers
Donnie Smith
Stacy Shuker Phd.
Page Siplon
Jill Stuckey
www.georgiainnovation.org
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Innovation the new “norm” - “moderate” behavior
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End
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• Purge yourself of your old idols – Unlearn - Relearn
Being on Autopilot can kill – Introduce Small Changes to Stay Sharp
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• Impossibility thinking
What was before Impossible is now Common The next 20 years will change more than the last 100
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• Not making Mistakes … is a Mistake
Lower the consequences Failure is “Valuable Negative Information”
No limits to what folks will Try ….and …. Accomplish
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