LaunchPad - INW

Spokane Regional Networking, Social Media, Professional and Business Development

Can we transform our regional economy to be more innovative?

On Thursday, October 20th, entrepreneurs, innovators, educators and business leaders from across our region will be gathered together for an event called Transforming our Regional Economy: How Technology and Innovation are Changing Business.

The purpose of the event is two fold: bring business leaders together to help promote innovative companies and entrepreneurs in our region and also to discuss ideas for how we can leverage innovation and technology to propel our economy to new levels of prosperity.

The idea for hosting this event happened when I read a series of articles that were featured in Wired Magazine called The Smartest Jobs in America. The articles were published in the June 2011 edition of Wired as part of a six-month investigation titled The Future of Work.

I was so intrigued with the articles; I ended up calling and talking with the authors about the project and what they had learned. I got so excited during those conversations; I invited them to be our special guests for this event, but am still waiting on confirmation as this article went to press.

The featured articles were entitled, How an old industry is rebooting; The surprising new job centers, Why one tech corridor is booming and The revival of small city downtowns. Each article is fascinating on their own and deserve a good read, but I was particularly intrigued by the article, The surprising new job centers.

See diagram below of the new emerging tech epicenters...where is Spokane!

You can find a link to the articles here

This article illustrated how several mid-sized cities had been able to increase employment and job creation in technology areas, such as information technology, green technology and biosciences. But what was more interesting to me was how these mid-sized towns had developed new thriving companies in software development and green technology outside of traditional innovation hubs like Silicon Valley, Seattle or Boston. Even more intriguing was that some municipalities had developed unique innovation by leveraging older, traditional industries in plastics, chemicals and aerospace and created niche markets that spawned emerging companies.

Some of the cities mentioned in the article were Fort Collins, Colorado; Bloomington, Indiana; Waco, Texas and Reading, Pennsylvania. Not exactly the cities you would think about when you think about innovation and technology hubs, right?

As I read through the article I found that many of these cities had very similar demographics and assets in comparison to Spokane. For example, several did not have a research university or college, yet had attracted knowledge workers due to a revived downtown. Sound familiar? This asset alone attracted creative entrepreneurs who like to build and create. For some cities, this became a key milestone.

Also, many of the jobs being created were ideally suited for people who have minimal college, but had skills in old-fashioned industries such as metals, aerospace or chemicals. Essentially, these cities are now developing new specialized sectors which are increasing employment and their tax base, in spite of not having what we would normally think of as “traditional economic development assets.”

Economic development is obviously a complex and challenging process, just ask the folks who are slugging it out everyday to compete with other cities. But I wonder if we are really looking at how we could transform our regional economy to support entrepreneurs and innovation more effectively?

Are we truly celebrating the entrepreneurs and our local tech based companies so they get the marketing power they need to expand and compete? Ask Dave Curry of Demand Energy Networks or Tyler Lafferty of Seven2 Interactive who will be participating at the event. Do we truly understand the markets in which we can compete on a global scale?

These are just a few of questions we plan to discuss at the event. If you have ideas and would like to join the conversation, please let us know and share and comment on this post if you feel inclined.

Here is a link to the event if you would like to learn more about it and to RSVP

By Bill Kalivas,

LaunchPad INW, LLC

Tags: economy, entrepreneur, innovation, transfomring

3 members like this

Comment by Eric Agnew on September 14, 2011 at 3:53pm: Interestingly, I recently read a blog post from Ryan Blair, who is an entrepreneur that has successfully launched 6 start-ups which each created new jobs. In a response to President Obama's push for a new job bill, Mr. Blair posted his thoughts on how entrepreneurs are the ones to create new jobs and stimulate the economy... I have to agree with him on many points.

The article can be found here: http://nothingtolose.com/blog/my-letter-to-president-obama/

Comment by Terry Voss on September 14, 2011 at 4:16pm: Listening to what's been said so far...I would say there are a lot of technologies out there...most not relevant to any particular individual or company...finding the technology that can leverage some potential of your company is the way to produce employment from new productions...

Potential has to be seen first, then find a technology and a way to marry the two successfully to really produce something new...requiring employment...

How to start the communications...

Comment by David Camp on September 14, 2011 at 5:09pm: Richard Florida, anyone? For fifteen years or so this brilliant urban sociologist has hammered the point that advanced technology is merely one facet of creativity, and that it's open-mided creativity itself that cities must cultivate to compete. He also observes that the stakes have never been higher; young, skilled people are now shopping among cities as never before. Here's Florida speaking about that:

http://www.psfk.com/2010/09/video-richard-florida-on-economic-trans...

Comment by Tom Daugherty on September 14, 2011 at 5:34pm: Access to capital always helps. I believe it is getting better around Spokane. Several area investors were understandably pleased this past June when Tri-Geo Network Security of Post Falls sold to a Texas firm for $35 million. Tri-Geo is the latest poster child for all that is right in local startup companies. The company was founded in 2002 by Dr. John Shovic and business partner Barbara Ueckert. Within a year they left the company in the capable hands of Michelle Dikeman, who led the company through extensive growth and ultimately the sale. The transaction, known as an “exit” to investors, was nine years in the making. Most investors received nearly seven times their original investment. Do they always turn out like this? No. However, we should be partying in the streets over this but got just a peep from the S-R. It is a rallying point however to angels in the know but doesn't help writers of Wired and other rags.

Comment by Rob Miller on September 14, 2011 at 7:36pm: Want to generate more jobs? Start more small businesses as others have stated. Businesses of all sizes employ people resulting in production for the economy. This country was built on small companies and should aggressively foster the growth of new and existing ones. (I am probably preaching to the choir here on LaunchPad...)

I think we need an increase in education and to instill an entrepreneurial spirit in our culture, especially young people. Rather than finding a company who will support you (which is often necessary, especially at first) go and start your own instead. If you can't do that full time, start one while you are working. The point is that we all have the ability to produce abundance, we just have to be doing something that will allow us to do so.

Another consideration is that the state of Washington taxes businesses and their owners very heavily from what I am learning as time goes on. New legislation wants to increase taxes for $200k and $250k earners (which if you are not, you will probably will be if you sell your home in Spokane) New businesses that want to start here look at that track record and start elsewhere. Existing companies are held back by monetary obligations.

Either way it all starts at the grassroots level, people partnering together to make it work!

Comment by Bill Kalivas on September 14, 2011 at 9:02pm: @David good comments, ironically I brought Richard Florida to Spokane in 2004 and he spoke to about 400+ people including then Mayor Jim West who introduced Richard for us. It was interesting to meet him and I have been following him since then. As you noticed in my blog post I point out that it was the creative people who helped ignite the cultural growth in many of the cities emerging downtown's featured in the Wired Articles. We agree and will be focusing on how we can engage the young people more and more in the coming years. Good feedback...

Comment by Terry Canfield on September 14, 2011 at 10:55pm: The Inland Northwest needs to redefine itself. I presented at Ignite Spokane about leveraging our climate, culture, and community characteristics to create a niche community... The Corpoate Headquarters Capital of the World!

What if we had so many corporations headquartered here the it created critical mass and it became "the thing to do" to have your headquarters here because there were so many visionaries from other corporations or industries including nonprofit and governents?

It can be done, look at Silicon Valley, Tinsel Town, and the Motor City... but it requires teamwork. I'm happy to speak to any organization or individual about this vision. If you want to see the Ignite Spokane presentation you can get to it through this link:

http://youtu.be/-20mGOvdJXA

Terry

Comment by Sue Welberry on September 15, 2011 at 12:46pm: The comment that struck home for me was the fact that "many of the jobs being created were ideally suited for people who have minimal college, but had skills in old-fashioned industries such as metals, aerospace or chemicals." That profile matches alot of folks seeking employment right now.

Comment by Vance Blakely on September 16, 2011 at 10:56am: I am a local entreprenuer and technology business owner with a company I founded 16 years ago in Spokane. I believe another factor in this discussion relates to the historical nature of Spokane businesses and the identity that we collectively nourish. I know I started Softechnologies not to rule the world but rather as a way to establish a "lifestyle company" in the heart of God's country. I think this mentality is still somewhat pervasive within much of the local business community, and it will take a redefinig of our own identity to break out of this shell.

Comment by Dave McKenzie on September 17, 2011 at 2:00pm: There is so much mental horsepower in Spokane and our region that it is, in my opinion about being pro-active in the search for collaboration, support and investment opportunities. It is easy to get discouraged but I believe for each opportunity worthy to bring to market there is an audience, at whatever level be it someone that has a missing component to the concept or someone that can add perspective to increase efficiencies etc.

Indeed - Richard Florida came to Spokane to speak - I was there and I still believe Spokane can be equal to or GREATER than Austin or San Jose or...