Traditional Texas City to an Innovative, Sustainable, Creative Business City. Laura J. Kilcrease.
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1 Traditional Texas City to an Innovative, Sustainable, Creative Business City Laura J. Kilcrease
2 The Situation in 1989 Highest office building vacancy rate in the country Dependency on oil and gas industry that was depressed Increasing unemployment especially among middle management Real estate bust
3 Community Assets Highly educated workforce One of the youngest populations in U.S. Superb research facilities (UT, MCC, Sematech) Quality of life One of only 8 states with capital & state university Local government ready to act
4 The Fundamental If Austin is to be competitive in the national and world economy, partnerships between the government, universities and industry must become more effective in linking scientific research and the commercialization of technology through the spin-out process.
5 The Austin Model Key Concepts 1. Utilize four strategies for economic development. 2. Develop leadership and success factors that link government, business, and academic sectors for cooperation and co-ordination. 3. Establish a robust community infrastructure - talent, technology, capital, and know-how. 4. Develop and report metrics for benchmarking and assessment of progress.
6 The Austin Model Triton Ventures (512) Economic Development Strategies and Leadership Industrial Relocation Building New Companies Retention and Expansion Newer Institutional Alliances for Leveraging Economic Development
7 The Austin Model Academic Business Community Government Talent Technology Capital Know-How Market Needs Successful Value-Added Technology Firms
8 The Austin Model Metrics for Success - By Stakeholders Government - Community Job creation Space utilization Capital creation Incremental values (taxes, services, etc.)
9 The Austin Model Metrics for Success - By Stakeholders Private Sector Residents Capital invested by source Sales Time to market Managerial development
10 The Austin Model Metrics for Success - By Stakeholders Academic Develop technology entrepreneurship and management curriculum Successful placement of students Experimental learning Royalty and license fees
11 The Austin Model Economic security requires competitive advantages that are realized by applying technology to transform basic and advanced industries as well as accelerating growth in emerging industries and starting new industries. - Dr. George Kozmetsky
12 The emergence of a hightech hub Austin in the 90s growing technopolis high value jobs booming Austin in the 80s
13 The Austin Model November 2012
14 Central Location in U.S. 5 County Region Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
15 Population Stats Population: 1.7 million Labor force: 885,803 Highest median household income among Texas metros Younger than the national average 70% of the population is under 45 (62% nationally) Median age is 32.5 years (37 nationally) More educated than the national average 14 colleges/universities: 135,500 students 39% of the population over 25 has a bachelor s degree (28% nationally) Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
16 Austin - Version 1.0 Late 80 s - 90 s Build Austin into a High-Tech Center Foster Entrepreneurship Target three primary industries: osoftware osemiconductors ohardware Economic Development Strategies and Leadership Industrial Relocation Building New Companies Retention and Expansion Newer Institutional Alliances for Leveraging Economic Development Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
17 Austin - Version Diversify the Economy: o Cleantech o Gaming 182 Corporate Locations Greater Globalization of Business To Austin Intl: Canada, Australia, UK, S Korea Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
18 Austin - Version Build on Version 1.0, 2.0 Scale: Nationally and Globally o Scale the Region s Businesses o Scale the Region s Scope and Impact Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
19 Lessons Learned Transitioning Community Assets & Competitive Advantages Clear Vision Next Generation Economy (FOCUS) Community Consensus for Change & Partnership (triple helix) Robust Infrastructure talent, tech, capital, know-how Scaling Leadership & Management Financial, Business and Organizational Models Think Global, Go Global Get Started, Setting Milestones & Patience Austin Chamber of Commerce 210 Barton Springs Road, Suite 400 Austin, TX 78704
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