2019 BOARD 1 2 2019 BOARD Tuesday March
2019 BOARD 1
2 2019 BOARD Tuesday, March 12, 2019 Tuesday, June 11, 2019 Tuesday, September 10, 2019 Tuesday, December 10, 2019
ECB APPROVALS 3
3 PROJECTS APPROVED 4 ECB APPROVALS ADMINISTRATIVELY APPROVED PROJECTS UNDER $100, 000
• 3 proposals administratively approved • 2 out of 9 regions participated • • 5 Total Request: $112, 800 Total Match: $118, 000 ECB APPROVALS ENHANCED CAPACITY BUILDING
Virginia Tech Total Request: $25, 000 Total Match: $25, 000 6 REGION 1 ENHANCED CAPACITY BUILDING COAL-TO-GRAPHENE Coal-to-Graphene Market Study
• Region 1 submitted on behalf of Virginia Tech • Request of $25, 000 • To partner with Wise County to conduct a market study, initial environmental impact analysis, and cost projections for the development of a graphene economy in Southwest Virginia • Graphene is a lightweight form of carbon known for its electrical and thermal conductivity. 7 COAL-TO-GRAPHENE APPLICATION OVERVIEW
• DHCD staff has administratively approved this application. 8 Eligibility Requirements $1: 1 Match Local Participation Alignment with G&D Plan High-Wage Job Creation Potential Grant Management Capacity Line of Sight to Future GOVA Project COAL-TO-GRAPHENE RECOMMENDATION
Frederick County Economic Development Authority (EDA) Total Request: $64, 800 Total Match: $70, 000 9 REGION 8 ENHANCED CAPACITY BUILDING SHENANDOAH VALLEY TALENT SOLUTIONS Shenandoah Valley Talent Solutions Strategy Development
• Region 8 submitted on behalf of Frederick County Economic Development Authority (EDA) • Request of $64, 800 for consultants and stakeholder engagement • To develop a Talent Solutions Strategy to address: 1) high school and college graduate retention 2) development of a workforce to meet the needs of regional businesses, and 3) attraction of new workforce participation from outside of the Region and State 10 SHENANDOAH VALLEY TALENT SOLUTIONS APPLICATION OVERVIEW
• DHCD staff has administratively approved this application. 11 Eligibility Requirements $1: 1 Match Local Participation Alignment with G&D Plan High-Wage Job Creation Potential Grant Management Capacity Line of Sight to Future GOVA Project SHENANDOAH VALLEY TALENT SOLUTIONS RECOMMENDATION
Mobile Hub-Lab Planning Grant Staunton Innovation League Total Request: $23, 000 Total Match: $23, 000 12 REGION 8 ENHANCED CAPACITY BUILDING
• Region 8 submitted on behalf of Staunton Innovation League • Request of $23, 000 for a needs assessment, curriculum inventory and planning, and funding identification • To assess the feasibility of creating the Hub-Lab, a mobile makerspace that will be used teach creative and collaborative ways to use innovative equipment and technology to students and entrepreneur in rural areas 13 MOBILE HUB-LAB APPLICATION OVERVIEW
• DHCD staff has administratively approved this application. 14 Eligibility Requirements $1: 1 Match Local Participation Alignment with G&D Plan High-Wage Job Creation Potential Grant Management Capacity Line of Sight to Future GOVA Project MOBILE HUB-LAB RECOMMENDATION
PER CAPITA APPS 15
PER CAPITA FUNDING • 4 proposals submitted • 3 out of 9 regions participated • 4 Talent Development • Total Request: $1, 765, 233 • Total Match: $2, 802, 544 • 16 Includes $504, 342 local dollars
VHCC Advanced Technology and Workforce Development Center Development Virginia Highlands Community College Total Request: $200, 000 Total Match: $882, 291, including $154, 291 local match 17 REGION 1 IMPLEMENTATION
• Region 1 submitted on behalf of Virginia Highlands Community College (VHCC) • Request of $200, 000 for site grading, excavation, soil mitigation, site drainage, utility installation and connections (water, sewer, electric, and broadband) • VHCC will utilize the new facility to consolidate courses offered off-campus in limited enrollment models, and three new short-term trainings targeting the manufacturing workforce. 18 VHCC WORKFORCE APPLICATION OVERVIEW
WORKGROUP FEEDBACK 19 VHCC WORKFORCE • ROI not positive within 3 -5 years • High-wage job creation potential in trades • $1. 5 MM still needed to complete construction • Expanded job creation capacity is not significant • No documented commitments for jobs • Capital requests for workforce have been a concern
• DHCD does not recommend this application for approval at this time. Eligibility Requirements $1: 1 Match Local Match 20 Local Participation Requirement Out-of-State Revenue MAYBE High-Wage Job Creation Potential Alignment with G&D Plan MAYBE Grant Management Capacity Sustainable after GOVA Funds MAYBE VHCC WORKFORCE CENTE RECOMMENDATION
Center for Energy Research and Education (CERE) Additive Manufacturing Partnership Lab Development: Phase 2 Liberty University Total Request: $274, 980 Total Match: $630, 000, including $92, 000 local match 21 REGION 2 IMPLEMENTATION
• Region 2 submitted on behalf of Liberty University • Request of $274, 980 to purchase and install equipment • To develop the Additive Manufacturing Partnership Lab (AMPL) at the newly-established CERE facility to train students and manufacturing employees in the region on the newest technology-based processes, such as 3 D printing and robotics 22 CERE ADDITIVE MANUFACTURING LAB APPLICATION OVERVIEW
• Current project is on track with milestones and metrics • Additive manufacturing represents the future in advanced manufacturing with applications in many industries • Significant support from regional manufacturers • Work-based learning opportunities with industry partners • Could become a center of excellence to attract funding away from the Research Triangle 23 CERE ADDITIVE MANUFACTURING LAB WORKGROUP FEEDBACK
• DHCD recommends this application for approval. 24 CERE ADDITIVE MANUFACTURING LA RECOMMENDATION
Virginia Cyber Alliance: Year 2 Old Dominion University (ODU) Virginia Modeling and Simulation Center (VMASC) Total Request: $642, 713 Total Match: $642, 713, including $128, 543* local match 25 REGION 5 IMPLEMENTATION
VA CYBER ALLIANCE YEAR APPLICATION OVERVIEW • Region 5 submitted on behalf of ODU VMASC • Request of $642, 713 for salaries, travel, and outreach • To create the Virginia Cyber Alliance through new online platforms, industry partnerships, a virtual demonstration environment for cybersecurity analysis modules, and a work-based learning initiative for firms that specialize in cybersecurity, data analytics, and Unmanned Systems and Aerospace. 26
• Current project is on track with milestones and metrics • Financial sustainability for online platforms, virtual testing arenas, and industry partnerships through revenue model based on dues and fees • Digital entrant program offering salary subsidies is not intended to be a long-term solution • Line of sight to interregional collaboration 27 VA CYBER ALLIANCE YEAR WORKGROUP FEEDBACK
• DHCD recommends this application for approval, contingent upon documenting the required 20% local match. Eligibility Requirements $1: 1 Match Local Match MAYBE 28 Local Participation Requirement Out-of-State Revenue High-Wage Job Creation Potential Alignment with G&D Plan Grant Management Capacity Sustainable after GOVA Funds VA CYBER ALLIANCE YEAR RECOMMENDATION
Virginia Digital Shipbuilding Program (VDSP): Year 2 Old Dominion University (ODU) Virginia Modeling and Simulation Center (VMASC) Total Request: $647, 540 Total Match: $647, 540, including $129, 508* local match 29 REGION 5 IMPLEMENTATION
• Region 5 submitted on behalf of ODU VMASC • Request of $647, 540 for salaries and program outreach • To create a regional and statewide digital shipbuilding curriculum and co-lab facility to train approximately 8, 500 current and future workers in the shipbuilding and advanced manufacturing industries. 30 VDSP YEAR 2 APPLICATION OVERVIEW
• Current project is on track with milestones and metrics • Strong private-industry and association support • Will train future workforce and upskill existing workforce to meet industry progress • Virtual curriculum is scalable and replicable for other industries • Line of sight to applications for supply chain statewide or spinoffs such as marine electric propulsion 31 VDSP YEAR 2 WORKGROUP FEEDBACK
• DHCD recommends this application for approval, contingent upon documenting the required 20% local match. Eligibility Requirements $1: 1 Match Local Match MAYBE 32 Local Participation Requirement Out-of-State Revenue High-Wage Job Creation Potential Alignment with G&D Plan Grant Management Capacity Sustainable after GOVA Funds VDSP YEAR 2 RECOMMENDATION
TECONOMY UPDATE 33
Update on Regional Entrepreneurial Assessments and Statewide Directions Prepared for: GO Virginia State Board December 2018
Meeting Objective: Provide update on results from regional entrepreneurial assessments and discuss implications for possible state directions. Today’s Agenda Recap of Project Objective, Deliverables and Process Economic Imperative for Change at the State Level Situational Assessment of Entrepreneurial Development in Virginia and Across Regions Proposed GO Virginia Action to Establish Regional Entrepreneurial Quarterbacks Alignment with VRIC Proposed Commercialization and Entrepreneurial Strategic Implementation Framework 35
Recap: Project Objective, Deliverables and Process Project Objective: Facilitate regional assessments of entrepreneurial development and identification of priority actions with local leaders GO Virginia’s project will result in the following deliverables: Overview of Work Plan for GO Virginia’s project: Develop a common template of data, inventory and stakeholder perspectives to help GO Virginia regions develop their own strategic directions Offer best practice lessons and benchmarking to national peers Have each GO Virginia region prioritize key investments/activities to catalyze the development of a robust innovation ecosystem 36
Why Entrepreneurial Development is Important for GO Virginia Critical for GO Virginia to ensure “entrepreneurship” is a key “leg” for a robust and comprehensive regional economic development effort Startup activity is a leading indicator of economic growth While it is easy for “headlines” to capture new job creation from successful business attraction efforts, nearly 144, 000 traded sector jobs in 2017 were created in Virginia by startups since 2007* Key to sustainability is high growth startups – disproportionate share of employment in startups exhibiting high annualized growth rates *Based on data from Business Dynamics Resource Consortium database using Infogroup company data; In 2017, total traded sector industry employment in Virginia reached 1. 141 million jobs 37
Economic Imperative: Virginia is Falling Behind Limited ability to generate startups Key Facts: • 22 nd out of 25 largest states in startup activity • VC growth is 1/3 of the national growth rate from 2010 – 2017 Inability to retain companies that are scaling up to serve commercial markets and losing top talent to other states Key Facts: • Over 100 venture backed firms left Virginia over the past 5 years. The ones that left created 41 jobs per firm compared to 23 jobs per firm of the venture-backed ones that stayed • 14, 000 net outmigration of highly educated workers aged 25+ to other states from 2012 -2017 Falling short in industry innovation growth and the commercialization of university technologies by Virginia industry Key Facts: • Out of 13 specialized Advanced Industries in Virginia, all but three grew slower than the nation • Industry R&D from own-sources stand 1/3 rd lower than U. S. level and growing at half the rate of U. S. from 2010 -2015 • 77% of university licenses executed in 2018 were to out-of-state companies 38
Situational Assessment Framework: Based on Key Stages in Entrepreneurial Development Ideation Commercial Viability Market Entry Growth & Scalability Activities at Each Stage Idea development/ invention, possibly involving lean startup approaches for identifying end users, market assessment and (if appropriate) IP creation New firms that finalize Customer discovery, new commercial products, add key product development, proof- team members, execute of-concept testing, business plans, marketing prototype development, and plans, manufacturing plans, validation/market testing develop supply-chains, and generate early revenues Critical mass of firms that generate operating capital to expand markets, scale manufacturing, re-examine team member mix, generate new employment, and begin new product development through virtuous cycle supporting vibrant industry clusters Type of Assistance to Entrepreneurs Needed Guidance/coaching on gathering insights for business concept development Domain specific market knowledge on differentiation, positioning, timing to complete and validate a full business model Execution of business plans, investor outreach, product launch and business development for first customers Building management team, positioning for IPO, entry into new markets and expanding market presence Likely Sources of Risk Capital Sweat equity; friends and family Proof-of-concept; SBIR; accelerator angel investment, pre-seed Angel investors; Formal VC investments including seed, Series A and Series B. Later rounds of venture capital funding; mezzanine/SBIC; SBA (7)a loans 39
Virginia’s Situational Assessment Across Stages of Entrepreneurial Development Ideation Challenges: Lack of existing industry involvement to advance innovations and new product development “Broadening the funnel” of startup ideas and inventions Commercial Viability Market Entry Challenges: High failure rate of startups in years 0 -1 Challenges: Dip in survival of startups in years 6 -7 as they look to scale-up Challenges: Lagging growth in advanced industry development Significant loss of high -growth venturebacked Virginia startups needing Series A and B funding Falling short in industry innovation growth and the commercialization of university technologies by Virginia industry Need for serial entrepreneurs to help mentor Need for seed funding in some regions to follow-on from accelerator/angel investor rounds Growth & Scalability Losing talent to other states 40
Benchmarking: Regions Selected: TEConomy solicited and received input across the 9 GO Virginia regions on regions they benchmark themselves against, consider useful comparisons *Regional geographies are Metropolitan Statistical Areas (MSAs) if not otherwise specified above. 41
Competitive Benchmarking Assessment: Overall Assessment by Region Based on Relevant Benchmark Peers Ideation Commercial Viability Market Entry Growth & Scalability Region 1: SW VA (compared to rural with no major research anchors) Region 2: Roanoke. Lynchburg-New Rivers (compared with mid-sized and rural with major research anchor) Region 3: Southside (compared to rural with no major research anchors) Region 4: Grow Capital Jobs Region (compared with mid-sized regions) Region 5: Hampton Roads (compared with mid-sized regions) Region 6: Mary Ball Washington (compared to rural with no major research anchor) Region 7: No. VA (compared to large tech hubs) Region 8: Shenandoah Valley (compared to rural with no major research anchors) Region 9: Pied Opportunity Corridor (compared to mid-sized and rural with major research anchors) 42
Examples of Priority Actions: Strong Alignment with Strategic Framework Ideation Commercial Viability Market Entry Growth & Scalability Support advancement of integrated accelerator/incubator/co-working entrepreneurial hubs across region Catalyze wide range of risk capital public/private partnerships from regional micro-lending programs to angel investor network to seed capital able to syndicate with VCs Create a wet lab tenant improvement fund Potential Project Activities Develop stronger ideation programming • Expand ICAP and regional capacity for counselors • Sponsor EIR fellows Create 1 -stop website for entrepreneurs to coordinate resources/assistance and promote success stories Support subject matter domain EIRs to link innovation to the market Create SBIR/STTR grant writing assistance and matching fund Create proof-of-concept/prototyping funds and services Develop regional mentorship network Catalyze networking of traded sector industry clusters Organize angel investors by providing funds for management and due diligence Engage professional services providers to collaborate in entrepreneurial hubs Revamp state angel investment tax credit -- currently over-subscribed which makes benefits uncertain Leverage presence of business schools/MBA students Enhance “First Customer” orientation for in-region market opportunities Create Economic Gardening programmatic efforts Better educate, promote access to SBA Loans 43
Proposed GO Virginia Action: Establish Regional Quarterbacks for Entrepreneurial Development in Each GO Virginia Region Specific Activities: Identify opportunities and needs for regional entrepreneurial development within traded sector industries Ensure an implementation capacity on priority actions Provide a “front door” in each region for entrepreneurs to receive coordinated services among service providers Service Delivery Approach: Performance-based grants developed in consultation with each region to address priorities In each region, an advisory committee will be created to oversee the efforts of the regional quarterbacks Potential for multi-regional applications VRIC proposal articulates additional entrepreneurial activities that need to be coordinated with the regional GO Virginia efforts Budget Rationale: Award $200 k-$300 k per region to fund a full-time professional to serve as the regional quarterback. Funding could yet be made available in FY 2019. The regional quarterback would be tasked with advancing a regional strategic plan and prioritizing strategic investments, with the input from regional entrepreneurial ecosystem stakeholders, under the auspices of the GO VA Regional Boards. Once a regional prioritization investment plan is developed, further funding would be available in FY 2020 and thereafter to fill the gaps identified, including funding for efforts such as: EIRs, incubators, accelerators, mentor networks, etc. Comparable Best Practice Model: Launch Tennessee Supports a network of Entrepreneur Centers, located in six cities across the state that provide entrepreneurs access to a mix of support services, including: wayfinding for entrepreneurs, boot camps, mentorship, co-working space, and initial pre-seed grants. In 2016, Launch Tennessee made grants to its Entrepreneur Centers of $200, 000 to $375, 000 for each center. These centers serve a much smaller area than GO Virginia regions. 44
Overview of VRIC Proposed Commercialization and Entrepreneurial Strategic Implementation Framework: Alignment With GO Virginia Will be Needed Objective 1: Generate more new high-growth potential commercialization ideas • Improving bench to licensing in universities Objective 2: Focus on strategic domain areas to create jobs and attraction national talent and capital • Big Data applications • Cybersecurity • Unmanned autonomous systems • Space and satellite systems • Life sciences • Other strategic clusters Objective 3: Launch and scaleup high-growth product-oriented startups • Develop regional capacities and statewide backbone of services to support regional entrepreneurship efforts along with access to privately-managed risk capital Objective 4: Coordinate and Collaborate a Statewide Network of Innovation Services • Establish an accountable organizational approach that oversees a “coordinated” continuum of services involving of network of service providers that retains effective existing initiatives that complement goals 45
Specific Areas of Alignment Needed on Entrepreneurial Development Between GO Virginia and Proposed Commercialization and Entrepreneurial Strategic Implementation Framework If the Proposed Commercialization and Entrepreneurial Strategic Implementation Framework goes forward, it will be important for GO Virginia to collaborate and coordinate with the new entity charged with advancing proposed statewide entrepreneurial development efforts, including: Coordinating backbone of entrepreneurial assistance services and resources to companies, such as access to mentorship networks, accelerators, Entrepreneurs-in. Residence, etc. , to help ensure companies successfully move through the commercialization valley of death Ensuring availability of sources of privately managed risk capital Supporting a statewide marketing and coordinating effort to serve entrepreneurs across the state and matching of entrepreneurs to investors 46
Innovating Tomorrow’s Economic Landscape TEConomy Partners is a global leader in research, analysis and strategy for innovation-based economic development. Today we’re helping nations, states, regions, universities, and industries blueprint their future and translate knowledge into prosperity.
Appendix A: Regional Start-up Activity Data 48
Entrepreneurial development in traded sector industries is critical to overall job growth across all regions of Virginia. Region Magnitude of Startup Activity Across Regions Traded Sector Number of Net Job Growth, Industry Surviving Startups Since All Traded Sector Startup 2007 Surviving by Industries, 2007 Employment Levels 2017* 17** in 2017* 750 5, 445 -9, 160 1, 673 11, 166 -9, 187 601 3, 656 -6, 675 Region 4 -- Greater Richmond 2, 919 20, 643 14, 423 Region 5 -- Hampton Roads 4, 247 24, 976 -8, 138 Region 6 -- Mary Ball Washington 1, 086 6, 090 5, 202 Region 7 -- Northern Virginia 7, 547 56, 848 20, 851 Region 8 -- Shenandoah Valley 1, 198 7, 118 -951 Region 9 -- Piedmont Opportunity Corridor 1317 7856 769 Region 1 -- Southwest Virginia Region 2 -- Roanoke/New River/Lynchburg Region 3 -- Southside Sources: *Business Dynamics Research Consortium database, University of Wisconsin Extension **IMPLAN database, using county level industry employment estimates 49
Appendix B: Details Regarding Proposed Commercialization and Entrepreneurial Strategic Implementation Framework 50
Strategic Objective #1: Build the university capacity to improve commercialization pathway Key Function: The Bench to Licensing Continuum for Research Commercialization Bench Stage Outcomes Pre-Competitive Research • • Technology Transfer Applied Research Largely, federal and philanthropic grants • Industry consortium • Discovery to IP Creation Technology Commercialization Translational Research Licensing Activities Help companies identify needed expertise and available IP • Scouting IP • • Invention Disclosure Deeper market and technical assessment • Individual company sponsored research into application or technology solution • Provisional patents • Seek initial assessment and industry interest • Advance to next stage, or return to inventor Proof-of-concept to de- • risk innovation • Go/No-Go decision on intellectual property (patent, copyright, trade secret, open access, etc. ) • • “Investment grade” ready technologies Engage innovation partners Licensing to startup and existing companies Suggested Services: The Bench to Licensing Continuum for Research Commercialization • Create individual university research commercialization advancement plans • Develop a database system on faculty expertise, shared-use facilities and active innovation projects to align with industry capabilities and needs • Seek legislation that clarifies state policy on goals of university technology transfer and commercialization 51
Strategic Objective #2: Focus on Strategic Domain Areas Key Function: Identify Strategic Domain Areas • • Suggested Services: Market-driven Product Development/Design to New Startup Launch #1 in nation in cyber industry job concentration #2 in total cyber jobs with over 66, 000 jobs 2 x national concentration of computer systems design industry with nearly 160, 000 jobs One of world’s largest concentrations of data centers 7 th in nation in VC investment in data sciences from 2000 -2017 • • Cybersecurity • Significant, Differentiated, New Opportunities Unfolding in Virginia Big Data leveraging Fiber and Data Center Assets Key Criteria: Competitive Advantage + Innovation Assets • • Unmanned Systems Applications Leveraging Test and Demo Facilities Life Sciences • • $548 million or 40% of university R&D in biological, biomedical and health sciences 65 VC-backed companies in biohealth fields with $343 million from 2010 -2017, 23 rd in nation Space and Satellite Development & Applications • • 83% higher concentration in engineering services, with nearly 44, 000 jobs NASA, MAAP, VTI offer key testing infrastructure Virginia Tech 12 th in publications citing key word “unmanned vehicle systems”, 2015 -2018 (2 Q) 1 of 7 FAA Approved test sites is in VA 27, 200 aerospace & defense workers in Virginia ranked 6 th in aerospace manufacturing attractiveness Virginia Tech ranked 11 th in aerospace engineering Study by Virginia Academy of Science, Engineering and Medicine found “Virginia possesses distinct advantages to support commercial space initiatives” 1 of 4 US satellite launch sites is in VA • Identify unmet market needs in technology domain areas • Pursue applied R&D projects and enhancements aligned with unmet market needs • Scout for inventions with commercial value • Inform commercialization decisions on how to approach proof-of-concept funding • Accelerate new venture formation • Mentor scaling of emerging ventures 52
Strategic Objective #3: Develop a backbone of entrepreneurial statewide resources Key Function: Identify Strategic Domain Areas • • • Suggested Services: Backbone services for entrepreneurship in each region In coordination with GO Virginia provide capacity-building funding to regional entrepreneurial service providers to ensure the capacity for entrepreneurial services exists across the state Offer a statewide backbone of entrepreneurial services to assist regional efforts, including access to experience venture advisors, matching to investors and marketing and coordination of events Advance public/private partnerships to ensure gaps within risk capital continuum are filled 53
Strategic Objective #4: Depiction of Proposed Organizational Approach Potential Network of Service Providers Under Grants/Co-Investments by Managing Non-Profit Statewide Marketing and Connector Entrepreneurial Organization Privately Managed Pre-Seed /Seed Funds Existing High Performing Innovation Activities University Research Commercialization Organizations Accelerators in Domain Areas EIRs Regional Entrepreneurial Organizations 54
Total Funding Proposed: $43. 55 million in General Fund and $20 million in Capital Fund Existing Resources & Required Enhancements Existing General Funds: Estimated at $29. 45 million annually $9 million VRIC* $3. 8 million VBHRC $10 million CIT** $1. 4 million CHRB $0. 25 million SCHEV $5 million proposed from GO Virginia but not yet authorized Existing Capital Funds: Estimated at $20 million annually $15 million VRIC $5 million HEETF*** Does not include funding for other domain area investments, such as funding for the Commonwealth Cyber Initiative (CCI) or Inova. Consideration should be given to coordination with these efforts. Funding Gap Above Existing Resources: $14. 1 million in General Funds Notes: *VRIC includes annual appropriations and rollover funding **CIT is portion focused on commercialization, entrepreneurship and staffing ***HEETF is portion dedicated to research enhancement 55
BOARD PRIORITIES 56
• 34 projects approved for $10. 9 M in state funds • Provided funding for enhanced capacity building for future collaborations • All projects must show collaboration between 2+ localities • Leveraged nearly $18. 7 M in additional funds ($1: 1 outside match required) • 20% local match required - need to have skin in the game to effect real change 57 57 BOARD PRIORITIES GO VIRGINIA IMPLEMENTATION
58 BOARD PRIORITIES 58
Scale-ups of existing small and medium-sized businesses Credentialing and Talent Development Priority Clusters Joint Site Development and Economic Development projects Commercialization of R&D (public & private) Enhanced startup initiatives and collaborations 59 59 BOARD PRIORITIES POTENTIAL PROJECTS
GO VIRGINIA – TALENT PIPELINE POTENTIAL STRATEGIES • Systematic assessment of employers needs for talent • Match talent with employment opportunities • Promote more education-toemployment pipelines • Apprenticeships and internships • Align curriculum and programs with business needs 60 THE PROBLEMS • Low unemployment • Flight of talent to other states with “better” opportunities and equity • VA lost 14, 000 highly educated 25+ year olds in past 5 years • Questionable data on actual employment gaps • Mismatch between needs of business and degree/credentialing/training efforts 60 BOARD PRIORITIES 0
GO VIRGINIA – SITE DEVELOPMENT • • 61 POTENTIAL STRATEGIES Systematic regional and statewide site inventory Demand analysis to prioritize site development Fund infrastructure that moves sites closer to being shovel ready RIFAs and other contractual obligations to share costs and revenues • • THE PROBLEMS Insufficient number of sites to capitalize on major capital investment opportunities Sites that exist are not shovel ready Data on existing sites is incomplete Lack of cooperation among localities 61 BOARD PRIORITIES 1
GO VIRGINIA – ENTREPRENEURSHIP • • POTENTIAL STRATEGIES Regional “quarterback” to coordinate and align entrepreneurship efforts Statewide backbone services to support the most promising business ventures Statewide seed fund Strong focus on most promising sectors for Virginia • cyber, big data, life sciences, IT 62 • • • THE PROBLEMS Virginia ranks 22 nd of 25 large states in startup activity Venture capital growth 1/3 of national average New companies that leave create 50% more jobs than those that stay Commercialization lags national peers 77% of university R&D licenses in 2017 were to out-of-state companies 62 BOARD PRIORITIES 2
GO VIRGINIA – SCALE UP POTENTIAL STRATEGIES • Growing our own companies leads to larger, sustainable clusters • Augment supply chains around successful enterprises 63 THE PROBLEMS • Often misunderstood, few national models • Uncoordinated activities to help companies survive valley of death • Growing our own companies leads to larger, sustainable clusters 63 BOARD PRIORITIES 3
UPCOMING MEETINGS 64
• Tuesday, March 12 at 1: 00 PM • Location: House Room 1, Capitol 65 UPCOMING MEETINGS 2019 BOARD SCHEDULE
- Slides: 65