A World of Insights

Innovation Roadmaps

Opportunities driven by innovation abound. But which ones are you positioned for? We can map out those growth opportunities that offer the best potential for your state or region. TEConomy has developed a line-of-sight assessment approach that analyzes “where you have the capacity to grow and to leverage your comparative advantage” and identifies growth opportunities at the intersection of leading industries and the broad base of innovation drivers found across industry, national labs, and universities in your state or region.   We can then work with you to design approaches to realize these growth opportunities based on best practices and tailored to your specific innovation ecosystem needs.

Optimizing North Carolina’s Innovation Ecosystem

NCInnovation, a recently formed public private partnership, partnered with TEConomy to commission a comprehensive report analyzing the North Carolina innovation ecosystem’s strengths, weaknesses, and opportunities. NCInnovation was created by some of North Carolina’s most influential business executives to drive catalytic change in the state’s innovation ecosystem. The report found that while North Carolina has a world-class university system, which ranks near the top of peer states in research and development funding and is a top destination for talent, the state has fallen behind other innovation leaders in its ability to commercialize its world-class research base. As a result, economic opportunities are unrealized, leaving North Carolina at risk of not attaining the transformative benefits that can, and should, accompany its substantial research competencies. TEConomy’s report outlines four recommended strategic initiatives that seek to elevate North Carolina’s capabilities to discover and commercialize transformative technologies, commercialize those advances along with other university innovations into high-quality startups, and support the scale-up of those startups in regions across the state. NCInnovation has raised more than $20 million from the private sector to build the foundation for North Carolina’s innovation future. The State of North Carolina in its most recent biennial budget created a $500 million endowment for NCInnovation to fund these strategic initiatives.

See: EXECUTIVE SUMMARY: Optimizing North Carolina’s Innovation Ecosystem

Advancing the Geospatial and Location Technology Cluster in the St. Louis Region

The STL GeoFutures Initiative was launched to enable the St. Louis region to realize its full potential as a global center of excellence in geospatial-related technology and cluster development. TEConomy was engaged to develop the required Strategic Roadmap to meet this objective and to bring the community together around a shared vision of the future and what it will take to get there—including in-depth quantitative and extensive qualitative situational assessments for positioning the region for success in geospatial development. A broad stakeholder Advisory Committee of 29 leaders representing industry, education, community and economic development came together as one team for St. Louis to guide the development of the Roadmap. The Roadmap sets out a bold vision for advancing the regional cluster as a driver for equitable and inclusive growth; and identifies a set of strategic priorities and recommended approaches for investment to enhance the cluster into the future.

See: STL GeoFutures: A Strategic Roadmap for Advancing the Geospatial and Location Technology Cluster in the St. Louis Region

Seizing the Manufacturing 4.0 Opportunity: A Strategic Plan for Iowa’s Manufacturing Industry

TEConomy was engaged by the Iowa Economic Development Authority (IEDA) to develop a forward-looking Iowa Manufacturing 4.0 Plan under the guidance of the Iowa Innovation Council. The Strategic Plan establishes the outsized importance of manufacturing to Iowa’s economy and looks toward an increasingly digital future of production and the resulting data-driven insights that can be gleaned. The industry-led and guided plan is centered around increasing Industry/Manufacturing 4.0-related technology adoption and integration among Iowa manufacturers, but further addresses needed enhancements in the broader manufacturing ecosystem. The plan includes clear strategies and actions for all manufacturing stakeholders, from small- to medium-sized enterprises (SMEs) and large original equipment manufacturers (OEMs) to state leaders, resource providers, higher education institutions, state workforce programs, economic developers, and entrepreneurs.

See: Seizing the Manufacturing 4.0 Opportunity: A Strategic Plan for Iowa’s Manufacturing Industry

Oregon’s 10-Year Innovation Plan

TEConomy was engaged by Business Oregon to facilitate the development of a strategic plan that seeks to orient the state’s economy around better-paying jobs with higher growth potential, help the state weather future economic challenges, encourage participation among populations presently underserved in the innovation economy, and position Oregon as a national and global leader in critical innovation sectors. TEConomy helped lead the efforts of the Futures Commission, comprised of 31 leaders from industry, academia, and philanthropy, as they reviewed Oregon’s existing innovation ecosystem and engaged with more than 125 diverse stakeholders across the state to inform the plan. The 10-Year Innovation Plan, comprised of 4 strategies and 10 actions, will be implemented primarily through the Oregon Innovation Council and the Oregon Growth Board in coordination with partners throughout the state over the coming years.

See: Oregon’s 10-Year Innovation Plan

Central Indiana Corporate Partnership (CICP)

Clusters & Disruptors: Envisioning Central Indiana’s Economic Future in a Time of Change represents TEConomy’s latest partnership with CICP and its corporate stakeholders to identify and assess the advanced industry clusters that drive the region’s economy. The study revisits the original cluster prospectus work undertaken by the principals of TEConomy nearly two decades ago while with Battelle’s Technology Partnership Practice. The new study, however, recognizes the accelerating pace of change and how the emerging forces of convergence, the rapid pace of disruptive technology development, and new business models shape the marketplace. These forces of change called for a renewed assessment of CICP’s strategy, reevaluating the regional clusters and gaining understanding of the forces of change likely to drive Central Indiana’s economy for the next decade. The report includes recommended strategies for Central Indiana to ensure its preparedness for change and its future economic competitiveness as a region.

See: Clusters & Disruptors: Envisioning Central Indiana’s Economic Future in a Time of Change

Ohio BOLD

TEConomy completed a comprehensive economic development strategy for the State of Ohio, commissioned by the Ohio Chamber of Commerce Research Foundation, entitled Ohio BOLD: A Blueprint for Accelerating the Innovation Economy. The study found that Ohio needs to significantly invest in innovation so it can grow and thrive. The danger to not acting quickly risks placing Ohio at a severe economic disadvantage in upcoming years as other states pull ahead with more competitive workforces and industries. The report recommends that Ohio build on its strengths and invest in four key platforms: next generation manufacturing; innovative health care; smart infrastructure; and data analytics. For each platform, the analysis provides a development roadmap, including key areas of core competency, identification of niche opportunities, and strategies outlining specific actions to be taken and investments to be made to improve the state’s economic performance.

See: Ohio BOLD: A Blueprint for Accelerating the Innovation Economy

Catalyzing Virginia’s Innovation Economy

TEConomy developed a comprehensive assessment of the research assets and strategic directions needed to advance Virginia’s innovation economy that was adopted by the Virginia Research Investment Committee (VRIC). TEConomy was retained by the State Council of Higher Education for Virginia (SCHEV) on behalf of VRIC to bring an independent, expert assessment and knowledge of best practices to set out a cohesive investment framework for VRIC that also informs broader state efforts in innovation-driven development. The report sets out strategic priorities and specific actions to address the significant challenges that pose a real barrier to Virginia realizing its full innovation-driven economic potential. The assessment also identifies and offers development pathways for realizing Virginia’s significant innovation growth opportunities that offer alignment between existing core competencies found across industry, universities, and federal laboratories and the base of advanced industries in Virginia to serve growing market opportunities.

See: Assessment of Virginia’s Research Assets: Strategic Directions to Advance Innovation-Led Growth and High Quality Job Creation across the Commonwealth

Targeted Industry Strategies

Advancing state or regional innovation economies requires a thorough understanding of existing and emerging industry strengths and the unique growth opportunities that connect these strengths with specific know-how found across universities and other regional innovation drivers.  A fundamental component of many of our strategic engagements involves developing state and/or regional targeted industry analysis and assessments. Utilizing detailed industry employment, output, productivity, venture capital, R&D, and other data sources combined with on-the-ground intelligence, TEConomy has developed proven approaches to assist clients in understanding their most viable opportunities for industry cluster and subcluster development now and into the future.

FOREFRONT: Securing Pittsburgh’s Break-out Position in Autonomous Mobile Systems.

This report examines the Pittsburgh region’s R&D and industry core competencies and strategic opportunities in the fast-growing autonomous mobile systems sector (including, but not limited to, autonomous vehicles). The report defines the sector and provides in-depth analysis of Pittsburgh’s comparative position. Specific strategies and action recommendations are provided for growing this fast-moving industry cluster. The Pittsburgh region has a long history of research leadership in software and robotics that, driven by its core academic research institutions (most notably Carnegie Mellon University), has evolved into a significant base of activity at the cutting edge of modern technology applications in areas like artificial intelligence (AI), machine perception, high performance computing, and autonomous systems. Today, industry leaders, investors, and skilled talent agree that Pittsburgh represents one of the distinct hubs for autonomous systems activity in the country.

See: FOREFRONT: Securing Pittsburgh’s Break-out Position in Autonomous Mobile Systems.

Artificial Intelligence and Advanced Analytics in Indiana: An Initial Discussion of Industry Needs and University Capabilities

Advancements in analytical and data sciences, up to and including Artificial Intelligence (AI), are proving to be cross-cutting enablers of advancements in other disruptive technologies. The rapid growth of computational horsepower, low-cost data storage and high-speed data transfer, in combination with fundamental and applied innovations in machine learning, AI and associated algorithms is empowering advancements in the ability to manipulate large scale datasets, often in near real time. This, in turn, is enabling the automation of processes and decisions – processes and decisions that previously were part of a worker’s job description. This is being recognized for its potential to significantly impact our economic future and the future characteristics of work. This TEConomy report examines advanced data analytics and AI in the context of one U.S. state, Indiana, and its economic development. The report finds that Indiana’s economic future is and will continue to be strongly impacted by the role of AI and advanced analytics.

See: Artificial Intelligence and Advanced Analytics in Indiana: An Initial Discussion of Industry Needs and University Capabilities

Ohio’s Food Industry: The Future of Future Food Processing, Manufacturing, and Distribution

The Center for Innovative Food Technology (CIFT) and JobsOhio engaged TEConomy to evaluate the competitiveness of Ohio’s food industry in the wake of disruptive new technologies and ongoing recovery from the COVID-19 Pandemic. The study includes two main parts: highlighting the importance of Ohio’s food industry (which includes packaging, equipment/machinery, processing, manufacturing, distribution, and R&D), and understanding the current and future realities it is facing; and reviewing the disrupting technologies and megatrends that are transforming this industry. TEConomy’s analysis finds that Ohio’s industry employs nearly 126,000 people across Ohio and is especially innovative: the industry invests $114 million in food-related research and development (R&D), performs 43% more R&D than the national average, and hires more high-skill workers (e.g., engineers, engineering technicians, food scientist and technologists) to advance the sector. TEConomy explored varying megatrends, technologies, and driving forces disrupting the food industry, with a focus on supply chain adaptability, the digitalization of food, industry 4.0, consumer empowerment, and environmental sustainability. In a separate analysis, TEConomy also explored potential policies and partnerships that could help further strengthen the food industry sector.

See: JobsOhio and CIFT – Food and Agribusiness Fundamental Whitepapers

The EdTech Opportunity: Educational Technology as a Dynamic Growth Sector for Iowa

In a knowledge-based advanced economy, education and human capital skills are a crucial determinant of economic performance and, as such, EdTech represents a marketplace with an assured and fast-growing demand for products and services. This study performed a core competency assessment and economic analysis of the established and emerging elements of EdTech R&D and industry in Iowa.  It is concluded that, by working collaboratively (engaging EdTech industry, academic, state, and education delivery stakeholders), it is evident that the long-term upside potential for Iowa of investing in EdTech and facilitating its growth is significant. Iowa already has many of the assets for success in place; and via coordinating implementation of targeted strategies and actions, it may leverage these assets and further build-upon them, ultimately realizing its full EdTech sector growth potential.  The TEConomy report outlines a detailed strategy and action plan for advancing the sector as a major driver of innovation-driven economic development for Iowa.

See: The EdTech Opportunity: Educational Technology as a Dynamic Growth Sector for Iowa

Missouri’s Value-Added Food Manufacturing Initiative

The Missouri Agricultural Foundation, in collaboration with the College of Agriculture, Food and Natural Resources at the University of Missouri, engaged TEConomy to analyze the potential for transforming Missouri’s agriculture commodities into value-added products. The study, entitled Show-Me-State Food, Beverage and Forest Product Manufacturing Initiative, identifies three unique opportunities for Missouri agriculture to achieve greater economic impact by ensuring that the agricultural and forestry commodities produced across the state are transformed in-state into higher-value products that consumers or industrial users desire. The three initiatives focus on: developing regional food systems; catalyzing “foods for health” research; and, enhancing commodity utilization. TEConomy anticipates significant economic benefits if the strategic initiatives are successfully implemented. Their impact on Missouri’s economy by 2027 is projected to expand total value-added ag/food manufacturing economic activity to more than $71 billion, an increase of more than $25 billion compared with 2017; create and support nearly 70,000 new jobs; produce annual sales and local tax revenue of more than $3 billion; and increase agricultural commodity production sales by approximately $1 billion annually to meet new value-added uses.

See: Show-Me-State Food, Beverage & Forest Products Manufacturing Initiative

Washington’s Competitive Position in Life Sciences and Global Health

TEConomy completed a strategic assessment to inform how the State of Washington can best advance life sciences and global health development as part of the state’s ongoing Governor’s Life Science and Global Health Advisory Council’s deliberations. Overall the strategic assessment found two distinct periods of life science development in the State of Washington: a decade of strong growth from 2001-2011 and then a period of stagnation post-2011. The strategic directions recommended to foster future grown include: reinstating the R&D tax credit; sustaining entrepreneurial growth of young companies; retaining growing midsized companies with a focus on retaining and attracting top talent; and attracting major corporate innovation centers in strategic growth opportunity areas aligned with the state’s significant R&D base.

See: Life Science and Global Health Development in Washington State: Future at Risk

Iowa’s Bioscience Platform Development Strategy

Specialized, growing, and paying higher-than-average wages, the bioscience sector has been important to Iowa’s current economic success and holds potential for further focused development. On behalf of Iowa’s Economic Development Authority in collaboration with the Iowa Innovation Council, TEConomy performed quantitative and qualitative analysis of Iowa’s bioscience core competencies to identify and rank technology platforms that offer the best opportunities for further bioscience development in the state. The platforms identified were: bio-based chemicals; precision and digital agriculture; vaccine and immune-therapeutics; and medical devices. The second phase of the project involved developing a series of platform specific and cross-cutting strategies and action plan.

See: Phase I Report: Core Competency Analysis, Platform Identification and Crosscutting Strategies for Iowa Bioscience Development

AgriNovus Indiana

TEConomy works with AgriNovus Indiana to provide strategic analysis to help position Indiana’s agbioscience industry sector for growth. This relationship began in 2014 when the principals of TEConomy assisted the newly formed organization in undertaking a baseline assessment of Indiana’s agbioscience industry. The assessment examined the state of the agbioscience and agricultural technology ecosystem in Indiana, providing its stakeholders and the public with a detailed examination of key food and agricultural innovation drivers in Indiana. A series of follow-on reports provided analysis regarding industry trends, including market statistics, emerging technologies, research and regulatory issues, and leading companies, for each of the four innovation sectors as well as economic data at a regional level. This series of analyses provides the basis from which AgriNovus Indiana engages stakeholders to identify and develop strategic initiatives for the organization. In 2022, this analysis was updated once again. In addition to confirming that the agbiosciences continues to represent a cluster of economic activity that is rooted in established research strengths and associated with large-scale market opportunities, the assessment finds that the agbioscience economy is driven by the four innovation platforms and their impact on agriculture production and distribution. Taken together, these platforms, with direct output more than $58 billion, combine to generate and support a total economic impact within the state of Indiana of more than $91 billion in 2021.

See: Innovative Agbioscience in Indiana: 2022 Assessment

See: Innovative Agbioscience in Indiana: A Baseline Assessment

In 2016, AgriNovus engaged TEConomy to conduct an assessment of Indiana’s current and future agbioscience workforce trends in order to develop a fact-based understanding of the demand and supply of agbioscience workers in Indiana and the factors shaping how demand and supply can be more closely linked. As a result of the study’s findings, AgriNovus Indiana received a $4.2 million grant from Lilly Endowment Inc. to support strategic programs to meet the education, talent, and entrepreneurship needs of the growing agbioscience sector in Indiana.

See: Ensuring an Agbioscience Workforce for Indiana’s Future

University Research, Innovation, and Collaboration Assessments

TEConomy is at the forefront in using advanced quantitative analysis techniques, supplemented by qualitative methods, to objectively identify university and research institutional R&D core competencies and develop roadmaps for enhancing R&D platforms for institutional and regional advancement.  TEConomy’s methods are well proven and have been applied to evaluations at various scales of analysis, including: all research universities in a specific state; a specific university (both public and private); and, a specific college within a university.

Indiana’s Research Universities

The Importance of Research Universities identifies, explains, and highlights university research in the context of the full range of functions served by universities in modern societies, including education, basic and applied research, and service. The study, conducted for Indiana BioCrossroads, uses examples from Indiana’s major research institutions—Indiana University, Purdue University, Notre Dame, and IUPUI—to profile the structure of modern university-based research, academic disciplines, and the importance of transdisciplinary inquiry. The study also explores the impacts of research universities in terms of private and societal returns as well as market and non-market returns. Finally, the study discusses the changing environment for university research funding and structural changes taking place resulting from technological, political, and societal trends. Ultimately, the study works to develop a mutual understanding and appreciation of the importance of universities and their research, in all its forms.

See: The Importance of Research Universities

A follow-on study with BioCrossroads sought to further investigate a key finding from the Importance of Research Universities report—that Indiana’s research universities, collectively, had lower federal funding for R&D as a share of all sources, and that institutional self-funding of research was higher than anticipated. The study, Assessing R&D Funding Across Indiana’s Major Research Universities, further diagnoses these funding dynamics across each of the universities, and analyzes whether the institutions could have an opportunity to increase their federal funding.

See: Assessing R&D Funding Across Indiana’s Major Research Universities

North Carolina State University – Plant Sciences Initiatives

In 2016, North Carolina State University (NC State) announced the creation of a $180 million Plant Sciences Initiative and associated Plant Sciences Building, based on a feasibility study TEConomy principals conducted to evaluate the core competencies of the College of Agriculture and Life Sciences (CALS) and identify development platforms aligned with regional industry connectivity and economic growth potential.

See: The North Carolina Plant Science Initiative:  An Economic Feasibility Study

To undertake the important work of developing an implementation plan for the North Carolina Plant Science Initiative (NC PSI), envisioned to be a world-class transdisciplinary research initiative, the leadership of NC State engaged TEConomy to help convene and facilitate a series of task forces to focus on key elements of the initiative’s operating plan. Taskforce members were drawn from both the private and public sectors and represented a diverse group of stakeholders both internal and external to the University. Over the course of a year, the various task forces and sub task forces met to formulate a series of recommendations specific to their charge with an end goal of developing an NC PSI organizational model that will be responsive to the ultimate goals of the initiative. The thoughtful guidance and insights found within the series of recommendations that TEConomy worked to assemble and articulate will help to ensure that the NC PSI will be truly visionary and successful.

See: NC Plant Sciences Initiative – Task Forces Proceedings

Assessment of Virginia’s University Technology Transfer Policies and Practices

As part of a comprehensive assessment of the research assets and strategic directions needed to advance Virginia’s innovation economy prepared by TEConomy and adopted by the Virginia Research Investment Committee (VRIC), a detailed review of university technology transfer policies and practices for research universities in Virginia was completed.  This effort involved two important elements: assessing the practices, policies, and organization of Virginia universities’ efforts in technology transfer, commercialization, and industry partnering compared with emerging best practices; and, identifying opportunities to advance the impact and value creation of university translational research activities to bolster the Commonwealth’s economy statewide. The analysis resulted in specific recommendations for increasing commercialization and industry partnership efforts across research universities in Virginia. Follow-up implementation planning set out an approach for advancing individual university research commercialization plans, including success metrics.

See: Environmental Scan of University Technology Transfer, Commercialization and Industry Partnership Activities

New Hampshire University Research and Industry Plan

TEConomy was retained by the New Hampshire EPSCoR Program to develop an independent, objective assessment of the state’s innovation strengths and suggest strategies to capitalize on opportunities. The plan provides a roadmap for the New Hampshire innovation economy informing strategic decisions to best utilize state assets to grow high wage jobs in industry clusters for which New Hampshire has a comparative advantage. Rather than a broad economic development plan, the New Hampshire University Research and Industry Plan is focused on accelerating innovation-led development by aligning academia’s research strengths with the state’s substantial base of existing and emerging advanced industries. The plan identifies three major innovation clusters where New Hampshire stands apart from other states and sets out specific actions to leverage existing assets thereby strengthening the state’s innovation ecosystem.

See: New Hampshire University Research and Industry Plan: A Roadmap for Collaboration and Innovation

Innovation, Commercialization, and Entrepreneurial Ecosystems

Across the nation, entrepreneurship—the economic force that made the United States the envy of the world—is widely understood to be in a state of decline. In part, this decline is caused by the fact that for innovation and entrepreneurship to thrive, an ecosystem that connects and strengthens the drivers of business growth and development must be in place. TEConomy is working with states and regions to develop policies and programs that foster an environment that creates, attracts, and retains entrepreneurs, and establishes the necessary infrastructure to support them.

Catalyzing Innovation: Strategies for Missouri to Drive Innovation & Entrepreneurship

TEConomy was engaged by the Missouri Technology Corporation (MTC) to develop a strategic roadmap for catalyze Missouri’s entrepreneurial ecosystem over the next decade. Informed by a robust six-month planning process with guidance from a statewide Steering Committee and input from over 500 individuals across the state, the engagement resulted in a data-centered, stakeholder-informed set of recommendations for the future. TEConomy’s analysis concluded that while the $75.7 million invested by MTC since 2014 has resulted in a total economic impact of more than $6 billion, more can be done to ensure that innovative firms are able to successfully grow and develop in Missouri. The report recommends five strategies and an associated set of sixteen actions to help companies grow, create higher-paying jobs, and develop an economy prepared for future challenges. The strategic plan will help set the direction for policies, programs, and initiatives that foster and support the further growth of entrepreneurs and the advancement of innovation and technology across the State of Missouri.

See: Catalyzing Innovation: Strategies for Missouri to Drive Innovation and Entrepreneurship

CTNext – Connecticut’s Innovation/Entrepreneurial Ecosystem Roadmap

To better understand the current environment for innovation and entrepreneurship in Connecticut, CTNext engaged TEConomy to provide a detailed and comprehensive assessment of Connecticut’s innovation and entrepreneurship ecosystem. TEConomy’s approach to the analysis was structured to ascertain both the strengths of the existing ecosystem, as well as discover where gaps in services exist that if addressed could further strengthen the overall innovation/entrepreneurial ecosystem. The analysis culminated in a strategic plan for innovation and entrepreneurial initiatives and recommends actions that should be taken to foster greater levels of innovation-led entrepreneurship in Connecticut in the years to come. CTNext is currently working to implement the strategic actions outlined in the Roadmap.

GO Virginia Regional Entrepreneurial Assessments

TEConomy was engaged by the GO Virginia Statewide Board to provide each of the nine GO Virginia regions an independent and objective assessment of its entrepreneurial development position in traded sector industries. TEConomy then worked with local entrepreneurial development leaders to identify for each region priority actions to help strengthen their ecosystem. This work involved in-depth quantitative analysis of entrepreneurial-related trends and business dynamism. The assessment also included a comparative analysis to 15 national peers across measures of ideation, technology commercialization, startup formation, and scale-up of startups. A qualitative assessment involving an inventory of entrepreneurial program activities and stakeholder interviews was also completed to provide a more on-the-ground view of the opportunities to advance entrepreneurial development. These regional assessments are helping to guide how the statewide GO Virginia Board provides grants for capacity-building and invests in regional priorities. TEConomy worked with the GO Virginia Board to develop and provide updates to the quantitative data in 2021.

Impact Evaluation of Michigan’s 21st Century Jobs Trust Fund’s Entrepreneurship and Innovation Program

On behalf of the Michigan Economic Development Corporation, TEConomy evaluated the performance of the 21st Century Jobs Trust Fund’s Entrepreneurship and Innovation Program. The study found that the investments made have helped diversify the state’s economy and create jobs during the last decade. Since the 21st Century Jobs Trust Fund was created in 2005, $261.6 million has been invested in innovation and entrepreneurship efforts assisting nearly 1,400 companies and start-ups. Of those, 1,073 companies are still operating. Those companies directly employed 11,000 people in 2014, with estimated wages and benefits of nearly $879 million.  The direct effect of the jobs is estimated to generate $3.2 billion in output and support nearly $48.4 million in state and local tax revenue.

See: Michigan 21^st Century Jobs Trust Fund—Entrepreneurship and Innovation Programs Impact and Effectiveness Study

Research Parks, Innovation Districts, and Placemaking

TEConomy has extensive knowledge of and experience in conducting development and feasibility assessments of university-affiliated research parks and broader innovation districts. TEConomy brings a particular strength in understanding the dimensions of technology-related space drivers found across industry, universities, medical centers, and non-profit research organizations, and in identifying targets of opportunity that link core areas of research activity with technology-based industry development.  We are then able to develop customized solutions and programmatic actions to enable research parks, innovation districts, and other place-making developments to spur their regional innovation ecosystems and realize their economic development potential.

Cortex Innovation Community

The Cortex Innovation Community is among the pioneers in Innovation District placemaking. Cortex has transformed 200 acres of former brownfield land in St. Louis’ Midtown neighborhood into a successful and dynamic hub for entrepreneurship, R&D commercialization, and creativity. TEConomy was retained by Cortex to undertake a review of the multifaceted impacts being generated for the City of St. Louis and the St. Louis region. The report profiles the diverse contributions of Cortex in creating a comprehensive, innovation-driven, economic and community development ecosystem—an ecosystem that positions the region for ongoing success in an increasingly competitive, global, innovation-powered economy. Using input/output analysis, the report profiles the economic output and employment impact of business and institutional operations and developments located in Cortex. The results clearly demonstrate that Cortex is a powerful and growing economic engine for the region. The 369 companies and organizations located within the District employ 5,780 people and generate $2.1 billion in regional economic output. Cortex also expands the regional tax base, generating $69.6 million in total Cortex-related state and local tax revenues and $185.4 million in federal taxes. Over the 30-year life of the Cortex Super TIF, it is projected that over $775 million in TIF revenues will be generated.

See: Innovation by Design: The Regional Impact of the Cortex Innovation Community 

Innovate Pittsburgh

TEConomy completed a project with the Brookings Institution’s Bass Initiative on Innovation and Placemaking that assessed what types of place-making and broader innovation initiatives were needed to further revitalize the Pittsburgh region based on the recent changes in Pittsburgh’s advanced industries and innovation ecosystem. TEConomy co-authored the study, Capturing the Next Economy: Pittsburgh’s Rise as a Global Innovation City, that recommended a comprehensive innovation strategy for the region and advanced a public-private partnership approach. TEConomy’s role in the project included conducting an in-depth industry cluster analysis, preparing a core competency assessment of industry and university innovation activities, and assisting in the development of strategies, with specific focus on how to reposition Pittsburgh’s life sciences for increased growth. A new public-private partnership initiative has been launched based on the study’s recommendations.

See: Capturing the Next Economy: Pittsburgh’s Rise as a Global Innovation City

Cummings Research Park

TEConomy helped undertake a comprehensive master planning update for one of the nation’s most successful research parks, Cummings Research Park. TEConomy identified seven potential growth platforms based on the alignment of university and federal R&D activities and industry innovation assets. For each of these seven potential growth platforms, TEConomy identified strategic development approaches. TEConomy also assessed the region’s innovation ecosystem and identified specific types of place-making and real estate developments needed to advance their developments. Perkins+Will, as the project lead, integrated TEConomy’s analysis into a forward-looking master plan involving specific development recommendations and architectural renderings including how to ensure the connectivity of Cummings Research Park with broader developments taking place in Huntsville, Alabama.

See: Cummings Research Park:  Park of the Future – CRP Master Plan

Georgia Tech Re-Envisioning Technology Enterprise Park/North Avenue Redevelopment

This comprehensive master planning effort considered both how to reposition the Technology Enterprise Park as part of a larger North Avenue revitalization and how to create more synergies with Georgia Tech as well as downtown and mid-town Atlanta development. TEConomy provided the target industry analysis and market positioning using its line-of-sight methodology to consider the industry-facing activities taking place at Georgia Tech across life sciences, robotics, energy, and advanced manufacturing to understand how these activities could be better aligned with broader regional industry innovation activities. TEConomy also considered how the broader technology industry drivers and comparable real estate developments were advancing and implications for North Avenue redevelopment. Perkins+Will, as the project lead, integrated the analysis from TEConomy into a comprehensive master plan with significant site development recommendations for how to create new connectivity with the main Georgia Tech campus.

16 Tech in Indianapolis

Assisting the Central Indiana Corporate Partnership and its affiliate, Indiana BioCrossroads, the principals of TEConomy helped make the case for one of the nation’s most exciting innovation districts, 16 Tech in Indianapolis.  The project assessed the innovation and talent dynamics in the region to better understand the opportunities and challenges for advancing a planned innovation district. The analysis benchmarked the dynamics of innovation and talent and identified how developments in live-work-play were advancing within downtown Indianapolis and around the 16 Tech site. The analysis helped to develop the business case for 16 Tech and detailed program activities featuring best practices from the benchmark regions. TEConomy continues to assist 16 Tech, and most recently completed an economic impact assessment and a framework for measuring its future success.

Association of University Research Parks (AURP)

In collaboration with Association of University Research Parks, TEConomy and its principals have chronicled research park developments and best practices nationwide through in-depth surveys and periodic reports since 2008. These benchmarking reports have highlighted the growth of research parks and documented best practices in how research parks contribute to regional innovation ecosystems and are anchoring innovation districts across the nation. The most recent benchmarking results were presented to AURP members in 2018.

Talent Strategies and Workforce Dynamics

Arguably the most important ingredient for a successful innovation-driven economy and ecosystem is the skilled workforce and talent that develops and deploys advanced technologies.  The development, attraction, and retention of skilled talent, at all levels, is critical to a thriving innovation economy and is a top priority for our clients.  TEConomy is working with states and regions to ensure a robust talent pipeline to meet the needs of industry.

2021 Life Sciences Workforce Trends Report (National)

TEConomy partnered with the Coalition of State Bioscience Institutes (CSBI) to take stock of the industry’s demand for talent and related themes emerging from a disruptive COVID pandemic year. The analysis and assessment leveraged detailed job postings of life sciences companies; a national life sciences industry hiring survey; and interviews with nearly 200 life sciences executives across the U.S. The report identified a set of key findings and themes that emerged from the assessment and included the life science industry’s continued economic resilience; the seismic shift to remote work; the elevated commitments to a more diverse and inclusive industry as a strategic priority; and the importance of industry-academic partnerships.

See: 2021 Life Sciences Workforce Trends Report

Indiana Agbiosciences: Ensuring a Sustainable Workforce

Understanding the ramifications of the agbioscience workforce shortage at the national level, AgriNovus Indiana (AgriNovus) engaged TEConomy to better understand if Indiana is being impacted by the same trends, or if this critical statewide industry sector is faring better than the country as a whole. TEConomy developed a data-driven, fact-based understanding of the demand and supply of agbioscience workers in Indiana, and the factors shaping how demand and supply can be more closely linked. A key finding from the analysis is that while Indiana’s talent generation in core agbiosciences occupations is aligned with demand, the industry struggles to attract talent in allied occupations, such as business and technology. As a result, TEConomy recommends in its report, Ensuring an Agbioscience Workforce for Indiana’s Future, a series of solutions that if implemented will help ensure that agbioscience industrial workforce needs are aligned with the higher education delivery system. These recommendations are now being implemented by AgriNovus through efforts such as Field Atlas, a career exploration platform that informs high school and college students about the kinds of diverse professions in the growing agbiosciences industry.

See: Ensuring an Agbioscience Workforce for Indiana’s Future

State of Washington’s Life Science and Global Health Workforce Dynamics

TEConomy developed a comprehensive baseline assessment and strategy for meeting Washington’s current and future life science and global health workforce needs. This study involved surveying industry to identify specific occupational shortage areas, analyzing talent generation trends, and assessing supply and demand dynamics. Assessing Washington’s Life Science and Global Health Workforce Dynamics identifies two strategic priorities encompassing seven detailed action steps to implement to enhance talent connections to life science companies and address critical gaps for specific occupations.

See: Assessing Washington’s Life Science and Global Health Workforce Dynamics

Advancing Data Analytics and Computing in Arkansas

TEConomy was retained by the Arkansas Research Alliance and Arkansas Economic Development Commission to assist the Governor’s Blue-Ribbon Commission in formulating a strategic plan for advancing data analytics and computing in Arkansas. TEConomy facilitated discussions, conducted a detailed assessment of Arkansas’ competitive position in data analytics and computing, benchmarked best practices, and helped to formulate key actions and an operating approach for a new public-private partnership effort. The Blue-Ribbon Commission’s Action Plan recommends a five-year, $25 million public-private partnership effort to recruit top talent, raise industry capabilities, and generate more homegrown talent in data analytics and computing in Arkansas.

See: Recommendations on Advancing the Economic Competitiveness of Data Analytics and Computing in Arkansas

Biopharmaceutical Industry Partnerships to Develop STEM-related Talent

Enhancing Today’s STEM Workforce to Ensure Tomorrow’s New Medicines, undertaken on behalf of the Pharmaceutical Research and Manufacturers of America (PhRMA), analyzes the biopharmaceutical industry’s needs for, and cultivation of, STEM-related talent. The report details how innovative biopharmaceutical companies and their foundations are partnering with the nation’s colleges and universities to foster the next generation of STEM talent. These partnerships are happening at all levels of the postsecondary pipeline from worker training programs to various certification and associate’s programs though to master’s and doctoral programs.

See: Enhancing Today’s STEM Workforce to Ensure Tomorrow’s New Medicines: Biopharmaceutical Industry Partnerships with U.S. Colleges and Universities

Indiana’s Health and Life Sciences Talent and Workforce

TEConomy, working with Indiana BioCrossroads, developed a comprehensive study detailing the workforce and talent dynamics of the state’s health and life sciences industry. The report includes a robust assessment of these dynamics as well as recommended strategies and actions for ensuring the industry, which represents one in every ten state jobs, will remain a globally competitive, economic driver for Indiana.

See:  Indiana’s Health and Life Sciences Talent and Workforce