The Madison Region is at a very interesting and productive stage in its ability to capitalize on new high technology companies. Our area has long had world-class research, thanks to the UW Madison. This is coupled with a unique ability to capture and forward the commercial content of the University's research to commercial endeavors through the Wisconsin Alumni Research Foundation (WARF). These basic underpinnings of high technology company capabilities have long been in place in our region. Mixing in a few bold entrepreneurs and a strong regional target sector emphasis places the Capital Region on a strong path to success.
In recent times, entrepreneurs, angel capital networks, venture capital funds, and other key forces have spun together companies at an increased rate. These companies have matured to prominence as employers, market forces, wealth creators and overall beacons to the very strong potential of the region's high technology economy. They have performed well in "keeping the research at home" and leveraging the benefits for our region's economy. The results have been outstanding.
These successes have fostered more and bigger: more and bigger angel networks, more and bigger venture capital funds, more and bigger lists of new companies and more and bigger expectations. These gains are helped in no small part by the efforts of the regions various Associations, Councils, and Government bodies. Strong networks and affiliations like the Wisconsin Angel Network (WAN), the Wisconsin Entrepreneurs Network (WEN), the Governor's Business Plan Contest and a host of other support networks have continued to build momentum.
But there is a more challenging question in our midst -- growing at a rate that is possible, relative to our potential? We have shown we can establish high tech companies well, but doing something well and working up to our potential is another measure. Is it easier to find one qualified entrepreneur than finding 10? Is it easier to find one spousal employment position than 10 for those relocating to our area? Is it easier to find one later stage technology than 10 earlier stage technologies, requiring more mentoring before a product and market application is evident and reasonably secured? Performing against these hurdles will determine where our region goes; high, medium or low! The potential is there. How to do much more of the "right things" now become the challenge.
In recent times, entrepreneurs, angel capital networks, venture capital funds, and other key forces have spun together companies at an increased rate. These companies have matured to prominence as employers, market forces, wealth creators and overall beacons to the very strong potential of the region's high technology economy. They have performed well in "keeping the research at home" and leveraging the benefits for our region's economy. The results have been outstanding.
These successes have fostered more and bigger: more and bigger angel networks, more and bigger venture capital funds, more and bigger lists of new companies and more and bigger expectations. These gains are helped in no small part by the efforts of the regions various Associations, Councils, and Government bodies. Strong networks and affiliations like the Wisconsin Angel Network (WAN), the Wisconsin Entrepreneurs Network (WEN), the Governor's Business Plan Contest and a host of other support networks have continued to build momentum.
But there is a more challenging question in our midst -- growing at a rate that is possible, relative to our potential? We have shown we can establish high tech companies well, but doing something well and working up to our potential is another measure. Is it easier to find one qualified entrepreneur than finding 10? Is it easier to find one spousal employment position than 10 for those relocating to our area? Is it easier to find one later stage technology than 10 earlier stage technologies, requiring more mentoring before a product and market application is evident and reasonably secured? Performing against these hurdles will determine where our region goes; high, medium or low! The potential is there. How to do much more of the "right things" now become the challenge.
The Next Level
The target sector-based work of Thrive works to enhance existing networks, partnerships, assets and opportunities to help us meet our very high potential. By leveraging our region's assets and opportunities, Thrive's target sector work focuses our resources on our strongest opportunities for excellence and development: agriculture, biotechnology and healthcare, along with their areas of convergence (bio-agriculture and bio-medical). This mix of mature (agriculture, healthcare) and emerging industries (biotechnology) balances our economic portfolio. Economic strength requires start-up companies because mature companies do not innovate at the same rate as start-ups do As companies and industries mature over time, their rate of innovation slows or declines. The relationships between mature and emerging industries also show industry clusters, inter-related industries that drive wealth creation in a region.
Is a gaiting factor for our high tech company future about our supply of appropriately experienced entrepreneurs? Is another the ability to "bridge" the commercially promising science from the lab to the start up company, get it funded and move it rapidly forward? Are these factors intertwined? Doesn't a good entrepreneur with a good plan and a good product idea always find a way to get the funding? Isn't this a "marketplace pull" that ties in nicely with our strong ability to push the process?
Learning from other regions suggests "the marketplace pull" is the ingredient for success. Indeed, some high tech success stories have more to do with the market pull of entrepreneurs than it does with science push from Universities.
If we judge our stage of high tech company correctly, the challenges at hand now seem to turn from what has made us successful thus far to a significant increase in our ability to foster the pulling ability in our region's targeted, sector-based approach. In generating that environment, we are beginning to move the Capital Region to the next level.
Is a gaiting factor for our high tech company future about our supply of appropriately experienced entrepreneurs? Is another the ability to "bridge" the commercially promising science from the lab to the start up company, get it funded and move it rapidly forward? Are these factors intertwined? Doesn't a good entrepreneur with a good plan and a good product idea always find a way to get the funding? Isn't this a "marketplace pull" that ties in nicely with our strong ability to push the process?
Learning from other regions suggests "the marketplace pull" is the ingredient for success. Indeed, some high tech success stories have more to do with the market pull of entrepreneurs than it does with science push from Universities.
If we judge our stage of high tech company correctly, the challenges at hand now seem to turn from what has made us successful thus far to a significant increase in our ability to foster the pulling ability in our region's targeted, sector-based approach. In generating that environment, we are beginning to move the Capital Region to the next level.