Olympia, Washington. The Washington Economic Development Commission (WEDC) has released its strategy report: “Building the Washington Innovation Economy: New Economic Strategy for Prosperity.” WEDC Chairman Bruce Kendall and Vice-chairman Steve van Ausdle explained that innovation will be the way to forward to a sustainable long term economic recovery. The ten year vision is to make Washington the most attractive, creative and fertile investment environment for innovation in the world.
Governor Chris Gregoire participated in the roll-out event in the State Legislative Building and praised the commission’s report: “This report confirms that Washington is on the right track to build a more sustainable economy. I applaud the commission for its tireless work to review our programs and ensure that Washington will continue to support and strengthen our local businesses.” Key legislators expressed their bi-partisan support of the strategy including Senator Jim Kastama and Senator Joe Zarelli and Representative Phyllis Kenney and Representative Barbara Bailey.
The commission report addresses three key drivers of an innovation economy—talent, investment and entrepreneurship, and infrastructure—and proposes 22 action items to address those drivers. The 17 member commission’s innovation economy strategy was formulated by business, education, research and government leaders from across the state.
“An innovation economy requires doing new and different things very well,” said Egils Milbergs, executive director of the WEDC. “No single institution alone will lead the way. Countless organizations and individuals across the state, interacting and acting in a larger innovation ecosystem will evolve the Next Washington. Collaborative innovation will be the essential ingredient for the state’s future growth and prosperity.
Download the Strategy Report at www.wedc.wa.gov
Egils Milbergs remarks at the event.
This is an unprecedented time of economic uncertainty. Uncertainly leads to fear. We cannot be afraid to lead. We need a strategy. The challenges the commission identifies in talent, investment and infrastructure are worthy of our attention right now.
A time of crisis is the best time to examine the fundamentals, set new directions, make necessary changes, and transform our fortunes. At the root of our growing unemployment problem and budget deficit is a growth deficit. To grow our economy again we need to do some new and different things very well. To thrive our economic development system must be nimble, adaptive and more resilient to a rapidly changing world and disruptive technologies.
In the 1960s and 70s the nation’s competitive advantage relied on cost and economies of scale. In the 1980s our competitive advantage depended on quality to meet the Japanese challenge. Today our competitive advantage rests on our capacity to innovative. Other nations can imitate, but for us we have to innovate. New boots—big steps. The next wave of growth, job creation and prosperity will be based on our capacity to nurture new to the world products and services. Growing the top line, not just the bottom line. This requires implementing a new way of doing business which is more collaborative. A model that relies more on multi-disciplinary solutions, openness to ideas outside organization boundaries, drawing on capabilities all across the state and empathy with customer and social needs.
Our strategic intent is to create a new dynamic in relationships—we call it an innovation ecosystem—that sees all the capabilities of the state as a toolbox for growth. The purpose of these relationships: knowledge creation, smarter workers and transformational systems, products and services.
No single institution will lead the way. We cannot command creativity or innovation. The industrial revolution was not the product of a single business or government program. The same can be said for the information revolution. Countless businesses, entrepreneurs, educators, researchers, non-profit organizations, communities and individuals across our state will be actors in the innovation revolution that we foresee. To realize this vision we will need a mindset of discovery, innovation, continuous learning, entrepreneurship and stronger, deeper and more productive collaboration.
Our work does not end with this report. In this first step we strategize, the next step we organize and the third step we operationalize. The report is a draft. It is not the last word. It is a set of ideas. We hope it will lead to thoughtful and imaginative discourse and constructive debate. We are starting a new narrative and an exciting journey.
In the weeks and months ahead we will advise the Governor and legislature on the status of our recommendations. We will work with agencies to align policies and the portfolio of economic development programs to ensure their relevance to the innovation economy. We will take the innovation framework to the communities that helped shape this report. Ask them to weigh in, fill in their unique innovation contribution. We will inform our congressional delegation of how this strategy relates to various components of the stimulus package. The state has the opportunity to garner and compete for a significant share of these funds
The long term view matters. In fact it is an imperative to make decisions for the present. We cannot neglect developing the next generation of talent, broadening the R&D base so more industry sectors can innovate, financing entrepreneurs, nurturing nascent industry clusters and transforming the state’s infrastructure to be smart, clean and green. We should lead the nation in transitioning from oil dependency. A full and lasting recovery must be investment driven by both the public and private sector.
We have a fortunate history of entrepreneurship. We have demonstrated strengths and assets to build on. This is not a prescriptive top down approach. Rather bottom up with key reliance on local initiative and self organizing behavior. We must leave behind the notion that regions are competing for a fixed pie and a zero sum game. If our regions collaborate it becomes a value creation game and win-win. We can pioneer a powerful new model for innovation from the bottom up and come out stronger. I am confident our political, business and civic leadership will take on the mission.
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