Developing a Culture of Innovation

A Leadership Perspective

Sterling G. Wharton Executive Director, Centers of Innovation

Georgia Department of Economic Development

www.georgiainnovation.org http://twitter.com/swharton

A new model for Economic Development A comprehensive environment for advancing globalcompetitivenessfor Georgia’s Company’s

Power of Brand

Throughout the second worst recession in a hundred years,

"the greatest engine of innovation that has ever existed" kept running.

In fact, the recession itself was caused by innovation getting out of control …

Tom Friedman

InnovateIterate

Replicate

Growth Stage

8

Business Growth

Large Mature

e.g. Coke/Home Depot/UPS NCR

Innovation Stage

Traditional Economic Development focus

New Products Services - innovation

Innovation

Idea Technology Validation Market Trials Business Model

Validation Scaling Growth

Centers of Innovation exist to create a new model for Economic Development …

commercializing new products & services & Business models by leveraging Industry expertise to connect to University R&D, and other GA industry relevant resources to high growth potential enterprises.

leveraging “intellectual & knowledge capital” for economic growth

Economic Impact- Jobs/Investment

Strategic Industries Impact

430,000 employed

11th In US

$43B

Revenue

120,000 employed

# 2 transportation #3

Seaport

$15B

Revenue

15,000 employed

7th

$7.8B

Revenue

389,000

employed

12th in US

$58.5B

Revenue

83,000

employed

8th in US

$9.6B

Revenue

67,000employed

$4B

Revenue

Highest potential for Economic Impact

GDEcD Projects/ Innovation Projects

• Projects well distributed across GA

• Innovation Projects in16 counties withoutrecent GDEcD activity

Innovation Projects (by industry )

• Distributed statewide …

• Some concentration ofinnovation projects

AgricultureTifton

ManufacturingGainesville

Life SciencesAugusta

LogisticsSavannah

AerospaceEastman

EnergyAtlanta

Deep Industry Expertise & Leadership for Strategic Industries – Industry Marketing for all

Georgia Market & Technical knowledge

Connections to .. R&D – University … Other Market Expertise Business Connections

Centers of Innovation

Strategic Partners

Focus• High Growth Potential Enterprises

• Commercialization – New products and Services leveraging New Technologies

• Both Established and Emerging Growth Enterprises

• Industry Expertise – 6 Industries – Support for all GA Economic

Development Organizations– Support (as needed) for Company

Recruitment – Industry Influence

• In GA – Improving GA competitiveness • Elevates GA WW

Innovation Grants

• Matching funds – – University/College Research &

Activities• Commercialization focus –

– new products and services • Requires support from the Center of

Innovation Director

Leadership

Steve JusticeNEW

John Zegers

Donnie Smith

Stacy Shuker Phd.

Page Siplon

Jill Stuckey

www.georgiainnovation.org

Innovation the new “norm” - “moderate” behavior

End

• Purge yourself of your old idols – Unlearn - Relearn

Being on Autopilot can kill – Introduce Small Changes to Stay Sharp

• Impossibility thinking

What was before Impossible is now Common The next 20 years will change more than the last 100

• Not making Mistakes … is a Mistake

Lower the consequences Failure is “Valuable Negative Information”

No limits to what folks will Try ….and …. Accomplish