the emergence of an nnovation cluster in the value … › cic › 2014 › presentations ›...
TRANSCRIPT
![Page 1: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/1.jpg)
Kathay RennelsCommunity and Economic Development
Office of EngagementColorado State University
Dr. Gregory Graff Agricultural and Resource Economics
College of Agricultural SciencesColorado State University
Consumer Issues Conference: Food Perceptions, Practices, & Policies
University of WyomingOctober 9, 2014
College of Agricultural SciencesAgricultural and Resource Economics
THE EMERGENCE OF AN INNOVATIONCLUSTER IN THE VALUE CHAIN OF
COLORADO AGRICULTURE:CONSUMER IMPLICATIONS
![Page 2: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/2.jpg)
Two converging forces changing the nature of innovation in agriculture and food:
1. Increasing complexity and interdependence of innovations within the industry value chain
2. Increasing concentration of innovation activities geographically within regional “clusters”
![Page 3: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/3.jpg)
Prompting a recalibration of perceptions and policies:
1. Viewing the industry value chain holistically. Rather than single commodities or sectors.
2. Recognizing (facilitating) the concentration of innovation within regional “clusters”– Tend to converge where population is concentrated
![Page 4: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/4.jpg)
VIEWING THE VALUE CHAIN HOLISTICALLY
Case Study: The Value Chain of Colorado Agriculture
![Page 5: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/5.jpg)
The Value Chain of Colorado Agriculture (Feb 2013)
Provides a comprehensive foundation of data on Colorado’s agriculture, food, beverage, green industries, in order to…• Identify areas where businesses share a
common fate • Bring Colorado’s regions together around
shared economic strengths• Provide an integrated perspective to
inform policy and regulatory decision-making across all segments of the value chain
• Highlight connections to allow for a deeper understanding of agriculture and its impacts on Colorado
• Create a new conversation about Colorado agriculture
![Page 6: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/6.jpg)
The value chain of agriculture
Fertilizer
Livestock production
Land resources
Water resources
Crop genetics
Crop production
Energy
Animal health & vet care
Pest control
Equipment
Bioenergy feedstock
Livestock genetics
Food crop harvests
Feed & fodder
Other animal products
Meat
Biofuels production
Dairy
Crop processing
(sorting, milling,
pressing)
Fresh market
Intermediate ingredients
Food & beverage manufacturing
Food & beverage retail stores
Food & beverage service Other retail
Processing, packing, bottling
Fuels blending
Packing
Consumers
Open spaces,
ecosystemservices, wildlife habitat,
etc.
![Page 7: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/7.jpg)
The Reality of Colorado Retail
Total retail sales of $27.5 billion
Food at home = $12.3 Food away from home = $13.9
The big six = $8 billion Full service restaurants = $5.8 billion
Alcoholic bev.= $2.9 billion
Garden center, landscaping = $1.2 billion
Pet food = $180 million
“Locally grown” = $88 million
![Page 8: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/8.jpg)
RECOGNIZING REGIONAL CONCENTRATION OF INNOVATION
Case Study: The Emergence of an Innovation Cluster in Colorado
![Page 9: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/9.jpg)
The Emergence of an Innovation Cluster in the Agricultural Value Chain along Colorado’s Front Range (October 2014):– Recognizes the emergence of an
innovation cluster in agricultural value chain
– Empirically derive its geographic footprint – Explore the economic fundamentals driving
its growth– Identify the main technology categories and
interrelationships among them.– Take an inventory of the companies and
organizations– Recommend next steps
![Page 10: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/10.jpg)
An innovation-led industry cluster?
“A geographically proximate group of interconnected companies and associated institutions in a particular field, linked by various commonalities and complementarities.”
Michael PorterHarvard Business School
“Co-location of different stakeholders accelerates knowledge-sharing and development of new products and services in ways that you can’t do if they’re scattered.”
Navi RadjouUniversity of CambridgeJudge Business School
What is an innovation-led industry cluster?
![Page 11: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/11.jpg)
THE GEOGRAPHIC FOOTPRINT OF INNOVATION IN FOOD AND AG IN COLORADO
![Page 12: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/12.jpg)
Exploring Colorado’s science baseWe searched Web of Science database for– CO authors– In fields of:
• Agriculture• Agronomy• Entomology• Horticulture• Plant Science• Soil Science• Veterinary Science• Food• Water
14,982scientific articles published 1990-2012
0
100
200
300
400
500
600
700
800
900
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
by private sector authors only
jointly by public and private sector authors
by public sector authors only
![Page 13: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/13.jpg)
Location of authorship on scientific publications in agriculture and food
![Page 14: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/14.jpg)
Exploring Colorado’s technology base
We searched the U.S. Patent Office database for– CO inventors– In fields of:
• Agriculture• Food• Veterinary • Milling/Slaughtering/Processing• Packaging/Storing/Handling• Biofuels• Water treatment• Hydrology/Water
5,005patents issued 1990-2012
0
50
100
150
20019
9019
9119
9219
9319
9419
9519
9619
9719
9819
9920
0020
0120
0220
0320
0420
0520
0620
0720
0820
0920
1020
1120
1220
13
0
50
100
150
200
250
300
unknownassigned to private sector onlyassigned to public and private collaboratorsassigned to public sector only
Patent applications
Patents granted
![Page 15: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/15.jpg)
Location of authorship on scientific publications in agriculture and food
Location of invention on US patents in agriculture and food
![Page 16: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/16.jpg)
WHY THE COLORADO FRONT RANGE?
![Page 17: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/17.jpg)
Colorado has a long history in ag, food, and beverage innovation and entrepreneurship
• Coors, 1873• Monfort, 1930• Leprino, 1950• Celestial
Seasonings, 1969
![Page 18: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/18.jpg)
Colorado consistently ranks nationally in innovation and entrepreneurship
• No. 2 in the U.S. for entrepreneurship and innovation (U.S. Chamber of Commerce, 2013)
• No. 4 in the State Technology and Science Index (Miliken Institute, 2013)
• No. 5 for entrepreneurial activity (Kauffman Foundation, 2014)• Top 10 Metro Areas in the U.S. for High-Tech Startup Density
(Kauffman Foundation, 2013, based on U.S. Census Bureau):1. Boulder, CO2. Fort Collins-Loveland, CO6. Denver, CO9. Colorado Springs, CO
![Page 19: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/19.jpg)
Why the Colorado Front Range?
66% of Colorado population11% of Colorado area
12% of Colorado farm land30% of value of ag production51% of value of ag inputs
81% of value of commodity marketing/processing
95% of scientific publications and90% of patented inventionsin ag, water, food, beverage, biofuels.
Most of the innovating companies.Most of the research institutions.
![Page 20: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/20.jpg)
CATEGORIES OF AG AND FOOD TECHNOLOGIES IN WHICH COLORADO COMPANIES ARE INNOVATING
![Page 21: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/21.jpg)
Colorado’s innovators concentrate in a dozen interrelated technology categoriesAdvances in one area creates new opportunities in others.
CONSUMER ORIENTED INNOVATION
![Page 22: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/22.jpg)
Colorado’s innovating companies and institutions in commodity processing and food and beverage
manufacturing
COMPANY TECHNOLOGY CITYAtlas Pacific Engineering food manufacturing equipment PuebloBall Corp packaging for food and beverage industries BroomfieldCargill - Meat Solutions slaughter and meat packing Fort MorganCelestial Seasonings herbal teas BoulderConAgra Mills (Ardent Mills) ultragrain white whole wheat Commerce CityDSM omega-3 and other food ingredients BoulderJBS meat products GreeleyKeen Ingredients quinoia processing DenverMicroTender Industries meat tenderizing DenverPenford Food Corporation food ingredients and manufacturing Centennial Western Sugar Cooperative sugar beet refining DenverWhiteWave - Horizon Dairy dairy and soy beverages Broomfield
![Page 23: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/23.jpg)
Colorado’s innovating companies and institutions in dairy production and manufacturing
COMPANY TECHNOLOGY / BUSINESS CITYDSM omega-3 and other food ingredients BoulderLeprino Foods Company cheese manufacturing DenverDairy Tech Inc pasteurization systems WindsorAurora Orangic Dairy organic dairy AuroraWhiteWave - Horizon Dairy dairy and soy beverages BroomfieldNoosa Yoghurt – Morning Fresh Dairy Premium yoghurt; milk home delivery Bellvue
![Page 24: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/24.jpg)
Colorado’s innovators inanalytics, testing, and biosafetyCOMPANY INNOVATIONS CITYAnalytical Spectral Devices packaged product inspection systems BoulderBintech measurement of large bulk inventory storage tanks, grain LouisvilleBirko food safety for food and beverage manufacturing facilities HendersonCarboAnalytics accurate sugar analysis for food, beverage, bioenergy Fort CollinsChroma Dex Analytics science-based solutions for food & animal health BoulderDairy Tech Inc pasteurization systems WindsorGambro biosafety LakewoodHach Company analytical instruments for water quality analysis LovelandLumiere Diagnostics food and water safety testing Fort CollinsMicroBac testing services for food & beverage industries BoulderOptiEnz highly sensitive enzymatic detectors Fort CollinsThermo Fischer food & beverage, pesticide analytics Denver; Lafayette
![Page 25: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/25.jpg)
Colorado’s innovating companies and institutions in beer, wine, and spirits
COMPANY TECHNOLOGY CITYAnhauser Bush - Budwiser brewing Fort CollinsColterris Winery winemaking Grand JunctionCoors brewing Golden Infinite Monkey Theorem winemaking DenverJack Rabbit Hill winemaking/distilling HotchkissNew Belgium Brewery brewing Fort CollinsLeft Hand Brewing brewing LongmontO'Dells brewing Fort CollinsOskar Blues brewing LyonsSpring 44 distilling LovelandStranahan's distilling DenverWynkoop brewing Denver
…and many, many more.
![Page 26: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/26.jpg)
Colorado’s innovating companies and institutions in “fast and fresh” food service
COMPANY CUISINE CITY HEADQUARTEREDChipotle Mexican Grill Mexican DenverEinstein Noah Bagels Bagels GoldenLarkburger burgers ArvadaLive Basil Pizza DenverMad Greens salads Golden ModMarket bistro BoulderNoodles & Co. noodles BroomfieldTokyo Joe’s Asian DenverQdoba Mexican Denver
![Page 27: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/27.jpg)
Colorado’s innovating companies and institutions in natural and organic food and beveragesCOMPANY INNOVATIONS CITYAlfalfa’s grocery retail BoulderBhakti Chai spiced teas BoulderBoulder Brands (Smart Balance, Evol, Udi’s) 200+ products BoulderCelestial Seasonings Herbal teas BoulderFresca Foods food business and brand development advisers LouisvilleGood Belly probiotic fruit drinks BoulderKeen Ingredients quinoa grain milling and ingredients DenverLarabar energy food nut and fruit bars DenverLifeline Nutraceuticals health food ingredients EnglewoodMadhava Natural Sweeteners honey and agave sweeteners LongmontMicroPure Technologies probiotic ingredients Fort CollinsNatural Grocers grocery retail chain: 90+ stores in 13 states LakewoodRudi’s Bakery organic baked goods BoulderWhite Wave (Horizon Organic, Silk) dairy, soy, almond beverages and products Broomfield
![Page 28: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/28.jpg)
![Page 29: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/29.jpg)
Discussion
• National trends in regional clustering
![Page 30: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/30.jpg)
Next steps0. Acknowledge the economic significance and
technological sophistication of existing innovation activities in the agricultural and food value chain.
.
![Page 31: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/31.jpg)
Next steps1. Develop and attract talent.
Talent is identified repeatedly as the most important factor driving growth of an innovation cluster. Availability of specialist skills was the factor most commonly cited by executives interviewed for this study. .
![Page 32: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/32.jpg)
Next steps2. Identify and support existing activities. Connect
existing companies.
Much innovation is already under way that has arisen in response to market forces, and thus has real market potential. Look for grassroots developments and seek ways to accelerate them.
Growth of a cluster needs mechanisms to facilitate mixing and spawning collaborations between people and organizations. Especially important is the development of public-private collaborations.
![Page 33: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/33.jpg)
Next steps3. Exercise tolerance of different points of view.
Innovation often arises at the intersection between conflicting points of view and, by its very definition, is a challenging of the status quo. Innovation requires a willingness to question how things are done.
The agricultural and food system is often the focus of social and political contention over “how things are done”. Colorado is at the center of these national debates. Colorado innovators have an opportunity to take leadership and provide solutions.
![Page 34: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/34.jpg)
Next steps4. Coordinate vertically. Pilot locally. Then sell globally.
Given the complexity of the value chain vertical coordination may be required for piloting new technologies, test marketing new products, or implementing new business models.
Size of the local market was the second most important factor to executives locating R&D activities on the Front Range. The Denver metro region, at 3.1 million, is compact enough to be manageable for test marketing yet large enough to grow within substantially, before seeking to expand nationally and globally.
![Page 35: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/35.jpg)
Next steps5. Develop financing mechanisms to assure access to risk capital.
Regionally we need greater access to early-stage risk capital for proof-of-concept validation and to create and grow new innovative companies, up and down the ag value chain. Drawing upon a combination of• traditional small-business financing sources • farm credit system (CoBank, FCC Services, American Ag Credit, etc.)• venture capital funds• angel investors In particular, seek mechanisms to facilitate financial investments from farm and ranch families that need to diversify their estate’s investment portfolio in managing the transfer between generations.
![Page 36: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/36.jpg)
Next steps6. Take the long view.
This is a long term effort, measured in decades. It has already been building for almost two decades. It may take another decade of sustained effort to reach a level of maturity and dynamism that Colorado is recognized globally.
![Page 37: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/37.jpg)
Discussion and implications• Shifting innovation in the value chain
– from supply driven (or ‘science pushed’) cost reducing innovation
– To consumer oriented (or ‘demand pulled’) value increasing innovation
![Page 38: THE EMERGENCE OF AN NNOVATION CLUSTER IN THE VALUE … › cic › 2014 › presentations › 2014cic-graff.pdf · The Reality of Colorado Retail . Total retail sales of $27.5 billion](https://reader036.vdocuments.site/reader036/viewer/2022070816/5f0f6ada7e708231d4440efd/html5/thumbnails/38.jpg)
Questions?Dr. Gregory [email protected]
Kathay [email protected]
Geniphyr [email protected]
For print copies and further information:
This project was made possible by the support of the Colorado Department of Agriculture and the Colorado State University
Office of Engagement.
Report available online at:http://outreach.colostate.edu