Accelerating the Innovation Agenda in Rural and Urban Communities

Accelerating the Innovation Agenda in

Economic Developers Council of OntarioPresented by Don DuvalToronto, ONFebruary 3rd, 2016

Accelerating the Innovation Agenda in Ontario Communities

Sudbury at a Glance – A Snapshot of our Community

• Population of 160,000 covering an area about 2/3 the size of P.E.I and offers 330 lakes – more than any other municipality in the world

• Strong academic institutions including a leading research and teaching hospital

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research and teaching hospital

• Home to Canada’s 2nd and 8th largest science centres

• Boasts the one of the world’s leading mining supply / service technology clusters

• Globally recognized for its aggressive and successful land revitalization / reclamation program

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About the NORCAT Innovation Mill

As part of the Ontario Network of Entrepreneurs, NORCAT’s Innovation Mill serves as Sudbury’s Regional Innovation Centre partnering with community stakeholders to help start and accelerate the growth of innovative companies.

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4-10% of new companies become high-growth firms.

Only…

But the top…

Why Should We Care About Start-up Tech Companies?

But the top…

1% in any given year generate roughly 40% of new jobs.

5% in any given year generate roughly 66% of new jobs.

Source: High-Growth Firms and the Future of the American Economy, Kaufmann Institute, 2011

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What are the Top “Things” Entrepreneurs Want / Need ?

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What Services do Regional Innovation Centres Provid e?

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Accelerating Growth vs Constraining Factors – What’s Next?

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Fostering Community Engagement to Drive Innovation

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Start-up Need: Access to equity / risk capital to support venture growth.

Start-up Need: Access to advanced manufacturing / electronics lab facilities.

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…the Platformeffect…

…or maybe the

Springboardeffect…

PassionA desire to help their community for the greater economic and social good of the community.

Finding the Right Community Champions – Easier Said than Done!

Entrepreneurial CredentialsEntrepreneurial CredentialsImportant to engage champions that have “been there, done that” and reflect the culture of your customers.

TimeWith our aging baby boomer population retiring – full of knowledge and wealth – now is the time to engage those with time to contribute.

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…the most successful entrepreneurs are driven by

impact rather than impact rather than experience or money…

The “Coles Notes” Playbook for Driving Community In novation

Don’t just build a delivery organization –build a platform with the intent and ability to engage the “right” community champions.

Refresh and understand the needs of your start-up innovation community and know that every community is a bit different.

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community champions.

Find and engage the “right” champions –

they exist!

Find the “right” champions and collectively create / foster a culture of entrepreneurship and innovation and drive sustained job and wealth creation together.

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Fostering Community Engagement to Drive Innovation

…startups that have helpful mentors , track metrics

effectively, and learn from

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Start-up Need: Access to engaged mentorship and advisory support.

effectively, and learn from startup thought leaders raise

7x more money and have 3.5xbetter growth…

NORCATSudbury, ON | Timmins, ON | Onaping, ON

@norcat

www.norcat.org

www.facebook.com/NORCAT

www.linkedin.com/company/norcat

Don Duval Twitter: @ don_duval