Building the Ohio Innovation Economy
Posted byChris Thompson - 04.25.2011
Two partners in Advance Northeast Ohio -- NorTech and the University of Akron -- are hosting a two-day session with the National Academies on "Building the Ohio Innovation Economy."
Here is a link to Plain Dealer reporter Robert Schoenberger's story on the first day of the session. A few of my key takeaways were:
Ross DeVol, executive director of economic research at the Milken Institute, said Ohio has to strengthen its universities' ability to assist in the commercialization of innovations, prepare and attract more highly educated talent and find ways to turn its most promising start-up companies into high-growth ventures if it is to become a "top tier state" in terms of innovation and economic prosperity.
Charles Wessner of the National Academies noted that despite the widespread perception to the contrary, the federal government has played a very active role in investing in the private sector since the 1790s to accelerate innovation and needs to continue to play a proactive role if we are to have the innovation and manufacturing capacity needed to compete against China, Germany and other global powers. Wessner said federal policy should be targeted at preserving manufacturing jobs in the U.S.
Several speakers noted the need to elevate our nation's innovation capacity to strengthen our national security.
James Griffith, the CEO of Timken Company, said his company went through a very difficult transformation that required eliminating 30 facilities but today the company is an engine of innovation and growth. Timken is now selling steel made in Canton to China. Ohio needs to undergo the same type of radical transformation. He cautioned that the state's heritage (including its multiplicity of governmental units) can strangle economic growth. He said now is the time to reinvent local government in Ohio and develop a new generation of workers able to compete globally.
John Fernandez, assistant secretary of the Economic Development Administration, noted that regions need to be able to compete globally and the federal government can provide incentives to help regions overcome historic boundaries (such as county lines and state lines) that have historically prevented regions from uniting to invest to strengthen regional competitiveness.
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