Greater Philadelphia Acquires Road Map to Build Innovation Economy

Innovation Philadelphia, a public-private partnership, the Greater Philadelphia Chamber of Commerce, and the city of Philadelphia have developed a road map that identifies the future drivers of the Greater Philadelphia economy and provides a framework for developing these drivers.

A Road Map for Regional Growth: Connecting the Greater Philadelphia Innovation Economy represents the broader interests and perspectives of the 11-county regional business community, nonprofit community, higher education, and local agencies and governments. It articulates regional competitive advantages and identifies target opportunities that, if developed in a focused and determined manner, will allow Greater Philadelphia to reclaim a role as a leading global innovator.

The target areas include opportunities in evidence-based medicine; information technology and software; digital media and the arts; cancer research; chemicals, including polymers, coatings and advanced fibers; propellers, propulsion and rotorcraft; and advanced materials or nanotechnology.

Identification of the targets involved data collection and analysis of Census Bureau ES202 county employment and wage data and the Rand Corporation’s RaDiUS (Research and Development in the United States) dataset, an analysis of the region’s academic paper and patent activities, interviews with regional leaders, an online regional mindset survey, and an inventory of universities’ institutional capacity for innovation. Targets identified were tested against trends in technology convergence and global markets. Insights and recommendations from regional leaders and stakeholders were then solicited through a series of working sessions.

To ensure the road map becomes the region’s framework for implementation of the findings, "hot teams" are being created in each target area to develop business plans and metrics. Hot teams consist of 8-12 individuals representing key institutions, industry interests, entrepreneurs, venture capitalists and resources for advancing priorities. The teams will be charged with a series of "must do" actions. Additionally, a "trust team" comprised of 18-22 regional civic, business, academic, entrepreneurial and investor leaders will oversee the hot teams.

If Greater Philadelphia can build a foundation in the target areas over the next two years, then it will position itself in the global marketplace of ideas, discoveries, products and innovation, the authors state. The key, they say, is to accelerate economic churn throughout an innovation lifecycle in which mature firms spawn new companies and a new lifecycle begins. Such a lifecycle starts with business conception, leads to formation and continues through growth until reaching maturity.

Innovation Philadelphia's mission is to enhance the global innovation economy of Philadelphia through technological leadership. A Road Map for Regional Growth is available at http://www.ipphila.com.