Innovation and Entrepreneurship Seen as Key to Economic Prescription

I presented the Golden Capital Venture Communities model of cross-regional collaboration to catalyze innovation, entrepreneurship and private investing on a panel at a federal economic development forum this week in Alexandria, VA. (hosted by International Economic Development Council).

Never before in all my years of covering politics and economics as a journalist or working with companies, investors and communities to foster entrepreneurial networks, have I witnessed such optimism in the face of such potential calamity. It was a windy day inside the beltway, which I think lent a spirit of hope to the proceedings. It felt unusually fresh and invigorating, not hot and frustrating like Washington wind often does. In any case, it packed a punch.

Congressman Paul Kanjorski, the PA Democrat who chairs the house Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, keynoted the luncheon and sent the strongest message. "This seems to be a very upbeat meeting, which is good. All the indicators, data and forecasts we have indicate, however, that not only are we in a recession, but we might well be headed for much, much worse. It's the kind of data that might make you want to put your head in a cannon and pull the trigger."

The 300 or so attendees -- mainly economic developers, tech transfer pros, and innovation policy wonks from across the U.S. -- nearly choked on their cheesecakes. Kanjorski lightened up some by the end of his speech, and everyone went on with their business of networking and finding out about what's cutting edge in fostering innovation and entrepreneurship for economic development, but I couldn't get his harbinger of "slow spiralling meltdown" out of my head as I flew home to Chico the next day amidst new records announced for a barrel of crude, a gallon of gas, and mortgage default rate.

Bringing innovation to market was a key theme of Kanjorski's prescription for avoiding utter economic catastrophe, and a key theme for the event. I felt pretty good hearing that, since at Golden Capital, we've been of a mindset for nearly 10 years that economic development must focus squarely on innovation, entrepreneurship and investing if it wants to really make a difference in a community. I made the point in my presentation that technologic innovation from universities or national labs --as revolutionary as it may be -- doesn't mean very much unless it can get to market. It takes an entrepreneur to do that. The best researchers and academics are usually not the best entrepreneurs.

What this means for us at GCN is a continued focus on building regional collaborations that involve the research institutions, and that we must also continue to encourage our regional members to reach out to the "most likely to succeed" entrepreneurs and high into the ranks of the private sector within a community to connect entrepreneurs with the capital and advice they need to grow.

Venture Communities is designed to do exactly that and we'll keep beating that drum until see it -- or something comparable -- instituted throughout the nation, or we break under the weight of those who can't see the writing on the wall. Either way the wind blows, we'll keep fighting. Because if you aren't part of the solution...