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Asset Maps - Breakout Groups
Resource Identification
Targacept
FIRST RECORDING ON BRENDAN DIGITAL DEVICE. FOLDER A, FILE 2.
File now named Speaker1.WMA in Wired --> Biosciences --> Audio
Evolution of Pharm. companies.
Life Sciences - Biotech: A Short History
Hardware of Life (20th Century)
Software of Life (21st Century)
Nutriceuticals
Energy for these bio ventures?
Interesting overlap/congruence. A lot went to the health care industry.
Underneath this, we are working on bio-fuels/conversion technology.
Now we are getting a lot of pull into the marketplace that wasn't there before. how do they manage this?
Lots of government subsidies which also gives govt control. This can be a problem, because they become controllers of the technology.
Midwest - transformation of production.
Leveraging funding - and how do you figure this out?
Chase Talent - go where it is.
Most Bio companies are within 50 miles of research inst.
US maintaining competency with regard to production within this industry.
Presiding assumption is that production and manufacturing decisions are made on a case-by-base basis with regard to manufacturing. We must stay current, and economically feasible if we want to keep this in-house.
There is some preference for developing manufacturing facilities within a close geographical region. However, once developed, outsourcing is much easier. Figuring out "how" is the tough part.
How quickly can you get an investment, development a facility, get a workforce, finalize a supply chain, and ultimately get to market? This is the greatest factor - speed to market.
VC money is diverse and eager. Plenty of capital - where do we get it?
Rutgers Speaker : : : SUSTAINABILITY
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Mark Crowell - Associate Vice Chancellor for Economic Development and Technology Transfer
The University Role in Supporting Regional Innovation
From Bench to Bedside / Mind to Market
New UNC Initiative
The Carolina Innovation Center
Accelerator and/or incubator
Targacept
Breakout Session 1
Enterprise Assistance and Enterprise Engagement
Key Points | Best Practices | Resources (Human/Investment Capital | Take Aways / Actions |
Pre-Wired regional sucesses finding regional leadership and allied organizations. There were benefits from mentoring small companies, with mature companies, as well as with regional resiources. Lack of connectivity within a region - created a LifeScience CEO Roundtable. Met monthly (when possible). This resulted in the necessary relationships being formed within the region. Economic Development groups facilitate this process. A resource that has not always existed. There is no distinction between Med. Device, Pharma, Bio Tech at the small/growing level. We lump them into "Biotech" companies. What about recruitment? How do you go from 23 employees to 110? Success from involving mid-sized companies. Figure out how to create position-specific networks within these industries. Don't attack with too many service providers. New educational degree programs that better surface commercialization options within the university system. Cal-Tech - teaching entrepreneurship through science curriculum. Targacept internship program - surfacing the small business community to upcoming talent. Interesting problem with startups, is that when they are sold, what happens to the entrepreneurial training grounds. A company is built one day at a time. What you did yesterday has nothing to do with today. NO HALO EFFECT. Employee thinks of their company as a customer. Employees=entrepreneurs. | Start-Small Right people > more people.
Managing the Alliance:
Force the connections. Be an integrator.
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Targaept pays well in order to attract and retain the best talent. Psychological contract of the 21st century. Employees are all entrepreneurs; they are concerned with staying current and marketable.
Make your local area a selling point for talent recruitment. Targacept used example of the Southeast being a selling point for potential employees.
Explicit Corporate goals --> Success is Evident --> Employees are happy.
The old-school pharma business model is broken. What can these areas do to retain talent? You can't change the surrounding circumstances; so what can you control to keep them there?
These regions have a great resource in these employee experiences. RETRAIN FOLK. This keeps them current, and keeps their work profitable for them and their families.
Tech folks --> Adapt them to new climate
Old school "real jobs" --> Retrain
How do we predict the future market? It seems that we have to make this happen in order to train a workforce. Otherwise, how do we know where to put our resources?
"Transferable skills" - pushing educational institutional institutions to change their curriculum so that their students become more valuable in an ever-changing market.
Learn --> Unlearn --> Relearn
