Job Opening: New heroes required! Northern Ireland needs new Entrepreneurs and Innovators 12 th September 2013 Steve Orr, Director, NISP CONNECT

Introduction Steve Orr Entrepreneur NISP CONNECT

Professional & Strategic Partners Capital Providers New Company Creation Process

The Burning Floor

We need to create new products that people around the world want to buy

“You need to prioritise the creation of new innovative companies”

New Approach to Economic Development for Innovation* Old Industrial Age Macroeconomics: Infrastructure. Labour. Land. Capital. New Knowledge Age Microeconomics: Ideas. Capital. Talent. Business-led independent collaboration with academia and government. *Hwang & Horowitt 2012 “The Rainforest: How to build the next silicon valley”

NISP CONNECT Vision The transformation of Northern Ireland into one of the most entrepreneurial knowledge economies in Europe by 2030.

What will Look like?

Knowledge Economy Baseline Baseline 2009 Target 2030 Knowledge economy – Total employees30,600 Number of innovation businesses2,100 New innovative start up companies required annually 200 Venture capital invested annually£12M Total expenditure on R&D£500M Science and technology grads57,300

Knowledge Economy Baseline Baseline 2009 Target 2030 Knowledge economy – Total employees30,60071,250 Number of innovation businesses2,1007,000 New innovative start up companies required annually Venture capital invested annually£12M£90m Total expenditure on R&D£500M£1,050m Science and technology grads57,30071,250

The 2030 Result An additional £ 5 billion GVA per annum with companies anchored in NI (Oxford Economics 2012)

WHAT’S STOPPING US?

Analysis & Methodology #IdeaFest#IdeaFest KEI Conference VisionTargetsBlockers VisionTargetsBlockers Tiger Teams: BlockersSolutions BlockersSolutions 100+ Participants 70+ participant Expert Group Workshops

THE BLOCKERS (what’s holding us back?)

Understanding the Blockers Risk Capital NI’s current model of risk capital intervention is too small in scale and ineffective in operation to achieve the 2030 KEI investment targets. Talent We need stronger management teams to form and grow start up companies and… There is a mismatch between demand required to grow innovative companies and supply of key talent disciplines. Culture We need our kids to aspire to be successful in the knowledge economy, not the professions and… We must foster a culture where businesses collaborate to compete.

Solution – Culture Business-Led To be explored further: 1.Brand the tech lifestyle & sell differently to 11, 16, 22 yr old and parents, principals, etc. Generation Innovation expansion? 2.Foster innovation 3.Foster collaboration Public Policy Political leadership: 1.Adopt the KEI targets. 2.Raise the status of the entrepreneur and the innovator. 3.Make NI the best place to live. More: Irish Open Golf, MTV, G8…

Generation Innovation vision By 2020 the majority of kids will aspire to a career in ‘the knowledge economy’

Your responsibility Careers teachers and parents are the most important people Influencing the direction of our young people

Clinical Research Associate Chief Financial Officer Venture Capitalist Intellectual Property Lawyer Angel Investor Director of Scientific affairs Corporate Investor MarketingMarketing Business Analyst TrainingTraining AccountingAccounting FounderFounder Director of Real Estate Public Relations Quality Assurance Management Consultant Graphic Design Chief Executive Product Development Sales Director Supply Chain Management Regulatory Affairs Web development Account Executive Vice President of Engineering Software Development

Aspirations and Dreams Accountancy Law Medicine

Aspirations and Dreams Accountancy Law Medicine

Change the world

“Put a dent in the universe” Steve Jobs 1955 – 2011

What you can do Generation Innovation: nominate now! Speakers at careers or prize days Steer young people towards technical careers or non-technical careers

Thank you