|2010: Comprehensive Economic Development Strategy: Vision Hampton Roads - Innovation|
The â€śStrategic Componentâ€ť of the Plan of Action will address the long term strategy development for the enhancement of the big demographic, economic and environmental forces of: Innovation â€“ new products, processes and business models.
Innovation with specific focus on opportunities and entrepreneurship:
Through the development of Vision Hampton Roads, Innovate!HamptonRoads (http://InnovateHamptonRoads.com) will also be created as an organization that will drive the Innovation portion of the strategy. Innovate!HamptonRoads is a component of the Hampton Roads Partnership whose goal is to develop Hampton Roads into a major source of technological innovation leading to a new pillar of technology-based economic development. This organization will serve as central agent for stimulating Hampton Roads technology innovation by building on the technological strengths and natural resources of Hampton Roads. Those strengths include: the technology clusters of modeling & simulation, sensors, biosicence, robotics and coastal energy; Ports, Military and Tourism; and Exceptional Workforce and Business Friendly Communities.
WHERE WE ARE.
Innovate!HamptonRoads will promote and establish full-service entrepreneurship support including business stimulators, incubators and accelerator services through the creation of IdeaWorksHamptonRoads. Innovate! will work closely with the Hampton Roads technology community to catalyze opportunities for the region.
Innovate!HamptonRoads will coordinate and align the many allies including local municipal and regional economic development organizations, local universities, regional business associations and other organizations championing technology-based economic development.
Through the efforts of Innovate!HamptonRoads, we anticipate the following results: magnet for research and development investment; facilitate university/government lab/industry teaming; catalyst for new business formation and incubation and Acceleration through IdeaWorksHamptonRoads; champion and coordinate private/public Investments; growth of cluster contributions to Gross Regional Product (GRP); and job creation.
Identified by Opportunities Sub-committee:
Strategy 1: Hampton Roads will be a region of excellence for clusters of cutting edge technology-based business innovation and education. (#2 Ranked Strategy)
Action 1: Address the inadequate innovation system and support for entrepreneurship in Hampton Roads by providing business incubation and support for early stage companies in order for Hampton Roads to be a region of excellence for clusters of cutting edge technology-based business innovation and education.
Action 2: Continue to grow the technology clusters of Modeling and Simulation, Sensors and Bio Science and embrace new clusters as they develop.
Action 3: Encourage and support Hampton Roadsâ€™ research universities as focal points of knowledge-led economic development.
Action 4: Work to remove barriers to entrepreneurial activities in order to drive innovation, above average economic growth and above average net incomes for workers.
Strategy 2: Hampton Roads will be a region of excellence for developing and implementing offshore wind energy and other coastal energy solutions.
Action 1: Develop and implement the multi-disciplinary systems capabilities to enable critical assessments and tradeoffs between energy, the environment and the economy.
Action 2: Leverage the strong R&D capabilities developed at local colleges, universities and federal labs as well as commercial entities and Mid-Atlantic coastal location near a power grid connection point to become a Coastal Energy Center of Excellence that studies and develops offshore wind and other renewable energy sources. (#8 Ranked Action)
Action 3: Support, promote, and expand the Virginia Coastal Energy Research Consortium as a Center of Excellence for the translation of basic alternative energy research into commercial economic development projects; especially in wind, algal biodiesel, and wave energy.
For more information or to participate: