This document summarizes a study commissioned by Portland's Economic Development Agency to review Portland's entrepreneurship and innovation ecosystem. The University of Portland was selected to lead the study. The study involved interviews and surveys of key stakeholders in Portland and benchmarking against other cities. The study assessed Portland's talent/workforce, innovation, access to capital, entrepreneurial ecosystem and activity. It analyzed metrics like research and development, sources of startup funding, industry clusters and economic growth. The study found that high levels of entrepreneurial activity do not necessarily lead to large companies or wealth, and that attitudes and aspirations significantly influence business growth. It questions if high wages and wealth are the best measures of entrepreneurial economic development.
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U Portland - Reviewing Your Entrepreneurship & Innovation Ecosystem - Open 2011
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2. Reviewing Your Entrepreneurship and Innovation Ecosystem:A Case Study for Portland, Oregon Jon Down, Ph. D. & Peter Rachor University of Portland (Oregon) 3/25/2011 Center For Entrepreneurship 2
3. Project Background City Economic Development Agency Commissioned Study of “State of Entrepreneurship” in Portland Univ of Portland was awarded project competing with 12 other proposers, included researchers from other organizations to form “dream team” Rob Wiltbank, Ph. D. – Willamette Univ. Joe Cortright – Impresa Consulting Project Start – May, 2010 3/25/2011 Center For Entrepreneurship 3
4. Project Scope and Methodology In Person Interviews and Follow Up Online Survey – 100 KOL Online Surveys to Members of Relevant Industry Associations Review of Literature and Prior Studies Benchmark Cities – SFO/SEA/DEN/AUS/MSP/CVG Determination of Appropriate Metrics 3/25/2011 Center For Entrepreneurship 4
6. Entrepreneurship: What Is It? For the study “entrepreneurship” is broadly defined to include starting and growing high potential businesses that may be likely to take advantage of outside funding, as well as established small businesses that are innovative and growth-oriented. GEM, Kauffman, Lowe Foundation, SBA, Census of Business Owners 3/25/2011 Center For Entrepreneurship 6
7. What Matters to Policy Makers? 3/25/2011 Center For Entrepreneurship 7
10. A City is More Entrepreneurial If… more spin outs and patent activity, a large number of smaller firms, with many people starting new firms, more highly educated workers with positive migration, more spin outs and patent activity, more venture funding activity, and a large number of wealthy people. 3/25/2011 Center For Entrepreneurship 10
11. Key Areas of Assessment Talent/Workforce Innovation Capital Access Ecosystem Activity 3/25/2011 Center For Entrepreneurship 11
22. 3/25/2011 Center For Entrepreneurship 22 FIGURE 1: Number of Top 5 Percent Growing Firms, by Age FIGURE 1: Number of Top 5 Percent Growing Firms, by Age Top 1% Performing Firms by Size
26. Take Aways Cities will High Levels of Entrepreneurial Activity Don’t Necessarily Produce The Highest Levels of Large Employer Firms or Wealth Time and Historical Horizon Matters A Lot in Evaluation of Results…But What About the Future? Attitude and Aspiration Are Very Significant Influencers of Firm Creation and Growth Are High Wages Jobs and Wealth the Best (or Only) Measures of Entrepreneurial Economic Development? 3/25/2011 Center For Entrepreneurship 26