The CEO Council for Growth (CEO Council) issued its newest report titled, “Technology Transfer and Commercialization in Greater Philadelphia.” The report, prepared by Econsult Solutions, Inc., examines how Greater Philadelphia compares with other regions in the country, provides Key recommendations to advance our commercialization potential, and explores what opportunities are available for future success. Lee Huang of Econsult Solutions, Inc., presented the report’s findings at the Greater Philadelphia Chamber of Commerce’s State of Entrepreneurship event on Thursday, December 11th at Aloft Mount Laurel in Mount Laurel, New Jersey.
“This report benchmarks the Greater Philadelphia region’s strengths and weaknesses on how we harness the technology and research taking place here and then are able to turn that into economic growth opportunities,” said Rob Wonderling, Chairman of the CEO Council. “It also gives us a clear blueprint for how we can better improve the region’s environment to attract talent and funding. Acting on these recommendations will allow the region to boost commercialization and our reputation as a hub for innovation.”
This report advances an overarching goal that in the next 10 years, the region’s research institutions will birth 10 companies that grow to a liquidity event (e.g. acquisition or initial public offering) of $100 million or more. Four actions are also recommended to help the region realize its commercialization potential:
Fund: Public and private sector participation should be recruited to fund additional pre-venture capital funds and business acceleration services.
Advocate: The region should advocate for policies at all levels of government that demonstrate a commitment to innovation as an economic driver.
Collaborate: Collaboration must be encouraged, particularly through the use of shared space and shared equipment with a particular focus on elevating the work of the region’s engineering schools.
Promote: The region’s leaders must work together to promote the region as an innovation hub, making particular appeals to venture capital firms seeking deals, young research and entrepreneurship talent seeking a place to learn and grow, and established entrepreneurs with regional ties who can help grow the next generation of startup ventures.