Michigan Innovation Summit 2023

Keynote for the Michigan Innovation Summit, convening leaders statewide to center innovation in Michigan's economic growth strategy.

Organized and sponsored by Song Foundation, in partnership with Lt. Gov Gilchrist, Michigan LEO, and hosted at Michigan Central, in Detroit.

Transcript

1. Title Goes Here
   30 min
   song.foundation
   Date here
   

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2. Thank You ✋
   👉
   

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4. Apr 2021
   $3.8B
   Apr 2021
   $6B
   Feb 2023
   $1.2B
   Sept 2018
   $2.4B
   Nov 2020
   $1.4B
   Jan 2021
   $6B
   

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5. Goals
   Center the conversation on tech & innovation for Michigan’s growth
   1. Generate ideas to drive our economic future through innovation
   2. Facilitate connection
   3. Create a launchpad to move forward, together
   Bonus: Advance our federal funding opportunity (EDA’s Tech Hubs)
   

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6. Agenda
   8:30 am Welcome with Newlab, Lt. Gov. Garlin Gilchrist & Dug
   9:15 am Tech Hubs Shareouts with BCG
   10:10 am Break
   10:40 am Our Past & Present: State of the State with Trista Van Tine
   11:15 am Our Future: Workshop with Cities Reimagined (CR)
   12:20 pm Lunch by Pink Flamingo
   1:20 pm Innovation in MI with BLM & BCG
   1:45 pm Building Together: Prototyping with CR
   2:45 pm Break
   3:00 pm Collective Shareout
   3:30 pm Appreciations & Commitments
   4:00 pm Ice Cream by Milk & Froth
   

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7. Appreciations
   Thank someone for their behavior or action that helps move us forward
   Commitments
   Share something new or different you’ll do as a result of this summit
   

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8. Change is Inevitable.
   Growth is a Choice.
   

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9. From Industrial to Digital Revolution
   Rank Metropolitan Statistical Area State Avg Earnings Metropolitan Statistical Area State Avg Earnings
   1 Bridgeport-Stamford-Norwalk CT $54,194 Bridgeport-Stamford-Norwalk CT $83,470
   2 Flint MI $53,463 San Jose-Sunnyvale-Santa Clara CA $81,541
   3 Detroit-Warren-Dearborn MI $53,290 San Francisco-Oakland-Hayward CA $76,697
   4 Midland MI $51,043 Washington-Arlington-Alexandria DC-VA $69,890
   5 Washington-Arlington-Alexandria DC-VA $50,093 Seattle-Tacoma-Bellevue WA $65,580
   6 Saginaw MI $49,469 Boston-Cambridge-Newton MA $65,131
   7 Midland TX $49,319 Trenton NJ $64,939
   8 Casper WY $49,310 New York-Newark-Jersey City NY-NJ $64,055
   9 Monroe MI $49,107 Boulder CO $61,161
   10 Bremerton-Silverdale WA $48,987 Baltimore-Columbia-Towson MD $60,418
   Source: Jonathan Gruber & Simon Johnson, Jump-Starting America
   1980 2016
   

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10. The Jobs We Need To Grow
    Small Main St
    Businesses
    Medium Main St
    Businesses
    Early Tech
    Startups
    Growth &
    Scale Startups
    Large
    Enterprises
    Typical Employees < 10 10 – 50 3 – 50 50 – 1000 1000
    Typical Wages Annual:
    $10k – 30k
    $8 – $15 per hour,
    often only part-time
    Annual:
    $10k – $75k
    Annual:
    $40k – $250k+
    + equity ownership
    Annual:
    $40k – $500k+
    + equity ownership
    Annual:
    $25k – $1m+
    Widely varied,
    based on sector
    Wage Mobility Extremely limited Limited Strong Generally yes
    Depends on type
    of company
    Often yes
    Depends on type
    of company
    Employee Benefits Rarely Sometimes Generally yes Generally yes Generally yes
    Source: Upsurge Baltimore 2022
    

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11. Execution != Innovation
    

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13. New Businesses Create All Net New Jobs
    Net Job Creation Rate (%)
    

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14. Innovation Ecosystems
    Source: Jerome Engler, Global Clusters of Innovation
    

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15. Innovation as US Industrial Policy
    SSBCI 2.0: $10B via American Rescue Plan -
    Michigan allocated $236.9m, $75m going to
    Michigan Strategic Fund (toward VC, etc.)
    NSF Engines: $6.5B over 5 years:
    Up to $160m per hub to fund 10 years of R&D,
    translation, workforce development
    CHIPS & Science Act: $280B to bolster
    semiconductor capacity, catalyze R&D, create
    regional high-tech hubs and grow a more
    inclusive STEM workforce
    Inflation Reduction Act: $390B to fund clean
    energy and lower carbon emissions
    Bipartisan Infrastructure Law: $70B of
    clean-energy tech and demonstration projects
    Developing & retaining
    high-growth founders?
    Support risk taking?
    Placemaking?
    Affordability? Transit?
    Build Back Better Regional Challenge:
    $1B via American Rescue Plan -
    Michigan awarded $52m for Global
    Epicenter of Mobility (GEM)
    

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16. NSF Engines Tech Hubs BBBRC CHIPS Incentives RECOMPETE Pilot
    Objective Catalyze technology &
    science-based regional
    innovation ecosystems
    Build self-sustaining,
    globally-competitive regions
    in a decade, focused on key
    technology areas
    Boost economic
    recover in regions
    through cluster
    development
    Enhance national /
    economic security
    through development of
    semiconductor industry
    Support long-term
    economic development in
    distressed areas
    Tech / Industry Focus Yes Yes Yes Yes No
    Innovation Stages R&D
    Commercialization
    Entrepreneurship
    Commercialization
    Entrepreneurship
    Cluster Development
    Entrepreneurship
    Cluster Development
    Cluster Development Manage industry decline
    Target Geography MSA → Multi-state MSA → Interlinked MSAs MSA → Multi-state Company / supply chain Local labor market
    Award Recipient Consortia Consortia Consortia Company Consortia
    Number of Awards < 5 5 - 10 21 Dozens TBD
    Scale of Award Up to $160 million $50-$75 million $25-65 million TBD At least $20 million
    Duration of Award Up to 10 years 5 years 5 years TBD TBD
    Top-Down: Federal Funding Opportunities
    

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17. Bottom-Up: Startup Communities, vs Programs
    ● Entrepreneurs must lead the startup community
    ● The leaders must have a long-term commitment
    ● The startup community must be inclusive for
    anyone to participate
    ● The community must continuously engage the
    entire entrepreneurial stack
    Entrepreneurs-
    Must Lead The-
    Startup Community-
    

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