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Michigan Innovation Summit 2023

Dug Song
June 09, 2023

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.

Dug Song

June 09, 2023

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  1. Apr 2021 $3.8B Apr 2021 $6B Feb 2023 $1.2B Sept

    2018 $2.4B Nov 2020 $1.4B Jan 2021 $6B
  2. 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)
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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)
  8. 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
  9. 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-