Innovation Ecosystem Update

December 2011
Version 5.3 12.22.12

Meeting Agenda
Introductions Update Group Exercise
What are two things that you think could go wrong with our plan?

Discussion

Why are we here?

Promote and assist growth of faster growing innovation-based companies and add new jobs to state Build additional TBED (technology based economic development) capacity Build sustainable placed-based institutions and networks to increase culture of innovation and attractiveness of the state

Goals
Produce 50 High Potential Startup (HPSU) firms annually (from hundreds helped each year)
Track for 5 years (backward looking) Reassert their HPSU status each year

Identify 75 Stage 2 companies (S2) assisted to grow jobs or revenues 20% over following 24 month period (from ~2,500 S2 firm candidates)
Track for 5 years (those selected) Assess success and change models for selection

Process
Listened to advisory groups Created model Built RFP process
Layers of activities
State System & Hubs

Funding is part of $125m/5 years for CI

DECD overview > Bonding $ > CI > IE contractors

Get started in 2012, mostly operational by start of

Currrent RFP Timeline

Milestones Grant Criteria Released Letter of Intent Due Date Information Session Application Deadline Application Review Period Announcement of Awards General Due Dates January 2 or 16 January 13 or 27 TBD March 30 or 4/13 April 2 30 or May 1-14 May 1 or May 16 Fast-Track Element Due Dates January 2 or 16 January 13 or 27 TBD January 31 February 1-February 15 February 17

Key Facts about RFP

$4.8MM maximum to be awarded in 2012
But flexible because bonding money can be rolled over to future years

Applicants Be a public, private, non-profit, or for-profit entity Can apply for multiple elements Must bring significant private leverage

Angels,

Reps from the 4 Hubs

Launch Capital Stamford Innovation Center

Venture Funds

Yale & UConn

Advisory Board
SubGroup of Planning Group

Entrepreneurs, Stage 2 CEOs

CROG, IP Factory, New Haven Econ Dev Corp.

Startup Connecticut Planning Board

CT Innovations, CDA, CEFIA & SBIR

A combination of Entrepreneurs, NGOs, Government and business leaders working together

Serial Entrepreneurs & Ent. Foundation

CERC, Connstep &

CCAT
CURE, BEACON & CT Science Center Tech Council & Venture Group

A diverse planning group

System level activities

Fairfield County

The geography of a fully built out system

9

The Innovation Ecosystem - Overview

Attractiveness

Overall Environment

Sources

Hubs - Startups

Hubs Stage 2

System How Goals are achieved

System - Oversight

Hubs

Assistance at Hub and System Level

Funding

System roles

The Ecosystem

RFP elements

Budget: System & Per Hub

Element Each Innovation Hub -Accelerator -Entrepreneur Clubhouse -Entrepreneur Hotel -Hub Management - Stage 2 Concierge Service - Innovation Vouchers (average) State System Business Plan Competitions Mentor and EIR Management Entrepreneurs in Residence (for hubs) Commercialization Concept Development Public Investment ($000s) $950 200 100 50 150 150 300 $1,975 500 100 300 350 75 150 300 $550 250 Private Investment ($000s) $850 200 200 150

Internships and Talent Directory

System Management Measurement & Verification Software Platform

125
250 100 250

75

Exercise
Full group On paper write five issues that concern you about items such as:
Budget Design Operations Accountability & measurement Goals Other

Presentations

Conclusion
Additional thoughts Changes will be made Next meeting in January Thanks

Happy Holidays!

Background Slides
Example RFP question areas

Design Questions
Selection Guidance for others Investment approach Calendar Space Mentorship Programming and curriculum Access to capital Community

Financial Questions
Budget Controls Leverage Financial sustainability

Management and Governance Questions

Management Governance

Impact Questions
Expected number of companies to be produced Time to market Performance Track record