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Attracting "Innovation Companies" Only Part of a Balanced Economic Development Program
Why are ED agencies still so focused on attracting "new economy" companies when their viability has been in question?
 

Richard A. Bendis, President and CEO, Innovation America
First it is important to define what a “new economy company” is — as I would prefer to call them “innovative companies.” New economy companies in the past generally referred to technology companies that produced a product, but today innovative companies can develop innovative services or processes, or utilize a new technology to enhance their existing products.

Also, as our article addressed, it is important not only to focus on attraction of companies, but also to balance your economic development portfolio of programs around retention, re-invention, startups, and attraction.
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About the Author

Richard A. Bendis, President and CEO, Innovation America
Richard Bendis currently serves as the founding President and CEO of Innovation America (IA), a global innovation intermediary focused on accelerating the growth of the entrepreneurial innovation economy in America. Bendis is also serving as the interim CEO of BioHealth Innovation inc, a Rockville, Maryland-based private/public partnership and innovation intermediary, focused on commercializing the bio-health innovations from federal labs, universities, industry spinouts, and entrepreneurs in the region Additionally, Bendis has been appointed to several national innovation-related organizations and committees including the White House U.S. Innovation Partnership (USIP) Advisory Task Force, and serves as co-chair of the Small Business Innovation Research Committee. Bendis has provided global consulting services to over 18 countries and 24 states, several cities and regions, along with international organizations including the United Nations, NATO, UK Trade and Industry, European Commission, French Embassy, the German Marshall Fund, the Canadian Consulate, and other global entities. He is an International speaker, focusing on innovation, entrepreneurship, and developing and implementing innovation-based economic development strategies. Bendis founded the Bendis Investment Group LLC, (BIG), a financial intermediary and consulting firm, along with managing his own angel investment portfolio. He also founded and served as the founding president and CEO of Innovation Philadelphia (IP), a three-state regional public/private partnership dedicated to growing the wealth and work force of the Greater Philadelphia Region. Bendis currently serves as the chairman of the Innovation Philadelphia Board of Directors. Previously, Bendis successfully leveraged a career in the private sector (with Quaker Oats, Polaroid, Texas Instruments, Marion Laboratories, and Kimberly Services) and the venture capital industry (RAB Ventures) to lead the Kansas Technology Enterprise Corporation (KTEC). As its president and CEO, he developed KTEC into a globally recognized model for technology-based economic development. Bendis also successfully built an Inc. 500 healthcare software company, Continental Healthcare Systems, Inc., which he took public on NASDAQ and later sold to an international conglomerate. He was a nominee for the 2005 Ernst and Young National Entrepreneur Supporter of the Year Award (EOY) and was the 1996 recipient of the Regional Ernst and Young Entrepreneur of the Year Award.

More articles by Richard A. Bendis

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