ABOUT INNOVATE NORTHSTATE
Innovate North State – a public/private partnership driven by CEOs of leading North State businesses — was established in early 2012 to create jobs in the region by specifically focusing resources on helping innovative growth companies succeed. The Innovate North State concept was seeded by NoRTEC, its development aided by a State Innovation Challenge Grant. The organization also serves as one of twelve California-designated iHubs, and is the only iHub focused on rural regions of California.
Innovate North State’s 5-Year Vision is to have the North State recognized as the most economically competitive rural region in the U.S. by 2017.
Background: The Need for Innovate Northstate
The North State economy has lagged for decades behind other regions of California and the U.S. with higher than average unemployment, poverty and foreclosure rates, and lower-than average household income. A key reason for the disparity in economic conditions has been a lack of “economic difference making events”, i.e., “liquidity events”. When positive liquidity events occur, company founders, executives and other shareholders often attain significant wealth that can be used to start or invest in new companies, and contribute to important local causes. Economic difference making events usually are the result of successful IPOs or acquisitions of emerging growth companies that develop and sell innovative products on a national or global basis. Some highlights about Emerging Growth Companies:
- They equal only 5-15% of all U.S. businesses, but created 2/3 of all net new jobs in the past 2 decades;
- They created 50% of innovations, and 95% of radical or revolutionary innovations;
- They created entire new industry sectors, such as Biotech, Online Retail, Wireless Messaging, Social
Networking, and Many Others
There is no current region-wide focus in the North State that advances innovation as the key to job creation and wealth generation. Moreover, there is no regional effort that bands together the collective networks, expertise, experience and resources of the CEOs who are most responsible for growing the regional economy. Innovate North State has been formed to address this critical gap.
Key Sectors – Special Industry Groups
Innovate North State is particularly committed to supporting those industries projected to create growth and jobs in the North State. The following five industry sectors have been identified as particularly vital to our regional economy. Each has its own Special Industry Group Task Force. Click on an icon to learn more about each Group and its task force (coming soon).
Innovate North State offers a network of expertise encompassing local university support, connections to outside research institutions, management and investment resources specializing in fast-growth companies, and decades of collective experience in business mentoring and economic development.