Innovation Way:
A Commitment to Compete
Presented to:
Orange County
Board of
County
Commissioners
March 29, 2011
Innovation Way:
A Commitment to Compete
Presented by:
Jim Spaeth,
President of
Remora
Partners
Observations
1. Educated people generate community wealth.
1. Educated people generate community
wealth.
“Smart, entrepreneurial people are the
ultimate source of a city’s economic
power.”
- Dr. Edward Glaeser, Director of the Taubman Center for State and Local
Government, Harvard University, and author of The Triumph of the City (2011)
“Smart people of the highly educated
sort that economists refer to as
‘human capital’ are key engines of
economic growth and development.”
- Dr. Richard Florida, Director of the Martin Prosperity Institute, University of
Toronto, and author of The Great Reset, 12/22/10
Education levels determine any
community’s wealth.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Education levels determine any
community’s wealth.
Orlando (70th)
- Source: American Community Survey, Census Bureau, ESRI (2010).
Educational attainment determines
personal income level.
Median Annual Earnings – 2009
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
High School
Dropout
High School
Graduate
Some
College
Bachelors
Degree
Masters
Degree
Professional
Degree
Doctoral
Degree
Source: Bureau of Labor Statistics, May 2010
Educational attainment determines
employment status.
Unemployment Rates – February 2011
14.0%
12.0%
10.0%
Blended rate of 8.9%
8.0%
6.0%
4.0%
2.0%
0.0%
High
High
School
School
Dropout Graduate
Some
College
Bachelors
or Higher
Source: Bureau of Labor Statistics, March 2011
Observations
1. Educated people generate community wealth.
2. Educated people are leaving Orlando.
2. Educated people are leaving Orlando.
Net gain of 36,411 in working age population in Orlando
MSA masks loss of 11,241 workers with degrees
- Source: American Community Survey, Census Bureau (2009).
Educated people are arriving in Austin.
Net gain of 100,838 in working age population in Austin
MSA contains gain of 45,968 workers with degrees.
- Source: American Community Survey, Census Bureau (2009).
Orlando is one of only 34 cities with over
30,000 new workers from 2007-09.
- Source: American Community Survey, Census Bureau (2009).
Orlando is the only one of those cities
that lost people with college degrees.
- Source: American Community Survey, Census Bureau (2009).
30 cities attracted a workforce consisting
of at least 30% with college degrees.
- Source: American Community Survey, Census Bureau (2009).
From 2000-09, Orlando ranked next to last
in the % of new workforce with degrees.
- Source: American Community Survey, Census Bureau (2009).
Subtracting 2007-09,
Orlando still ranked below average.
- Source: American Community Survey, Census Bureau (2009).
Observations
1. Educated people generate community wealth.
2. Educated people are leaving Orlando.
3. Therefore, Orlando is losing community
wealth.
Due to its loss of educated people,
Orlando now has less community wealth.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Losing educated population means
losing more community wealth.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Orlando’s competitors for life science
companies are all gaining educated people.
- Source: American Community Survey, Census Bureau, ESRI (2010).
The only way to compete with those
cities is to attract educated people.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Attracting educated people will
increase community wealth.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Attracting educated people will
increase community wealth.
Increased community
wealth creates options
for investment – in
people and places.
- Source: American Community Survey, Census Bureau, ESRI (2010).
Observations
1. Educated people generate community wealth.
2. Educated people are leaving Orlando.
3. Orlando is losing community wealth.
4. The Innovation Zone attracts educated
people.
The Innovation Zone occupies
portions of eastern Orange
and Seminole counties.
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The Innovation Zone contains
an impressive collection of
innovation economy assets.
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The Innovation Zone houses the
most educated people in
central Florida.
Concentration
Concentrationof
of
bachelors
graduate degrees
in
incentral
centralFlorida
Florida
The Innovation Zone houses the
most educated people in
central Florida.
Concentration of
graduate degrees
in central Florida
The Innovation Zone houses the
most innovative people in
central Florida.
Concentrationofof
Concentration
technology
graduate
degrees
in
inworkers
central Florida
central Florida
The Innovation Zone houses the
most innovative people in
central Florida.
Concentration of
computer workers
in central Florida
The Innovation Zone houses the
most innovative people in
central Florida.
Concentration of
life and social
science workers in
central Florida
The Innovation Zone houses the
most innovative people in
central Florida.
Concentration of
education workers
in central Florida
The Innovation Zone links assets,
people and jobs together in
innovative industries.
Modeling &
Simulation:
16,000 jobs
Optics &
Photonics:
15,000 jobs
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Digital Media:
30,000 jobs
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Life Sciences:
16,200 jobs
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Space?
Cleantech?
Those innovative industries
create innovative ideas.
Location
TTM Patents as
of 11/16/10
TTM Patents
as % of All
Siemens Energy
Innovation Zone
73
13.3%
University of Central Florida
Innovation Zone
63
11.5%
Melbourne
55
10.0%
Innovation Zone
23
4.2%
Maitland
18
3.3%
ParkerVision
Lake Mary
15
2.7%
Intersil
Palm Bay
14
2.6%
General Electric
Melbourne
13
2.4%
549
100.0%
Harris
Lockheed Martin
MeshNetworks
ALL
Source: Orlando Sentinel / Remora Partners
The Innovation Zone contains more
than 450,000 educated, young,
innovative people.
Innovation
Zone
Balance of
Orlando MSA
Total Orlando
MSA
Population
451,814
1,679,012
2,130,826
Median Age
33.8
37.8
37.1
Diversity Index
68.7
67.9
68.1
65.7%
60.9%
61.7%
Median Household Income
$61,111
$51,803
$54,034
Associate Degree or Higher
44.8%
36.2%
37.8%
Bachelor Degree or Higher
33.7%
26.6%
27.8%
Graduate Degree or Higher
10.6%
8.5%
8.9%
White Collar Jobs
Source: ESRI (2010).
The Innovation Zone
competes with
Austin - not with
the rest of Orlando.
Innovation Zone
Austin TX
Population
451,814
1,908,617
Median Age
33.8
33.2
Diversity Index
68.7
71.4
65.7%
66.3%
Median Household Income
$61,111
$62,732
Associate Degree or Higher
44.8%
43.9%
Bachelor Degree or Higher
33.7%
37.3%
Graduate Degree or Higher
10.6%
12.9%
White Collar Jobs
Source: ESRI (2010).
The Innovation Zone
competes with
Austin - not with
the rest of Orlando.
Innovation Zone
Austin TX
Population
451,814
1,908,617
Median Age
33.8
33.2
Diversity Index
68.7
71.4
65.7%
66.3%
Median Household Income
$61,111
$62,732
Associate Degree or Higher
44.8%
43.9%
Bachelor Degree or Higher
33.7%
37.3%
Graduate Degree or Higher
10.6%
12.9%
White Collar Jobs
Source: ESRI (2010).
The Innovation Zone
competes with
Austin - not with
the rest of Orlando.
Innovation Zone
Austin TX
Population
451,814
1,908,617
Median Age
33.8
33.2
Diversity Index
68.7
71.4
65.7%
66.3%
Median Household Income
$61,111
$62,732
Associate Degree or Higher
44.8%
43.9%
Bachelor Degree or Higher
33.7%
37.3%
Graduate Degree or Higher
10.6%
12.9%
Competing with Austin means
increasing the population
in the Innovation Zone.
White Collar Jobs
Source: ESRI (2010).
Observations
1. Educated people generate community wealth.
2. Educated people are leaving Orlando.
3. Orlando is losing community wealth.
4. The Innovation Zone attracts educated
people.
5. Innovation Way sits in the middle of the
Innovation Zone.
Innovation Way sits in the
middle of the Innovation Zone.
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Innovation Way sits in the
middle of the Innovation Zone.
I
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417
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INNOVATION
434
WAY
VCC
528
Innovation Way sits in the
middle of the Innovation Zone.
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417
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INNOVATION
434
WAY
VCC
528
Innovation Way is the most logical
place to house educated people.
Concentration
Concentrationof
of
bachelors
graduate degrees
in
incentral
centralFlorida
Florida
Innovation Way is the most logical
place to house educated people.
Concentration of
graduate degrees
in central Florida
Innovation Way is the most logical
place to house educated people.
Concentration of
life and social
science workers in
central Florida
Innovation Way is the most logical
place to house educated people.
Concentration of
education workers
in central Florida
Closing Thoughts
• Educated people are critical to economic
success – and Orange County is losing the
competition for them.
Closing Thoughts
• Educated people are critical to economic
success – and Orange County is losing the
competition for them.
• The Innovation Zone must play a leading
role in a strategy to attract educated
people.
Closing Thoughts
• Educated people are critical to economic
success – and Orange County is losing the
competition for them.
• The Innovation Zone must play a leading
role in a strategy to attract educated
people.
• Innovation Way is the centerpiece of a
commitment to compete in the innovation
economy.
Innovation Way:
A Commitment to Compete
For more information:
www.remorapartners.com