New Report Creates Recipe for Greater Philadelphia’s Most Innovative Chefs; CEO Council

Even with access to the finest of ingredients, without a recipe and a chef to lead the way, a delicious meal can be impossible to create. A good recipe provides a step-by-step game plan so that chefs can combine a variety of different ingredients, to produce delicious results. With that in mind, a new study commissioned by the CEO Council for Growth has identified challenges typically faced by the Greater Philadelphia region’s remarkable technology research community and outlined a recipe for successful technology transfer. The Greater Philadelphia region consists of 11 counties in northern Delaware, southern New Jersey and southeastern Pennsylvania.

Entitled, “Accelerating Technology Transfer in Greater Philadelphia: Identifying Opportunities to Connect Universities with Industry for Regional Economic Development,” this new study analyzes the gap between the region’s robust technological research and the ability to commercialize these new discoveries. This process – taking innovative ideas from universities and research centers to the private sector – is known as technology transfer. A region’s ability to enhance this process can have a tremendously positive impact on its economy through the formation of companies and jobs. A more efficient technology transfer process can also benefit the community at large by increasing its access to new technologies and products that improve the quality of life.

“The Greater Philadelphia region has a tremendous opportunity to help the research community improve the process for bringing their discoveries to market,” said Russel E. Kaufman M. D., President & CEO, The Wistar Institute and co-Chairman of the CEO Council for Growth’s Venture Capital Working Group. “It possesses a strong commercialization infrastructure, one of the nation’s largest and richest life sciences industry clusters, and one of the world’s leading collections of colleges and universities.”

The research and analysis, performed by the Economy League of Greater Philadelphia, suggested several ways to accelerate the region’s commercialization potential, which will require the attainment of the following outcomes related to technology transfer:
A streamlined process by which knowledge is transferred;
A reduced cultural gap between industry and academia;
A reduced funding gap between research grants and seed money;
A coordinated regional marketing campaign; and
An enhanced effort at celebrating regional scientific and commercialization success.

Next Steps and Identified Regional Needs

Specifically, the following areas of focus were identified as priorities for collaborative and collective work in order to accelerate the knowledge and technology transfer in Greater Philadelphia.

1. Regional Proof-of-Concept Fund/Grant Pool – collaboratively pursue securing public and private funds for translational research;

2. Clubhouse(s) – virtual and/or real intersection environments and entrepreneurial networking;

3. Promoting the region’s commercialization strengths and opportunities both to internal and external audiences;

4. Advocacy for funding and support of research and commercialization at the State and Federal levels; and

5. Entrepreneurial support and development.

The CEO Council will continue to seek and broaden stakeholder participation and future involvement so that the next steps outlined in the report are implemented. To read more about these recommendations and/or the entire research report, please visit: www.selectgreaterphiladelphia.com.

“This region has an unparalleled life science industry that includes all the tools necessary to make a new technology available to the community at large,” added Mark S. Schweiker, president of the Greater Philadelphia Chamber of Commerce and Chairman of the CEO Council for Growth. “We commissioned this report to accelerate the pace of technology transfer in Greater Philadelphia so that we can leverage the region’s strengths to produce economic and job growth for the Greater Philadelphia region.”

“We commend Mark Schweiker for helping to establish, while Governor, some of the key regional infrastructure that helps to fund and foster growth in the Life Science industry,” said Dennis M. “Mickey” Flynn, President of Pennsylvania Bio. “Pennsylvania Bio will continue to help leverage our advantages, while supporting regional connections between the key stakeholders in the technology transfer process—Universities, the Private Sector and Entrepreneurs.”

“New Jersey brings considerable public and private assets to the table that can help accelerate the technology transfer process,” added Debbie Hart, President of BioNJ. “BioNJ will continue to elevate the importance of this issue so that the Greater Philadelphia region continues to be a leader in the growth of emerging technologies related to Life Sciences.”

“We look forward to continued collaboration across our regional footprint to support a more robust commercialization environment throughout Greater Philadelphia,” said Bob Dayton, President of the Delaware Bioscience Association. “Delaware has already created some unique public-private sector partnerships that can serve as models for accelerating our technology transfer process.”

CEO COUNCIL FOR GROWTH

The CEO Council for Growth (CEO Council) is a group of key business executives committed to the Greater Philadelphia region’s growth and prosperity. Through high-impact initiatives designed to stimulate jobs and new business opportunities the CEO Council pursues a focused, energetic and sustained effort to expand the Greater Philadelphia economy. An affiliate of the Greater Philadelphia Chamber of Commerce, the CEO Council works to: overcome regional fragmentation; promote Greater Philadelphia as an important place to do business; and advocate for policies to improve the area as a place to live and work.

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For more information visit www.selectgreaterphiladelphia.com.

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