The Regional Vision for Technology-Driven Prosperity in Hampton Roads
By Joseph F. Bouchard, Ph.D.
Dr. Jim Koch, President Emeritus of Old Dominion University, delivered a much needed, yet unpleasant, dose of hard reality in his annual State of the Region address this week. As was well reported in the newspapers [The Virginian-Pilot, October 7, “ODU economist predicts dour decade for Hampton Roads”] [Daily Press, October 6, “Hampton Roads economy: Recovery is slow, and the signs are worrisome”], his economic forecast for the region is mediocre, at best.
Defense spending and employment are likely to decline – a serious blow given that defense spending makes up 45% of our regional economy. Recovery in commercial and residential real estate sales and prices are likely to be modest and painfully slow. And the port faces stiff competition from other East Coast ports and declining ability to move cargo efficiently due to the state’s inability to provide adequate funding for transportation.
Does all this mean we are condemned to mediocre economic growth? Absolutely not.
Do we have a way to overcome these challenges and ensure a prosperous future for our region? We do.
Hampton Roads already has the blueprint for economic success published in Vision Hampton Roads, the region’s comprehensive economic development strategy. Led by the Hampton Roads Partnership and the Planning District Commission, it is the first region-wide roadmap of strategies and actions – to position the region as a leader in the global economy. The Vision experience is about engaging citizens and embracing ongoing region-wide economic development practices with a 21st century perspective, that is, to think globally, strategize regionally and act locally.
While underscoring the importance of the existing three pillars of our regional economy – the military, the port and tourism – this bold strategy emphasizes the critical importance of diversifying our economy through technology-based economic development. Additionally, the strategy calls for constantly scanning the horizon for future opportunities to complement the region’s existing technology clusters of Bio-Science, Energy, Modeling & Simulation, Robotics and Sensors.
The Innovation sub-committee which helped develop Vision Hampton Roads has been established by the Partnership as a permanent Innovation Task Force to implement the plan’s objective of regional economic growth through promoting technological innovation and entrepreneurship. Hampton Roads has a quarter of a million K-12 students, and Vision is an opportunity to start them on the best path for a future rife with technology and innovation.
The Task Force has two immediate missions. First, to transform the decade old Hampton Roads Research Partnership into Innovate!HamptonRoads to unify the efforts of our region’s research institutions, economic and work force development agencies, technology clusters, technology incubators, and the technology council, Technology Hampton Roads (http://HRTC.org). Working together as a cohesive team, these organizations will provide the programs, expertise and resources needed to nurture innovation and entrepreneurship across our region.
The Task Force’s second mission is to establish IdeaWorksHamptonRoads to strengthen and support the region’s technology incubators – vital breeding grounds for entrepreneurs. IdeaWorks will support the incubators by providing critical support for individuals trying to bring new technology to market: protecting their intellectual property, commercializing their technology, establishing an effective management team, creating a sound business plan, identifying customers, and, most difficult of all, attracting investors.
As Dr. Koch pointed out, our region faces daunting challenges. And through a concerted, sustained effort with broad regional support focused on creating a culture of innovation and entrepreneurship in Hampton Roads, we will succeed and flourish. The future of our regional economy depends on the success of Vision Hampton Roads.
Innovate!HamptonRoads and IdeaWorksHamptonRoads are the teams that will make that vision a reality. The volunteers who make up these teams believe that contributing their time, efforts and expertise will transform Hampton Roads as the go-to place for people with great ideas.
Dr. Bouchard is the Chair of the Vision Hampton Roads Innovation Task Force. http://VisionHamptonRoads.com