Daily Local News (West Chester, PA)
The digital revolution will continue
Tri-county region has the ingredients to be part of the next wave
LOWER POTTSGROVE » The tricounty region “has the ingredients” necessary to support and be part of the second wave of technology startups that will drive an ongoing digital revolution. But it will take some work. That was the message Thursday from J.D. Harrison, senior director, strategic communications for the U.S. Chamber of Commerce. His comments came during the chamber’s annual economic development luncheon.
Harrison said the region has wealth, high income and capital, is surrounded by great schools and has a vibrant, diverse population.
“And of course — there are supportive and encouraging and active leaders who want to create a region where technology and innovation can thrive,” he said.
Harrison shared results of the U.S. chamber’s recently released “Innovation that Matters” study that examined the health of startup companies in 25 American cities and their readiness to capitalize on the shift to an increasingly digital economy.
Cities were ranked in several areas including: access to capital, connectivity and willingness of the area to embrace technology.
For the third year, Boston and the Back Bay area led the rankings. That area, according to Harrison, has been home to
“As the second wave unfolds, it has the potential to elevate cities and regions and towns across the country from an economic standpoint and has potential to leave others behind. Those cities that effectively figure out ways to support and foster these next wave startups are likely to be the ones that win in the decade ahead.” — J.D. Harrison, senior director, strategic communications, U.S. Chamber of Commerce
startups for a long time and “continues to be a premier destination for tech startups.”
Philadelphia was third, up from eighth last year. Harrison said the city has a rich entrepreneurial history and there are strong efforts to build relationships between entrepreneurs, investors and the public and private sectors.
He started his talk by asking the group to remember a time when there were no iPhones, androids, smartphones, Facebook or Twitter.
“If you needed a map, you unfolded it,” he said.
That time — was just 15 years ago.
“It’s incredible to think about the seismic ways our lives have changed in just a decade and a half — fundamentally changed,” he told the 200 attendees.
Harrison called those changes the first wave in the digital revolution — marked by significant changes in some industries, while others haven’t fundamentally
changed. He said the second wave is now beginning, and will be defined by startups in technology that address healthcare, education, energy and infrastructure.
“These are real, tangible technologies that are going to affect the way we live our lives, how we move around the world, how we interact with one another and how we get back and forth from work,” Harrison said. “These startups are going to fundamentally change the world around us.”
Harrison said that for the next wave of startups, partnerships between entrepreneurs and public and private sector leaders will be crucial.
“As the second wave unfolds, it has the potential to elevate cities and regions and towns across the country from an economic standpoint and has potential to leave others behind,” he said. “Those cities that effectively figure out ways to support and foster these next wave startups are likely to be the ones that win in the decade ahead.”
Harrison challenged the attendees to ask themselves: “What are you doing to support the next wave of
startups?”
In sharing the results of the “Innovation that Matters” study, Harrison said more entrepreneurs are engaging in the next wave industries of healthcare, education, energy and infrastructure — up at least 30 percent in each category. He added that in energy, the number of startups is up more than 60 percent.
Harrison said there was some news in the study that was alarming — which presents a lesson for leaders in the tri-county region. He said that when startup companies were asked to rate the level of connectivity they have with industries within their own sector — that support was lacking.
“These startups are going to need support, mentorship, advice and partnership from companies in their space that walk that walk and can give guidance,” he said. “The areas that figure out how to foster those interactions will be the ones that develop the strong tech ecosystems in the coming decade.”
Harrison added that the main takeaway from the study and his talk: More needs to be done to connect local business leaders to startups in the same industry.
Harrison encouraged attendees to be “flag bearing cheerleaders” for the region and startup companies — to be vocal advocates for the area.
“If folks in this room aren’t talking it up — who will,” he asked.
In addition to the keynote address, the chamber also presented several awards.
The Boyertown Lions First Responders and Translogistics Inc. received the Worksite Wellness Initiative Award; Lomax Carpet & Tile Mart received the Economic Development Award; Carousel at Pottstown and Genesis Housing Corp. received Economic Impact Awards and the Legislator of the Year Award was presented to state Rep. Marcy Toepel (R-147th Dist.).
The luncheon is the chamber’s largest networking event of the year and Thursday’s event was sold out.
Email business story ideas to business writer drovins@21stcenturymedia.com