Inclusive Competitiveness Glossary of Terms
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The document outlines the concept of inclusive competitiveness as a strategy to enhance the economic performance of diverse populations within innovation ecosystems, focusing on education, entrepreneurship, and access to capital. It emphasizes the importance of connecting disconnected citizens to new opportunities in order to improve regional economic competitiveness. Additionally, it introduces the trim tab theory, highlighting how small actions can lead to significant impacts in economic development.
Inclusive Competitiveness Glossary of Terms
- 1. INCLUSIVE Competitiveness © 2013 A glossary of terms for communicating in the vernacular used in the profession of 21st century tech-based economic development Term definitions by Johnathan Holifield, Esq. Co-founder of The America21 Project Vice President of Inclusive Competitiveness, NorTech jholifield@nortech.org
- 2. © 2013 What is the Innovation Economy? The period in the late 20th and early 21st centuries marked by radical socioeconomic changes brought about by unique convergence of further globalized commerce, democratized information via new technologies, accelerated new knowledge creation and exponential entrepreneurship growth. What is Inclusive Competitiveness? Targeted metrics and strategies to measure and improve characteristic performance levels of diverse populations within innovation ecosystems and clusters, emerging industry sectors and other areas critical to overall economic competitiveness. Inclusive Competitiveness neither alters nor replaces, but rather complements and enhances, existing and emerging economic competitiveness metrics and strategies, exclusively focusing on the characteristic performance of diverse populations. “The future belongs to those who prepare for it today.” Malcolm X
- 3. © 2013 Inclusive Competitiveness Pillars Inclusive Competitiveness is girded by three pillars: • Education, specifically STEM (science, technology, engineering, math) • Entrepreneurship, especially high-growth • Access to Capital, capital formation and investment (including equity, debt and credit)
- 4. © 2013 Innovation Ecosystem An innovation ecosystem is an interconnected, interdependent and balanced community of assets: • people and talent (entrepreneurs/management) • capital (equity/credit/debt); • education institutions (K-12/higher education) • research and commercialization resources (universities/corporations/tech transfer) • customers (marquee) • philanthropy (community wealth) • government (local/state/federal) • professional services (legal/accounting/intermediary organizations) Elements with the ecosystem work together to create new enterprises, jobs, wealth and economic prosperity across the landscape. However, unlike natural ecosystems that are organically created, innovation ecosystems must be intentionally created.
- 5. © 2013 T.A.P.I.M. Inclusive Competitiveness responds to the same needs and follows the same “T.A.P.I.M.” Progression that created existing innovation ecosystems and clusters: Thought, Advocacy, Policy, Investment, Market. T.A.P.I.M. Progression: • New Thought and Advocacy produces new economic narratives. • New economic narratives break through to form new Policy • New Policy is adopted, which forms and attracts new Investment • New Investment incents or ignites new Market reactions • New Market reactions are needed to respond to new opportunities Johnathan Holifield, Esq. Vice President of Inclusive Competitiveness, NorTech Co-founder, America21 a.k.a. “The Trim Tabber”
- 6. © 2013 Inclusive Competitiveness Diffusion As innovation ecosystems and clusters help create more economically competitive regions, Inclusive Competitiveness helps create more economically competitive regional innovation ecosystems and clusters by connecting Disconnected Citizens to new opportunities. This connection improves ecosystem and cluster performance, which can lead to more successful overall economic competitiveness outcomes.
- 7. © 2013 Inclusive Competitiveness Regional Innovation Ecosystems and Clusters Regional Economies State Economies U.S. Economy Global Economy Enhances economic competitiveness of … Enhances economic competitiveness of … Enhances economic competitiveness of … Enhances economic competitiveness of … Enhances economic competitiveness in …
- 8. © 2013 Law of Economic Competitiveness No city, region, state or nation can sustainably increase economic competitiveness without growing enough of the right people to create and take advantage of that increased economic competitiveness. If your city’s, region’s, state’s or nation’s economic competitiveness goals consistently outpace your growth rate in the right people, you simply will not – indeed cannot – become economically competitive. Law of Inclusive Competitiveness If your city’s, region’s, state’s or nation’s economic competitiveness goals do not focus on inclusion, you simply will not – indeed cannot – grow or cultivate enough of the right people to become economically competitive. Inspired by Packard’s Law of Hewlett-Packard Co-Founder, David Packard
- 9. © 2013 Equity Citizens American citizens with economic ownership holdings or interests in the U.S. Equity Citizens are entitled and able to access an equitable proportion of the nation’s best opportunities to achieve economic empowerment. The term is used to distinguish from Constitutional Citizens. Constitutional Citizens American citizens by birthright enshrined in the Constitution or by acquisition through naturalization. Constitutional Citizens are full and equal citizens under law, but they do not have many, if any, underlying economic ownership holdings or interests in the U.S. They are entitled, but not able to access the nation’s best opportunities to achieve economic empowerment. The term is used to distinguish from Equity Citizens. Economic Empowerment Self-active, innovative and competitive, able to bring about a sustainable state of economic growth and development, rooted in education, capital formation and investment, entrepreneurship and employment.
- 10. © 2013 Innovation Economy Squeeze Is the phenomenon of dramatically increasing American business productivity, enabled by efficiency gains of new technology adoption and integration and far less employees, combined with the increasingly “flat world,” where competition for new jobs is global. The effect is that Americans are being economically squeezed in unprecedented ways by the fact that fewer workers are now needed to produce ever more goods and services and billions of new workers around the world are now competing with Americans for new jobs.
- 11. © 2013 Connected Citizens American citizens with awareness of the innovation ecosystem, possession of 21st century skills and competencies, access to knowledge and resource networks, and characteristic performance levels to successfully connect to innovation cluster and emerging industry sector opportunities. Disconnected Citizens American citizens lacking awareness of the innovation economy, missing skills and competencies to access knowledge and resource networks, and do not demonstrate characteristic performance levels to successfully connect to innovation clusters and emerging industry sector opportunities.
- 12. © 2013 TRIM TAB THEORY Trim Tab Impact Derived from a metaphor of the same name, the Trim Tab Impact is a strategy to enable people and organizations to achieve more missions and deliver more value. Trim Tab Metaphor On the rudder of large, ocean-going vessels is a small high-leverage device known as a trim tab. While is it the rudder’s job to turn the large ship, it cannot do so without the trim tab. Minus a trim tab, the sheer size and weight of the rudder along with the water pressure and drag on it, makes the helmsman’s task of turning the giant rudder, and thus the ship, nearly impossible. The trim tab serves as a rudder for the ship’s rudder. Exerting extraordinarily high leverage, the small trim tab is the high-impact catalyst to turn the ship’s large rudder, and eventually turn the whole ship, in the desired direction.
- 13. © 2013 TRIM TAB THEORY Three (3) Components of Trim Tab Impact: • The object or the big ship that’s hard to turn • The fulcrum or rudder which turns the ship • The lever or trim tab which exerts exponentially higher leverage to turn the rudder and, ultimately, turn the ship in the desired direction Trim Tabbers Persons whose capabilities provide the higher leverage leadership needed to turn a matter of importance in the desired direction. Their actions significantly increase the achievement potential of the group, considerably enhancing the probability of mission success – achieving exponential impact, rather than incremental outcomes.
- 14. © 2013 TRIM TAB THEORY Trim Tab Organizations Entities whose operational approach to mission impact is based on aggregating key resources, organizing those resources into actionable, collaborative forms and highly leveraging them to achieve exponential impact, rather than incremental outcomes. Trim Tab Movement A series of high-leverage, organized actions and events of national or global scale, yet local in implementation and impact, that take place over an extended period of time, working to achieve exponential impact, rather than incremental outcomes.
- 15. © 2013 The America21 Project About America21 America21 is a nationally networked and regionally focused social enterprise whose mission is to inculcate a new, 21st century economic narrative that connects disconnected citizens to Innovation Economy clusters, ecosystems and emerging industry sectors, through STEM education, high- growth entrepreneurship and risk capital formation and investment. The approach is grounded in principles of economic competitiveness, equity and inclusion inherent in the term: Inclusive Competitiveness – enhancing and further extending proven innovation- and technology-based economic development strategies to seed the next generation of workforce innovators and entrepreneurs. For more information, visit blackinnovation.org