Iowa Innovation Council approves strategic plan
January 14, 2011 (DES MOINES) — Members of the Iowa Innovation Council laid out a strategic plan to create high-skilled, high-wage jobs by supporting entrepreneurs and companies in targeted industries.
“Today’s approval of the strategic plan signals the start of an integrated effort to move Iowa’s innovation economy forward. Innovation is what will help Iowa’s economy stay competitive in the global marketplace,” stated Ted Crosbie, chair of the Iowa Innovation Council.
The council believes Iowa’s greatest potential for creating high-skilled, high-paying jobs is by accelerating the development and commercialization of relevant innovations.
The council seeks to do that in the targeted industries of advanced manufacturing, biosciences and information technology.
The strategic plan includes launching a private seed capital investment fund to provide early-stage capital to start-up companies. The council also will develop plans this year to accelerate technology transfer and the commercialization of research at Iowa’s universities and colleges. In addition, the council wants to expand the help available to businesses so they have a source of best practices and standardized due diligence processes.
The Iowa Innovation Council was created through legislation passed and signed into law in 2010 and is charged with developing strategies to encourage and support innovation in Iowa. The 29-member council is made up leaders of companies in the targeted industries and officials from government, Iowa’s public universities and community colleges.
The council is asking the Iowa Legislature to allow it to become a not-for-profit corporation. That would give the council more operational flexibility and the ability to raise private funds.
Source: Iowa Department of Economic Development
