At various entrepreneurial events and emerging technology conferences in the Mid-Atlantic region, I've come across a few of the same questions from my peers. The first question - where is the Lehigh Valley? - can typically be answered by identifying a landmark (i.e. Bethlehem Steel). The second question - you're an Internet Technology entrepreneur, why would you want to base your company there? - typically takes a more well-thought out answer.
So what is the answer to this second question? Personally, I'm passionate about this area, it's a great place to live, and I believe it has a lot of potential to become a vibrant hub of entrepreneurial activity. But what are the ingredients that are currently in place and what can we do to improve upon them and truly make the Lehigh Valley into a formidable regional innovation system:
Young and sustainable workforce:
The Lehigh Valley has a vibrant higher education system encapsulating nationally ranked colleges and universities in business, engineering, and the liberal arts that attracts quality students both domestically and abroad. Attracting quality students is a great foundation in developing a sustainable workforce ecosystem in the Lehigh Valley. Encouraging value-added interaction between new ventures and students (i.e. the IBE program at Lehigh Univ.) is a great first-step. Increasing transparency, interaction, and collaboration between education and industry is imperative for survival as global demands create an increasingly competitive environment.
Geographic proximity:
The Lehigh Valley's accessibility to major cities across the Mid-Atlantic corridor including Philadelphia and New York is second-to-none and is an attractive feature of the Valley. Developing a self-sustaining mass transit system (rail) to these various geographic hubs will further provide the flexibility and easy-commuting options to enhance the productivity of companies and entrepreneurs alike.
Entrepreneurial community:
The Lehigh Valley is home to Ben Franklin Technology Partners of Northeastern PA, a flourishing start-up incubator that invests millions in sustainable emerging technology and manufacturing ventures with innovative ideas and a support staff that is second-to-none. Providing a collaborative forum (i.e. Philly Startup Leaders (PSL), disclaimer, I am a member of PSL) to connect BFTP entrepreneurs and other area entrepreneurs and companies would provide both an physical and virtual support system that is essential to the long-term survival of new ventures, creating a regional trust economy in the process.
Accessibility to resources:
The Keystone Innovation Zone (KIZ) and the various resources provided by the LVDEC, Chamber, SCORE, and the SBDC provide first-time entrepreneurs and existing companies with the tools to succeed. Providing an open-source model where this information can be easily accessible and partnering with other successful regional innovation systems and respected institutions in the dissemination of these informative resources would further promote knowledge transfer and visibility for the Lehigh Valley.
Accessibility to funding:
Originate Ventures is establishing themselves as a top-tier, reputable, venture capital fund in the Mid-Atlantic region. Open Court, their community outreach initiative, gives entrepreneurs or would-be entrepreneurs the chance to present their ideas allowing for expert interaction and collaboration with the community. This is a win-win that our region should replicate across other market and industry segments. Our community thrives as a whole, not by its parts.
This is just one voice on this subject - How do you think the Lehigh Valley can become a formidable regional innovation system? Please feel free to comment - let's get a collaborative and transparent conversation started and make it happen.
Josh is the CEO of Atricity, which combines relevancy and experience in developing and integrating business, social media, and technology solutions for innovative ventures. Atricity is making its home in the Lehigh Valley. Feel free to contact him at: joshehrig @ gmail.com.
