Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis
The Pittsburgh Region Life Sciences Benchmarking & Opportunities Analysis report was prepared for the University of Pittsburgh with financial support from the Richard King Mellon Foundation and Hillman Family Foundation.
Fourth Economy Consulting conducted the analysis and report development in partnership with Warner Advisors during the summer of 2016. This report is meant to inform key Pittsburgh regional stakeholders about the assets and opportunities that exist in the life sciences industry sector and highlight areas of future focus. Read more from the Pittsburgh Post-Gazette here. The complete report is available here.
Recently, The National Institute of Standards and Technology (NIST) announced the competition to award its first National Manufacturing Innovation Institute (NMII). Proposers may focus on any advanced manufacturing technology area not already addressed by another institute or open competition. Seven institutes have been funded to date with two currently moving through the review and negotiation process. After attending the Proposer Day session on March 8, 2016, it is clear that many proposal teams have already been formed. Continue reading “NIST Announces NMII Competition”
To many Americans, Canada is our friendly neighbor to the north, known for an affable attitude, a passion for pucks and a penchant for strong beer. What is perhaps less known is how critical trade with Canada is to the economy of the United States. Consider:
- Nearly 9 million U.S. jobs depend on trade and investment with Canada
- Canada is the top export destination for 35 states
- Canada is the number one supplier of crude oil, refined petroleum products, natural gas,
and electricity to the U.S. as well as a
leading supplier of uranium
- 400,000 people cross the Canada–U.S. border daily
Defense Department budgets are in flux. Factors such as the Budget Control Act, reductions or shifts in spending related to the drawdowns in Iraq and Afghanistan and responses to future threats could all create significant economic disruptions for Pennsylvania’s defense industry sectors and the regions they call home. The state’s defense industry leaders and the communities that support them cannot afford to risk being caught unprepared by waiting for news of budget changes and then reacting to them. Instead, it is imperative that the sector understands potential risks and prepares for them proactively. Continue reading “PA Standing at the Ready: Creating Proactive Strategies for Potential Changes in Defense Spending”
On April 27, Fourth Economy market opportunity client The Water Economy Network (WEN) collaborated with the Environmental Protection Agency (EPA) to cohost the National EPA Water Technology Innovation Cluster Leaders Meeting, at Pittsburgh’s Omni William Penn Hotel. Continue reading “National EPA Water Technology Innovation Cluster Leaders Meeting Held in April”
It’s no secret that the best strategic plans are based on qualitative and quantitative analysis, using this information to determine the best allocation of resources to pursue growth and change. Too often, strategic planning processes “jump right in” and do not take the time to fully understand and quantify current and expected conditions. Change cannot be measured without first analyzing existing conditions to establish a baseline dataset from which change can be measured. This approach also applies to regional energy planning. As regions consider energy in relation to economic development planning, there are direct correlations to the impact energy has on people, place, and ideas. Establishing a regional energy baseline must be the first step before tactical planning can occur.
Additionally, energy planning is an often-ignored element in developing regional economic development strategies. Energy is a universal business itself, however it also impacts every single industry and business within a region. Energy directly impacts the health of people across a region, and is a critical element to regional success. How can economic development planning occur without energy planning? Continue reading “It’s all About that Base: Baseline Data, Energy Planning, & Economic Development”
The answer is Higher Eds use economic and social impact studies for a lot of different reasons. Underlying is the desire to showcase their good work and demonstrate the value their work creates. And they want to communicate that value in terms that will resonate with internal and external audiences. Audiences may include: public officials, policy makers, community residents, investors, and Higher Ed faculty, staff, students and alumni. Economic and social impact studies help Higher Eds compete for state funding, maintain their tax-exempt status, help defend against criticism and help increase fund-raising. Continue reading “Higher Eds use Economic Impact Studies for what?!”
The Fourth Economy team has been assisting the Chemical Alliance Zone with re-establishing a chemistry-focused business incubator in the West Virginia Regional Technology Park in South Charleston, WV. The incubator will be a key part of the West Virginia, regional, and national innovation economy. It will assist local and national chemistry-related entrepreneurs by facilitating access to strategic lab facilities, specialized commercialization expertise, and other regional resources. Continue reading “ChemCeption incubator to launch April 2014”
New ideas fuel the fourth economy. But they need the right talent, money and a market ready to greet them. There are few market opportunities that need new ideas and innovation than those within the water sector. In 2012, Fourth Economy helped to launch the Water Economy Network (WEN). A key goal for WEN and its industry members is to encourage new water related technology development and deployment. To help WEN achieve that goal, Fourth Economy and WEN joined with Idea Foundry (a Pittsburgh-based non-profit that specializes in innovation acceleration and commercialization) to launch a water technology acceleration program called Innovate H2O. Innovate H2O is a program aimed at identifying and accelerating breakthrough solutions that address global water challenges. Continue reading “The Launch of Innovate H2O”
Universities make huge contributions to the US economy annually. However, understanding and communicating those contributions is not always realized nor easily demonstrated. Over the years, I’ve conducted multiple economic impact studies and helped many universities understand and communicate their economic impact results. However, not all universities have completed an external economic impact study or been afforded the opportunity to learn about avenues to communicate their economic impact. And as an impact analyst I’m always interested in learning about new ways to help universities more effectively assess, utilize and communicate their economic impact. Continue reading “Trends in Economic Impact”