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Greater Phoenix could become the epicenter of entrepreneurship after Silicon Valley, according to university officials and business experts, the world has never seen it before.
how so? Community-based initiatives, benefit-driven, applied university research, stronger infrastructure, and more resources all lead to accelerated innovation and improved quality of life.
“Phoenix could soon be a model for innovation,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “Phoenix’s business environment has become more innovation-focused and startup-friendly. All possible signs point in a positive direction.”
Silicon Valley wasn’t always a $3 trillion neighborhood. Over time, advanced STEM and technology-based R&D attracted venture capitalists to the San Francisco Bay Area, creating a strong business environment.
A similar phenomenon is occurring in Arizona. The No. 1 school for innovation in the nation, Arizona State University, a Tier-1 research university, has become a major engine of change initiatives.
And many technology-based companies have invested heavily. For example, Intel announced a $20 billion expansion in Chandler. A Taiwanese semiconductor manufacturing company has begun building a $12 billion advanced manufacturing facility. Aerospace and defense company Raytheon Technologies continues to grow. And recently, Virgin Galactic announced that their next generation of space shuttles will be built in Mesa, bringing thousands of highly skilled jobs to the Valley.
Moreover, technology startups are very prevalent in the valley. According to a report by Greggslist, a free resource for connecting local software company leadership, job seekers and technology investors, Phoenix has 813 software companies, of which 285 are startups and 102 are backed by venture capital funds.
But Camacho and Ji Mi Choi, vice president of ASU’s Knowledge Enterprise and founding director of the J. Orrin Edson Institute for Entrepreneurship + Innovation, don’t believe that comparisons to Silicon Valley provide an accurate description of the Arizona market.
Like Choi and Camacho’s community, it sets us apart from all other cities. Arizonans are fully embracing the steps necessary to compete in the 21st century economy.
“We don’t need to aspire to be Silicon Valley. We want to be our own label,” Camacho said. “We can go much better than that. We want to be a very generous entrepreneurial community. There’s more of an approach to helping each other. We want to see companies hit billion-dollar valuations. We think we can do that by being generous with our time and resources. No matter where you come from, your lineage, a great, disruptive idea.” If you have it, you will get attention.
Choi agrees.
“How do we inspire the spirit of entrepreneurship? In our culture. Arizonans are willing to try new things – take on new challenges.” We are doing everything possible to support the aspiring generation.
According to experts, networks can be a defense and a tool of power or manipulation. But in Arizona, Choi says our network is scalable.
“There is a history of entrepreneurs being only for certain people. Our goal is to educate students – to be an institution of knowledge and then help entrepreneurs deploy that knowledge in an effective and efficient way,” Choi said.
The business community avoids insularity and companies are not interested in operating in a bubble economy.
Experts say our businesses strongly believe in mentorship. Renowned organizations like GPEC provide opportunities for start-ups to network with industry partners to deploy solutions.
“Innovation is the driving force behind our fast-growing economy, and we have many regional nonprofits and academic institutions that are incredibly supportive. GPEC’s goal is for the market to be a leading force in driving innovation,” Camacho said. “Entrepreneurial nonprofits are creating a culture among students, innovators, and corporate enterprises. Our universities and community colleges are feeders for talent. And we help entrepreneurs achieve their dreams and reach their next careers. We help develop new technologies that haven’t existed yet and help companies reach their full potential.” It is a culture change that we must be intentional about to help.
According to Choi, the start-up culture is where we are seeing more capital, more opportunities, more accessible resources and strong infrastructure people, innovative organizations and top universities.
With more than 155,000 students attending ASU, research expenditures are having a significant impact throughout Arizona and the nation.
“How do you go from problem to solution? Our research spending is important in the entrepreneurial community because we can go from basic research to inspired practical applications,” Choi said.
Silicon Desert can benefit from greater cooperation between municipalities than Silicon Valley.
“We are taking a multi-pronged approach in Arizona. Every community participates and plays a role in the regional economy,” Camacho said. We have made significant progress in addressing our needs around water conservation and augmentation, and ensure we have sufficient and reliable energy. All these aspects are important for business growth.
Experts agree that a systems-based approach to entrepreneurship can help make Greater Phoenix a kind of economic giant.
“We’re looking for the long term. We need to create a revitalizing, cyclical business community that has a way to turn itself around,” Choi said. Looking forward, we want ASU and the state Legislature to continue to work together to address the multifaceted challenges of community development.
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