Notably absent from the Greater Baltimore Committee‘s Economic Outlook Conference: young money, nouveau riche, the 20-somethings running startups with piles of risky venture money.
It was something Newt Fowler, lawyer and TEDCO board member, spotted immediately Thursday while sitting on a panel focused on “fostering innovation” in Baltimore, reports the Baltimore Business Journal.
As Technical.ly Baltimore wrote this week, it’s not uncommon for members of Baltimore’s traditional, buttoned-up business community and Baltimore’s sometimes unconventional, flip-flop-embracing startup scene to talk past one another — or to not talk to one another at all.
On one hand, the diversity in business goals allows for different hubs of innovation around town. But a lack of awareness when it comes to shared outcomes — growing an innovation community in Baltimore — means businesses and city government have a tendency to misunderstand what more early-stage startups and smaller technology companies need to continue building a successful business in this city.
The five things Baltimore needs when it comes to innovation, from Newt Fowler as reported by the Baltimore Business Journal:
- “We need more entrepreneurs. We need to create, find or hire more entrepreneurs.”
- “We’ve got to stop exporting talent. We have to simply figure out how to keep them here.”
- “We need to rethink how we market Baltimore. The face for headquarters relocations — it’s over. Knowledge-driven businesses simply grow where the talent is.”
- “We’ve got to solve the capital problem.” He said very little of the capital in Baltimore is active.
- The problem of capital is especially tough when it comes to early-stage funding. [As Technical.ly Baltimore reported, there is some early-stage capital in play in this city, although hardly enough to foster a large number of startups.]