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FUELING INNOVATION DEVELOPMENT IN
ORANGE COUNTY Orange
County has one of the most diverse technology environments in the nation with more than 600 biomedical and high-tech companies. Nearly 70,000 scientists, engineers and technicians are employed in the region and
the demand for talent is growing. The University of California Irvine is emerging
as a research and academic powerhouse with more than 25,000 students and $310 million in annual research and development
awards. While Orange County has a strong infrastructure, there is a challenge to harness the region’s resources and
remain competitive in this global economy. Orange County’s strength and leadership
in the biomedical and information technology industries depends upon our ability to produce scientific and technological developments
that ultimately transfer into the marketplace. This process is fueled by a strong
educational system that fosters research, talent development and entrepreneurship. Our
ability to attract and retain the world’s best and brightest talent is critical in producing new ideas and technologies
that will become tomorrow’s businesses, products and services. Innovation
is key to our competitiveness, and quite often researchers, students and entrepreneurs do not have the support system to develop
their technologies into viable businesses. OCTANe
co-founders Tom Moebus and Dwight Decker recognized the potential of this region and created the organization to accelerate innovation
and entrepreneurship in the biomedical and information technology sectors. While
OCTANe focuses on new company creation and growth, OFI focuses on developing the people and ideas that feed into the commercialization
process.
"Our biomedical technology sector is full of potential, but without a concerted effort to drive innovation, Orange County will be left behind." Michael Mussallem Chairman and CEO Edwards
Lifesciences
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WHY develop the pipeline of talent, innovation
and entrepreneurship: · The graduation rate of American engineers has declined in the last ten years.
In 2004, only 32% of American undergraduates received degrees in science and engineering compared to 50% China and 66%
Japan. · Only three U.S. companies ranked among the top ten recipients of patents granted by the U.S. Patent and Trademark Office
in 2003. · People in their 20’s are leaving Orange County to start careers
elsewhere. · For every job created in a venture-backed company, 2.2 additional jobs are created in the economy. For
every dollar invested in a venture-backed company, the regional economic impact is 2-3 times that amount.
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