Innovation and the Local Economy

Steve

Why have an Innovation Center in Murrieta?

Innovation grows the economy. Innovative technology and creative entrepreneurs bring increased productivity, new jobs and resources. Many of the technologies in the not so distant past have created multi-million dollar industries from just an idea. Murrieta hopes to encourage spaces for local creativity and entrepreneurship to bring potential growth from innovative technology and new business.

 

Silicon Valley and Bio-Tech in San Francisco and Boston

The three most productive hubs for innovation are in Silicon Valley, San Francisco and Boston. Many factors contributed to the success of these areas stemming from prestigious universities such as Stanford and MIT to just timing. There have been attempts since, to create hubs and innovation parks in other cities with many failed attempts to follow an exact model. Murrieta benefits from learning from past city’s attempts and applying successful principles with an emerging city mindset.

Proximity plays a major role in the success of industries such as the thriving Bio-Tech sector in Boston. In an article by The Economist, Dan Budwick from Pure Communications was quoted saying, ‘you can go one mile and see 30 companies.’ Close proximity means quicker communication, more collaborative opportunities and closer relationships amongst companies. The MIC allows for a central location for meetings, events, and communication amongst organizations, entrepreneurs, companies and the community utilizing a central location, “the Innovation Vortex.”

Public-private partnerships enable a better environment for growth. A city such as Palo Alto, home to many companies in Silicon Valley contributes to its success through programs and support such as easy patent creation to create an attractive environment for companies developing new innovations.  Through the MIC, Murrieta partners with organizations and a university medical center to allow for support and joint structures meant to foster new entrepreneurs, businesses and innovation.

Low Barriers to Entry allowed for companies to grow in the beginning of the technology and biomedical booms . The environment allowed for new companies to take advantage of a supporting market to establish a headquarters, take out patents, and get noticed by investors. Today, the high cost in already established innovation hubs has made it difficult to easily open up shop in established areas. This opened opportunities for emerging cities such as Murrieta to focus on growing industry and innovation.

What is the future of the MIC and the city of Murrieta?

The MIC will grow and continue attracting new companies and innovators to Murrieta, providing a place where consultants, businesses, organizations, entrepreneurs and the city come together to foster new businesses and ideas.