Credentials
When things start to converge it may take some time and distance and careful looking to see the pattern.
Within the span of less than a week, two diverse events that point to the same possibility: a future of growth for Florida.
On Thursday, April 12, I went to a social gathering sponsored by the Life Sciences Technology Hub (LST-HUB). It was one in a monthly series, held the second Thursday of every month at Waterway Café in Palm Beach Gardens. Just a few days later, on Monday and Tuesday, April 16 and 17, I attended the Palm Beach Strategic Forum, produced by The International Economic Forum of the Americas, held at the Palm Beach Convention Center. The two events couldn’t have been more different in every respect, from location, cost, makeup of the audience, structure of the event and what was appropriate dress. But they both pointed to a similar future: the prospective emergence of new jobs and new wealth in a region that has an urgent need for both.
At the LST-Hub event, people came to meet casually with others playing in the life sciences industry in Florida. They came to have a beer, some pizza and the opportunity to be part of an emerging industry cluster. I met people who came from as far as Miami, but most were from the Palm Beach area and other closer-in areas. They came without agenda to an event without a structure. The cost was free, but there was a jar at the front table where the event sponsors were hoping people would drop-in their contributions to go towards the cost of incorporating the organization and giving it some structure to enable more events serving more people. My guess is that about 70 people showed up – not bad for an event with the most modest promotion for an organization that doesn’t really exist yet. But if you were at the event you would have gotten a very clear message: there is a growing sense of self among those in the life sciences industry. Relationships are being created. Leaders are starting to emerge. Common goals and common problems are being identified and discussed. Confidence that “this may really happen” is starting to firm-up a lot more backbones. A community is being created.
The people who came to the Summit at the Convention Center were handed identification badges as they walked-in, along with brochures about the program, and an agenda for the two-day event that accounted for virtually every minute from early breakfast through end-of-day networking events. Those in the audience paid hundreds of dollars each to attend. There were two days of speeches, panels and presentations from people holding senior positions in global enterprises and governments. The Governor came to speak, and with him came news coverage from TV to print to online. If you wanted to describe something 180° different than the LST HUB beer social, you’d describe the Palm Beach Economic Summit. But, just as you could get a clear message from the LST HUB meeting that a community was emerging, you could get another clear message from the Summit: that Palm Beach/South Florida/Florida was in the process of being taken much more seriously than simply being an economy based on tourism, residential construction and agriculture. There was clearly a sense that the area was taking a new place among the world’s important business locations.
There Is A Terrific Convergence Of Events Happening.
At first blush, the two events are unrelated. But, put them together with other events and you see a clear opportunity. As life science entrepreneurs are coalescing into their own community and others from around the world are beginning to recognize the area as an increasingly important player in the global economy, the region is also boasting a critical mass in life science research facilities such as Scripps and Max Planck, and universities are joining at the hip with organizations that promote shared goals, such as FAU becoming a more active player in Palm Beach economic development. Organizations such as the Employ Florida Banner Center Life Sciences, are moving past their start-up stages and evolving into organizations with sharper senses of vision and the benefit of institutional experience. And, most importantly, there are literally hundreds of entrepreneurial start-ups, many if not most of which will never succeed, going after legendary success. At the same time, as I meet people in other businesses they are more and more buying into the idea that this time a globally important life sciences industry may really emerge in this area, albeit cynicism still remains from past failed starts.
BUT …
This convergence of events and trends is really important. More has to be added to the stew, such as significantly increased access to start-up angel and venture capital. But there is something much more important than money that is necessary if this area is going to seize an important role in the life sciences industry: it needs to create a context so that all these events that are converging become easy to interpret. Events and trends should no longer be seen as unrelated and episodic. They need to be tied together.
How? Clearly, I have a bias arising from more than 40 years in the communications business: a story can shape reality. This region … this industry … needs a robust comprehensive campaign mentality. It needs to clearly define its goals – establish what it will mean to “win.” It needs a shared story that can drive a self-fulfilling prophecy. And then it needs to get a wide range of organizations, institutions, businesses and individuals, who haven’t worked collaboratively before – and, in many instances, who have worked with overly-parochial and too-competitive attitudes – to begin working in a truly collegial way. They need to coalesce around and support a shared, clearly articulated and actually achievable aspirational vision. In pursuit of that vision, they need to maximize their limited resources as they seek their shared goal. Once there is a serious commitment made to such a campaign, the region and the industry can explode. It will explode. And there will be a new industry and new jobs and new wealth.
Too optimistic? Well, it’s optimistic. But it isn’t “too” optimistic.
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Dear Mr. Poretz,
It is beautifully written article and you bring a very good point – one that this region in Palm Beach takes seriously and to heart. There are at least eight local organizations / committees working toward the goal of establishing Life Sciences cluster and its impact – BioFlorida South Chapter, BDB LS steering committee, NPBCC Education / Life Science Committee, EDC, PBSC Banner Center, Angel Forum, LST-HUB and BASF. I would argue that each one has a different goal and purpose and to an extent we do work together and each individually has a significant impact on all the new developments and progress in this region. Do we need one body to unite us? – probably not, as the goals on a sub-level are different. Do we need to communicate more often and share resources and events (if program overlaps) – absolutely! How do we achieve this? – with open dialog and communication between individuals – as many of us serve on several committees at a time. Should all organizations get together and discuss how to do this best for the good of the region – absolutely! Perhaps BioFlorida, as the largest entity and the voice that represents the Florida to the rest of the country can arrange such an event.
Thanks for the comments and feedback and you (and everybody) should call me “Doug” — at age 66, I prefer to use every opportunity to not be a “Mr.” — Anyhow ….
I know that there are at least 8 organizations with very similar missions — probably more when you count the statewide organizations — and that have established for themselves and the region a significant legacy of accomplishments. However, these realities must be accepted about those groups:
– The groups are under-resourced and need to cooperate or they need to re-tune their missions. BioFlorida, for example, has a lofty mission that is applicable to the entire state. It has three people. It is conducting programs from Gainesville to Miami — that is the same as covering the area from Boston to Research Triangle Park in North Carolina for all practical purposes. As great as its track record is, the resources devoted to it (a total staff of three) and the mission it has been assigned are simply not in synch.
– Yes, you are correct that the groups have to talk with each other, but they also have to work with each other in a truly collaborative way. I am certain that is done very often, but parochialism and turf issues and funding issues (that is, the practicalities of running an organization) often result in the lack of collegiality that is required.
– I am not suggesting one organization should unite these groups — and certainly there is no need for a NEW organization that is for sure. My experience in Northern Virginia, to which I referred in previous blog posts, is that these organizations can be united by a common story — a common aspirational vision — a common campaign, not a common organization. In fact, the success of Northern Virginia is not attributable to one centralizing organization but to the true collaboration among many organizations, each of them clear of their symbiotic roles. They all were in synch when it came to a simple bold vision: we wanted to be one of the centers of gravity of the global IT industry. That campaign theme was echoed through all organizations precisely by the method you suggest: over-lapping board members so that each organization knew what each other organization was doing and planning and saying. But also, there was one unifying story that was articulated by the cooperation of those organizations in crafting the story and helping to guide and provide input to the overall campaign.
– I am very convinced that the “lead” role in this effort should not be undertaken by a government or quasi-government agency. It should be coordinated and underwritten broadly by the private sector, with heavy involvement from all other groups, because it is the private sector that has the greatest vested interest for success. Law firms want more IPOs and M&A activity to handle. Insurance companies want more growing companies to which they can sell more health plans and other coverage. Audit firms want more vigorous companies to audit. Communications shops want more growing clients to retain them to promote them. Those are very vested interests that can be supported as soon and to the degree that the private sector has total credibility in a coordinated plan that truly works. When they have credibility that THIS TIME the effort will be “for real” they will write the bigger checks that are needed. For my part, I am trying to find how, on a pro bono basis, I can help that happen. I can use all the input and collaboration anyone or any organization is able and willing to share. I have already started that process, along with some others in this area who have great credentials in communications, and we are all extremely encouraged at the positive feedback for this approach, albeit there is a long way between “I think this is an intriguing approach” and “I am committed to the approach.” I hope that in this blog, as appropriate, I can help advance that goal.
Please continue the dialogue. The simple “proof is in the pudding” analysis is that 50% (or so) of the homes in Florida are under-water relative to the value of the house and the debt on the house. That is not going to be changed by any effort other than creating more demand at higher prices than currently exists. That demand isn’t going to come from growth in any of the traditional industries that have fueled growth here (tourism, home building, agriculture). It has to come from a new industry, and the industry with the greatest potential is Life Sciences. The effort has to be accelerated and made more effective and much more efficient if this new industry is going to create new jobs, restore former wealth and create new wealth. I believe a true campaign and, even more, a true campaign mentality on the part of all players, is ONE important way of achieving that goal.