IP History
In 2001, the Mayor of the City of Philadelphia and a committee comprised of some of Philadelphia's largest employers and academic institutions concluded that if Philadelphia was to have a thriving 21st century technology and knowledge-based economy, innovation could not only be a part of Philadelphia's history, but must be a key component of its economic development strategy and future. To lead the growth of the technology and knowledge-based economy in Philadelphia, Mayor John F. Street and the committee incorporated Innovation Philadelphia.
Innovation Philadelphia was charged with collaborating with the Philadelphia Region's existing economic development organizations to generate new ideas and programs to highlight and grow the technology and knowledge industry sectors of Philadelphia's economy. Innovation Philadelphia has become one of the leading innovative, new economy organizations in the United States with a strong record of accomplishments that include:
- Creating CareerPhilly, a college student retention initiative that has linked more than 12,000 internship-seeking college students to Philadelphia employers;
- Developing a portfolio of venture capital investment funds, Economic Stimulus Fund, Research Dollars Fund, Innovation Partnership and Mid-Atlantic Angel Group Fund, which has invested an aggregate $1.1 million and leveraged an additional investment of over $71 million in technology and knowledge industry businesses run by Philadelphia entrepreneurs;
- Being a founding member of the Greater Philadelphia Global Partnership (GP2), a consortium of economic development organizations established to facilitate international trade, to identify opportunities for foreign direct investment, to encourage international travel and tourism and to attract and retain international students;
- Identifying the Creative Economy as a part of the knowledge industry with the potential for measurable growth and sponsoring collaborative initiatives, such as the Global Creative Economy Convergence Summit, to showcase Philadelphia's creative assets;
- Creating comprehensive resources for entrepreneurs such as the Entrepreneurs' Resource Guide, the Greater Philadelphia Financing Guide and the Greater Philadelphia International Resource Guide; and
- Measuring and communicating the strengths and opportunities of Philadelphia's technology and knowledge-based industries in the Innovation and Entrepreneurial Index and the Greater Philadelphia Innovation Economy Road Map for Regional Growth studies.
The formation of Innovation Philadelphia demonstrated that the City of Philadelphia foresaw the importance of "innovation" to economic growth before innovation became the buzzword it is today.
In October 2006, Innovation Philadelphia's Board of Directors approved a new Strategic Plan: Innovation Matters, which refined Innovation Philadelphia's priorities and goals. Targeted focus on the growing the Creative Economy, young professional attraction and retention and generating new ideas, harnesses the spirit of innovation that is fundamental to Innovation Philadelphia and develops an economic development strategy that is forward looking.