Omaha Innovation Ecosystem Assessment & Development Strategy
11th Street Enterprises
Economic Strategy
Situated in the heart of the Midwest, Omaha benefits from its central location, allowing for easy accessibility and connectivity to major markets. The city boasts a diverse and vibrant economy with thriving finance, healthcare, logistics, and agriculture industries. 11th Street Enterprises, representing a core group of philanthropists and members of the entrepreneurship community, are interested in harnessing the potential offered by innovation-based economies as a pathway for expanding opportunity and building wealth among Omaha’s residents.
While the region features many tech and innovation related assets, its innovation economy lags behind peer cities across a range of key metrics including R&D funding, rate of entrepreneurship, size of its tech workforce, and strength of its higher education institutions. A lack of coordination among organizations and higher education, regional relationships that are more competitive than collaborative, and an ecosystem that is geographically scattered are among the top challenges the region will need to address in order to cement Omaha’s identity as central to the ‘Silicon Prairie’.
Our Approach
Fourth Economy, along with Mass Economics and Urban Impact Advisors completed a robust assessment of the region's innovation ecosystem. To form a complete picture of the ecosystem and its strengths and weaknesses, Mass Economics examined key innovation and entrepreneurship indicators, benchmarking these metrics against regional and national competitors. Urban Impact Advisors met with key stakeholders from the area’s higher education institutions and conducted an analysis of state initiatives aimed at growing the innovation economy. Fourth Economy conducted additional research, surveyed best practices from successful innovation-based economies, and held interviews with investors, industry and nonprofit leaders, company founders, and local government representatives to gain insights into the needs and concerns of the I&E community.
The Results
Our collective research and engagement process revealed an I&E ecosystem with many assets and positive growth trends, but one that is too small and disconnected to compete against larger and more established innovation-centered economies. Working with the Steering Committee and client team, we identified three strategies for unifying and growing Omaha’s innovation ecosystem which include: creating a ‘backbone’ organization to unify efforts and advocate for the region’s innovation and entrepreneurial sectors; establishing an innovation district to anchor I&E activities; and establishing a state-level investment strategy for strengthening Nebraska’s research, educational, and workforce development enterprises. Our final report presents findings in clear terms and provides the information needed to inform and catalyze efforts towards building a stronger innovation ecosystem.
Location
Omaha, NE