Of Entrepreneurs and the Economy's Future
Paul Wetenhall of High Tech of Rochester told me that the addition of this track was a way of capitalizing on the vast amount of money funneled into research labs at large local corporations. Often, Wetenhall says, large corporations like Kodak develop technologies that offer a nice potential return -- just not large enough for the corporation's needs. An entrepreneur will typically have a lower threshold and more time to be patient to develop a market. An example is the successes at Lumetrics Inc., built upon an orphaned Kodak technology.
Entrepreneurship is a long-term play to solidify our economy. It won't solve the economy's problems overnight. It's also a numbers game, Wetenhall told me. Out of 10 start-ups, maybe three will survive and begin to create jobs. To use a sports analogy, what our region needs, according to Wetenhall, is more at-bats.