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EUROPE and the BAY AREA: Investing in Each Other

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EUROPE and the BAY AREA: Investing in Each Other EUROPE AND THE BAY AREA: Investing in Each Other Economic Connections between the Bay Area and Europe A Bay Area Council Economic Institute Report 2014 Sean Randolph President & CEO Bay Area Council Economic Institute Tracey Grose Vice President Bay Area Council Economic Institute acknowledgements Sean Randolph (President & CEO) and Tracey Grose (Vice President) co-authored this report. Alex Foard (Research Associate) and Saori Hamidi (Research Associate) provided extensive research support. A number of interns at the Institute also provided valuable research support: Brad Zukerman, Debbie Yu, Nick Magnuson and Ben Bartlett. The Bay Area Council Economic Institute would like to thank the European Commission for providing the research grant that enabled this report, and the other sponsors whose generous support made its production possible: Bank of the West, DLA Piper, San Francisco International Airport, Barbro Osher Pro Suecia Foundation, the Consulate General of Sweden, HSBC, United Airlines, Lufthansa, Wells Fargo and Europort. The Economic Institute also wishes to thank the many businesses, consulates, and civic organizations that gave their time for interviews and provided supporting information. We particularly thank John Zysman (UC Berkeley), Olaf Groth (Emergent Frontiers), Stephen Goodman (Continuum Innovation LLC), and Burton Lee (Stanford University) who served as reviewers. (See Appendix A for a full list of interview partners and reviewers.) the bay area council economic institute Bay Area Council Economic Institute is a partnership of business with labor, government, higher educa- tion, and philanthropy that works to support the economic vitality and competitiveness of the Bay Area and California. Its work builds on the twenty-year record of fact-based economic analysis and policy leadership of the Bay Area Economic Forum, which merged with the Bay Area Council in January 2008. The Association of Bay Area Governments (ABAG) is a founder and key institutional partner. The Economic Institute also supports and manages the Bay Area Science and Innovation Consortium (BASIC), a partnership of Northern California’s leading scientific research universities and federal and private research laboratories. Through its economic and policy research and its many partnerships, the Economic Institute addresses key issues impacting the competitiveness, economic development, and quality of life of the region and the state, including infrastructure, globalization, science and innovation, energy, and governance. A public-private Board of Trustees oversees the development of its products and initiatives. table of contents Executive Summary 4 Introduction 7 1. The European Landscape 8 The Evolution of the European Union 8 Crisis, Debt and Growth 10 2. Striking Gold: Europeans in the Bay Area 13 The Gold Rush: When the World Poured In 13 European Immigrants Today 14 1 3. A Rich Tapestry of European Institutions 16 Cultural and Community Organizations 16 Government Representation 19 Trade and Investment Offices 19 Bi-National Business Organizations 21 4. European Talent Driving Bay Area Innovation 22 Contributions by STEM Occupation 24 5. European Trade 26 Air Connections 26 California and the Bay Area 26 6. Business Presence: Foreign Direct Investment 29 European Companies with a Presence in the Bay Area 30 Cleantech, Green Cities 34 Bay Area Companies Enter European Markets 34 7. Cross-Border Innovation 39 Cross-Border Collaboration 40 8. Investment Trends in Private Equity and Venture Capital 43 Investment with Europe 43 European Corporate Venture Capital 43 9. Entrepreneurs and Outposts 45 Growing Innovation Ecosystems in Europe 45 Technology Windows 45 An Entrepreneurial Nexus 48 Entrepreneur Profiles 53 10. Growing Future Connections 56 The Trans-Atlantic Trade and Investment Partnership 56 US Immigration Policy 58 California Regulatory Issues 58 Entrepreneurial Links: An Emerging Bi-National Model 59 Appendix A: Interviews and Informational Support 60 Appendix B: References 61 Appendix C: Business Development and Support Organizations 62 Appendix D: Methodology 62 Footnotes 64 europe and the bay area investing in each other billion billion $ the innovation economies 3.3bay area investing in europe private equity & of europe and the bay area venture capital $ 56% of Bay Area investment investment 4.europe05 investing in the bay area are becoming increasingly abroad goes to Europe integrated and spurring 49% of global investment in the Bay Area comes from Europe new business growth in both regions of the world. collaborative invention Europe’s economic ties to the Bay Area europe accounts39% for date back to California’s Gold Rush. Today, the Bay Area is a global epicenter of all Bay Area patents registered with foreign partners since 1999 of technology and innovation, and Europe + continues to be an essential partner in business technology 1000european business affiliates shaping the region’s economic future. design The region’s business and economic ties + presence r&d 1/3 of all foreign business affiliates bay area3200 business affiliates are in europe retail with Europe are diverse, and led by are from Europe technology. Cross investment with Europe is larger than with any other global region. billion $ trade 9.2bay area exports to europe 18% of total Goods exports 35% of total Services exports Innovation Ecosystems Bi-national 35,000 airline growing cross-border Venture Capital in Europe startups seats per week Angel Investors entrepreneurial network Corporate Incubators a post-national Technology Accelerators innovation system Outposts Soft Landings formal european Bi-National institutional presence Diplomatic Business Sister 30 Offices 14+ Organizations 12+ Cities Public-private Trade & 11+ Business Incubators/ 12+ Investment highly skilled Accelerators Offices talent European-born with Advanced of All Foreign Born STEM 170,000 Residents 26% Degrees 9% Workers in the Bay Area europe and the bay area investing in each other billion billion $ the innovation economies 3.3bay area investing in europe private equity & of europe and the bay area venture capital $ 56% of Bay Area investment investment 4.europe05 investing in the bay area are becoming increasingly abroad goes to Europe integrated and spurring 49% of global investment in the Bay Area comes from Europe new business growth in both regions of the world. collaborative invention Europe’s economic ties to the Bay Area europe accounts39% for date back to California’s Gold Rush. Today, the Bay Area is a global epicenter of all Bay Area patents registered with foreign partners since 1999 of technology and innovation, and Europe + continues to be an essential partner in business technology 1000european business affiliates shaping the region’s economic future. design The region’s business and economic ties + presence r&d 1/3 of all foreign business affiliates bay area3200 business affiliates are in europe retail with Europe are diverse, and led by are from Europe technology. Cross investment with Europe is larger than with any other global region. billion $ trade 9.2bay area exports to europe 18% of total Goods exports 35% of total Services exports Innovation Ecosystems Bi-national 35,000 airline growing cross-border Venture Capital in Europe startups seats per week Angel Investors entrepreneurial network Corporate Incubators a post-national Technology Accelerators innovation system Outposts Soft Landings formal european Bi-National institutional presence Diplomatic Business Sister 30 Offices 14+ Organizations 12+ Cities Public-private Trade & 11+ Business Incubators/ 12+ Investment highly skilled Accelerators Offices talent European-born with Advanced of All Foreign Born STEM 170,000 Residents 26% Degrees 9% Workers in the Bay Area executive summary Europe’s economic ties to the Bay Area run extraordinarily deep. Current ties date back to California’s Gold Rush and the founding 4 of San Francisco through the present day development of the region as a global epicenter of technology and innovation. The Bay Area’s European ties have evolved throughout this period, and despite the attention that Asia naturally receives as a dynamic and growing region, Europe continues to be an essential partner. Trade is strong, and despite the recent global recession and Europe’s slow recovery, it is also growing. The larger story, however, concerns two-way investment, As connections between Europe and the Bay Area continue to where cross investment with Europe is greater than with any increase, and with them, professional and creative networks, new other global region. The region’s relationship with Europe is points of innovation are appearing. The result is the emergence remarkable, in fact, for its balance. While the Bay Area’s very of a post-national innovation system, where the frame of substantial trade with Europe is less than with Asia, it is in reference is not bounded by national or even regional borders overall balance. And its value is understated since Bay Area but by the diversity and geographic reach of a company or an companies manufacture extensively in Europe, reducing the individual’s network. need to export. This cross investment, which includes R&D, reflects deep integration between the Bay Area and Europe as Institutional ties reflect a deep history of engagement. Pioneers advanced knowledge economies. include Levi Strauss, the builders of San Francisco’s Hetch Hetchy water system and the planners of its streets, and the founders of major technology companies. This
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