During the 1990s, many of us made some money in stocks and mutual funds, but how many Alaskans have built or helped finance their own company that has made a global impact? How many Alaska-based companies are publicly traded on a national stock exchange? It is hard to name more than a few.

To those who have succeeded in building those companies, congratulations. They have positioned themselves to take advantage of the new economy and have created wealth by turning their own stock into liquid paper.

While attending a Commonwealth North banquet, I had the pleasure of hearing George Kozmetsky speak on the new economy. Kozmetsky describes the new economy as a transformation from a "post-industrial society to a technology/knowledge-based economy." This new economy will be built on "knowledge and human resource-based investments, dependent on highly skilled personnel and abundant financial assets."

We can develop companies that are knowledge- or Internet-driven and companies that apply exisiting technology to current Alaska industries.

Building companies that sell their own stocks and bonds on publicly traded markets is how people will generate tremendous amounts of wealth in the new economy. Here in Alaska, it is impractical to think that we can be market leaders in industrial or technological manufacturing, because our costs are too high.

However, we can develop companies that are knowledge- or Internet-driven and companies that apply existing technology to current Alaska industries. There is no doubt that we are producing the intellectual talent to create these types of companies. What we do lack is abundant financing capital to foster entrepreneurial development in Alaska.

Kozmetsky felt that the biggest hindrance to Alaska's economic development is our lack of civic entrepreneurs. Civic entrepreneurs are community leaders who are focused on creating an environment that nurtures civil, community and technological development. Civic entrepreneurs do not have the same goals or motivations as business entrepreneurs.

"Civic entrepreneurs are catalysts for building and developing their communities through teaming the public, private, academic and civic sectors. Civic entrepreneurs are people of vision, passion and energy who help to encourage and bring the best out in other people in business, government and academia."

A number of years ago, Kozmetsky was involved in civic entrepreneurship in Austin, Texas. He invested his own time, knowledge and money in a bright, young University of Texas dropout named Michael Dell. Kozmetsky used his own expertise to help Michael Dell make his vision of a made-to-order computer company a reality. Because of his investment, Kozmetsky is now the second largest individual shareholder in Dell Computers.

However, as Kozmetsky will attest, while building wealth is important to every businessman or woman, for civic entrepreneurs profits are a secondary satisfaction. Civic entrepreneurs get their satisfaction from watching other people succeed and from giving back to their community.

After hearing the presentation by Kozmetsky described above, Ian Charles, originally from Wasilla, went on to become a vice president at Cogent Partners, a private equity-focused investment bank that he co-founded in Dallas,Texas. He is also a mentor and senior advisor to the Alaska Business Plan Competition. Kozmetsky, recently deceased, was a founding director of the Alaska Science & Technology Foundation and was the former dean of the Graduate School of Business at the University of Texas at Austin.