Properly Supported Innovation contributes directly to a City’s prosperity and overall economic opportunity

$cience

Properly supported Research and Development or Innovation contributes directly to City’s prosperity and overall economic opportunity for communities and their citizens.  The crafting of a strategic plan and policy geared to recruiting investment in university driven research and an accompanying technology through master plan development are the critical actions a community needs to undertake to establish the itself as a leader in the innovation-based economy.

In March 2012, U.S. President Obama talked about “how to boost innovation in manufacturing,” after factories in Petersburg, Virginia added jobs for the first time since the early 90s. In his speech, Mr. Obama talked about “additional steps to lead to recovery” and the need for supporting the valuable trend of innovation. Political leaders at state and city government levels have also taken notice. So have leaders in the emerging nations. Universiti Kebangsaan Malaysia deputy vice-chancellor (Research and Innovation) Professor Datuk Dr Rahmah Mohamed recently said “Innovation is of key importance in spurring economic growth in a developing country like Malaysia,” She went on to say that knowledge and ideas should be harnessed for wealth creation and societal well- being. Leaders are zeroing in on the fact that intellectual property is a key factor in driving this innovation-based economy into the future.

An index published by 2thinknow Innovation Cities™ Program: www.innovation-cities.com, cited the top 10 cities for innovation economy in 2012-2013 were: Vienna, San Francisco Bay Area, Paris, Munich, London, Copenhagen, Amsterdam, and Seattle. Other notable global cities were Toronto (11), Los Angeles (12), Berlin (13), Hong Kong (14), Stockholm (16), Seoul (21), Washington DC (22), Tel Aviv (28), Shanghai (29) and Dubai (34). Cities in this grouping up to 35th place were classified as Nexus cities, demonstrating innovation potential across a diverse range of industries.

The next group of cities included Hub cities, with the primary contributor cities of the United States and Canada. Notable Hub city improvers included Dallas-Fort Worth, Raleigh-Durham, Houston, Portland, Baltimore, and Mexico City. Many southern European cities fell this year. London and Scandinavian region cities rose.

To be competitive, you have to create and support the eco-support infrastructure of collaborative culture, venture capital, open innovation, workforce development and training, specialized facilities and strong public policy. To this end, making a cluster or hub where innovation a reality will require coordination of policies, and expansion of structural capacities to larger research and commercialization networks to stimulate the free movement of ideas.

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