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Developing regional innovation, Australian trial program

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Overview of Centre for Rural Innovation trial program in Wide Bay Burnett region of Australia. Aiming to grow both startup and established innovative businesses.

Overview of Centre for Rural Innovation trial program in Wide Bay Burnett region of Australia. Aiming to grow both startup and established innovative businesses.

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    Developing regional innovation, Australian trial program Developing regional innovation, Australian trial program Presentation Transcript

    • 1 Regional innovation & opportunities for business development in the Wide Bay Burnett Region Colin Graham, Causeway Innovation Gympie, 22 Nov 2013
    • Innovation drivers TechnologyTalent Travel Tenacity
    • New Environment & Opportunities • The environment for innovation has changed, the importance of new and small firms has increased • Sustainable regional growth depends upon the capacity to innovate • Innovation is the capacity to introduce new products, processes, services, business models and organisational methods • Innovation contributes not just to economic growth but to raise the quality and quantity of jobs and improve the standards of living 3 OECD, Regions and Innovation Policy, 2011
    • Build on the Evidence base • Regions are the key determinants of national economic performance • 60-80% of jobs growth comes from existing businesses • Importance of ‘trader business’, businesses exporting and trading outside region; in US – 32% of businesses – Wages 66% higher, boost region’s average wages & spillover effect • 80:20 rule - 80% of effects come from 20% of the causes Clusters of Innovation: Prof Michael Porter, Harvard Job Creation In America: Dr. David Birch, MIT The Economic Performance of Regions: Prof Michael Porter, Harvard Principio de Pareto: Vilfredo Pareto 4
    • Evidence: Building the business base Importance of key people and business networks, learn from Cambridge Phenomenon: – 48,000 jobs – 1,500 companies – Massive influence of key individuals, trust and social networks: 80 key people, 20 at core – ‘The majority of high technology companies that have shaped the success of the Cambridge cluster are connected to a handful of serial entrepreneurs, business angels and venture capitalists as their involvement in developing new ventures has been repeatedly evidenced.’ Dr Shai Vyakarnam Centre for Entrepreneurial Learning, Cambridge University 5
    • Centre for Rural Innovation • Trial program • Assist people & businesses to turn innovative ideas into profitable businesses • Appointed mid July • Agreed criteria: Innovative startups & established businesses • Built initial shortlist: 26 businesses • Visited 11 businesses • Aiming to select and work closely with 6 • First 3 selected and work underway • Another 3 cos. in early 2014 6
    • 2 Key Strands: Startups & small growth companies 7 Supportive innovation environment Profile Peer Network Professional Service Firm Connections Investor Connection s Talent pipeline Success breeds success
    • Initial businesses 1. Z Safe Beds, Bundaberg 2. Suncoast Limes, Gympie 3. Bunya Red Farm Capers, South Burnett 3 more to start in early 2014 8
    • Strategic direction Develop an innovation program to make a significant impact on a large number of priority businesses across region Could be a combination of face to face activities, networks, and world class education delivered through physical hubs and an online platform 9
    • A wave of startup initiatives
    • Startup initiative • Aim higher: target innovative & growth startups • Build profile of Wide Bay Burnett as a place for entrepreneurs • Build network – face to face, online support • Leverage existing programs e.g. I2M & create and roll out own high quality education, network and pitching events across region • Tap into talent: build advisory network 11
    • Small growth companies 12 • Most small businesses do not innovate, do not grow • Need to target, e.g. by turnover, exporting, R&D & attitude • Needs analysis, online & face to face, easy to access, highlight development pathways • Develop businesses by developing leaders • Build peer group • Example initiatives: Accelerate, Owner Managers Program (NZ), Beacon Companies (UK)
    • Example: Rural Growth Networks • UK initiative, pilot launched late 2011, 5 delivery areas, each with $3.2 - $5.7m funding • Services for startup and growth businesses, e.g. • Business coaches, networks • Access to finance • Grants, loans • Physical hubs, pods 13
    • UK Rural Growth Networks: claimed economic benefits Area Investment Forecast economic impact Devon & Somerset £2.9m 1,100 jobs Durham & Northumberland £3.2m 300 jobs Cumbria £3.5m 900 jobs Wiltshire £1.9m 200 jobs, 450 businesses supported Warwickshire £2.4m 500 jobs, 120 startups 14
    • Example: Silicon Prairie, mapping 15
    • Example: High profile conference • Running for 5 years • Attracts 600+ people • Gaining reputation as a cool conference on innovation and entrepreneurship • Put Omaha on the map as an innovation hotspot 16
    • 17
    • Every few hundred years in Western history, there occurs a sharp transformation. Peter Drucker, The New Realities (1989)
    • 19 Regional innovation & opportunities for business development in the Wide Bay Burnett Region Colin Graham, Causeway Innovation Gympie, 22 Nov 2013