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Innovation in digital economy

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Presentation to Broadband Today Alliance, Sunshine Coast, Australia, 8 Feb 2012. A quick overview of key role of innovation and regions in building a competitive economy.

Published in: Business, Economy & Finance
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Innovation in digital economy

  1. 1. Innovation in the digitaleconomyColin GrahamDirector, Causeway Innovation
  2. 2. Regions, Innovation and Competitiveness• Innovation infuses economy... new ideas, products, services, technologies• Vitality of economies depend upon creating innovation and competitiveness at the REGIONAL level• Most important sources of prosperity are created, not inherited Clusters of• 3 types of business: local, resource Innovation: Prof Michael Porter driven and TRADED
  3. 3. Regional Innovation System: Building Blocks Intellectual Capital Money and external business •University students, staff and networks expertise •University Hospital/s •Banks •Research Institutes •Business Angels •Region’s people and business •Venture Capital •New arrivals •Lawyers, Patent attorneys •Accountants •Marketing experts •Professional Service firms •R&D Advisory Services Place & Social networks Land, property and infrastructure People •Environment and place •Ideas and talent •Architecture •‘Hidden treasures’ •Science & tech buildings •Serial entrepreneurs •Blur boundaries •Residents, migrants •Innovation Centre •Education & training •Knowledge Precinct •Entrepreneurial culture •ICT Connectivity •Trust • Social & Business networks
  4. 4. Example initiative:Innovation Centre Sunshine Coast
  5. 5. Innovation Centre as a hub Investment raised ($M) 5.5 5.765 4.3 2.75 3.02 2.475 2005 2006 2007 2008 2009 2010 Key sectors: • ICT • Clean Technology • Creative Industries • Health technologies
  6. 6. Online engagement & trading in global markets• Example Business: Foodmatters• Based on Sunshine Coast, trading with world Virtual business 113,625 fans on Facebook Sold 100,000+ copies of movie: dvd & download Massive online community
  7. 7. Smart management of environment and infrastructure
  8. 8. Keys to success in regional innovation • Importance of social and business networks • Universities and research institutes as key regional economic assets – talent flow • Strong and relevant professional service firms • Access to capital – business angels to VCs • Building a critical mass
  9. 9. Colin GrahamDirector, Causeway InnovationM: 0418 594 545E: cgraham@causewayinnovation.com

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