New and growing technologies have connected our world and allowed us to better leverage creative and scientific expertise to solve problems. The scale, depth and speed with which these technologies and innovative enterprise are spreading are driving the emergence of a globalised innovation economy.
The Innovation Economy: Implications and Imperatives for States and Regions report provides an overview of global trends in the innovation economy and the international experience of states and regions that support a strong innovation economy.
The Innovation and Productivity Council commissioned the report from UK cities expert Professor Greg Clark to inform their research program.
The report articulates the importance of innovation to modern economies and examines how governments in leading innovation regions are intervening to provide the right market settings for growth. The report identifies five key areas for government leadership to support the innovation economy:
- Adjusting the business climate and institutions;
- Addressing infrastructure gaps;
- Tackling investment deficits;
- Gearing up for global competitiveness
- Correcting information and coordination failures.
These areas align with current NSW Government priorities and the NSW Innovation StrategyExternal Link.