The innovation economy is the economy that transforms knowledge into products, processes and services that fuel economic growth, create employment and wealth, and generate significant improvements in the region’s standard of living.
Innovation ecosystem is the term used to describe the large and diverse array of participants and resources that contribute to and are necessary for ongoing innovation in a modern economy. This included entrepreneurs, investors, researchers, university faculty, venture capitalists as well as business development and other technical service providers such as accountants, designers, contract manufacturers and providers of skills training and professional development.
Sustaining an innovation economy means evolving, adapting, re-imagining and reinventing to create and utilize new ideas and information into both existing and new products and services. Sometimes this is undertaken to achieve higher quality and superior performance, others to respond and adapt to competition and customer demand.
We support the innovation ecosystem in both direct and indirect ways. We convene ecosystem participants to discuss opportunities and unmet needs and to determine if there is an intervention, supported by Innovation Institute staff expertise and other resources, which can address it. By supporting and strengthening the innovation ecosystem, we seek to grow the innovation economy.