Climate of Innovation Service
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ViTAL Economy (VE) offers a Climate of Innovation service to address the major challenges facing a remote regional economy’s efforts to sustain innovation. In these regions, entrepreneurship is often discouraged and risk-taking is penalized rather than rewarded. Remote economies typically lack or have limited access to the following:
- Networks that encourage entrepreneurs and allow businesses to share ideas and opportunities
- Emerging technologies
- Intermediary networks of private and public organizations supporting new businesses
- Equity, commercial debt and specialized financial products
- Sophisticated management expertise and market research capabilities needed to expand into new markets and turn ideas into viable products and services
VE believes that remote regional economies can overcome these extraordinary challenges by recognizing innovation and creating a positive climate in which innovation can flourish. We have developed a series of programs aimed at building this type of climate, including VE Journey Economics 101, which focuses on the role that small emerging firms play in creating more than 70% of all new jobs. This program also helps regional leaders understand that knowledge-based jobs may play a more critical role in new job creation than traditional, non-value-added agriculture, industrial or manufacturing jobs.
Once this understanding is imbedded in a core group of regional champions, the Climate of Innovation service supports the development of industry clusters and regional communities-of-interest frameworks that create new opportunities for innovation-based growth. The VE Climate of Innovation service also incorporates seminars and a speakers bureau to broaden the region’s understanding of the role of innovation.
Most importantly, VE has developed youth engagement programs that can be implemented in education or community settings. These programs broaden young people’s understanding about how innovation can be nourished in their communities and involve them as future innovators in their region.
Contact us to learn how your community can create a climate of innovation that permeates all elements of your economic development strategy.
Innovation Ecosystem Services
Related VE Journey Point: Innnovate