President and CEO of Innovation America and is the Founder
and Publisher of Innovation Daily. He currently
is also serving as President and
CEO of BioHealth Innovation Inc. ,a Central Maryland Innovation Intermediary which he created in 2011.
One of the predominant themes in innovation strategies
around the world in recent times has been a concerted effort to fully integrate
“innovation” in a state or region’s economic development efforts. The approach has been variously described as
“science-based economic development”, “technology-based economic development”,
and more recently ‘innovation-based economic development” or IBED. If you look at the most innovative economies
in the US, Canada and abroad, you will probably find IBED at the heart of that
region’s economic policies and strategies.
The core objectives of an IBED approach are:
- Improving the competitiveness of key industrial sectors
- Strengthening a region’s R&D capacity
- Integrating technology policies into overall economic development planning
- Promoting the development of strategic sectors
- Establishing the business conditions attractive to both domestic and foreign investment in strategic technologies and sectors
- Accelerating commercialization of relevant research
- Identifying gaps in the Innovation Ecosystem and creating programs and financing vehicles to address the gaps
Another key aspect of IBED strategies is having clearly
defined roles for the various actors – government, academia, research, industry
and not for profit foundations. In my
experience working with many jurisdictions in the US and internationally, the
most common attributes in successful strategies include: longevity /
sustainability; continuous reinvention; strong private sector involvement and
leadership; independent organizations or intermediaries; shared vision and
goals; and coordinated efforts among the many stakeholders.
Having had the opportunity to spend some time with the
working group that prepared the recently-released New Brunswick innovation
strategy report, I am impressed with both the level of detail and strategic
thinking around their IBED approach, and also with their efforts to study and
understand how other jurisdictions have developed their IBED strategies. The report makes reference to numerous
exemplary practices around the world, and in fact I last met the working group
during their mission to Finland last year where they not only were undertaking
a very detailed examination of that country’s approach to innovation, but also
engaging delegates from countries around the world at a conference that was
focused on these types of strategies.
One of the delegations they met with was from the state of Iowa which
was just coming through the very same process.
In the end, I think what leaders in New Brunswick should
take note of is that, while taking the time to examine some of the very best
approaches out there, the working group has clearly defined a strategy which
reflects the assets, conditions, challenges and opportunities that exist in the
province. The recommendations are thorough and necessarily touch a broad
spectrum of issues and moving parts in New Brunswick’s innovation
eco-system. In this regard, it is most
notable that the group has recommended an independent innovation intermediary
to play the critical coordination role in the provincial system and also ensure
the delivery of essential innovation support services to companies and
entrepreneurs in the priority industry sectors.
In conjunction with the intermediary, they have also identified centres
of expertise aligned with key sectors.
The working group appears to have provided the province a
thorough and well thought out set of recommendations for an IBED strategy. This
report puts New Brunswick on the right track. The key to success now, as it has
been in all the successful jurisdictions I have studied and advised around the
world, is that everybody has to get on board and begin the implementation
process. All the key stakeholders have
to take ownership of the strategy and embrace it as their own. A collective will to succeed and to work in a
coordinated fashion over the long haul is critical.
Rich
Bendis
President and CEO of Innovation America