According to a new report by the Work Foundation, innovation ecosystems in cities could be critical in driving sustainable economic growth. Becasue of their relative size Cities can bring people together, provide infrastructure for the exchange of ideas and enable access to large markets.
Local Government can contribute to the development of this type of innovation ecosystem by providing leadership around innovation and ensuring that educational opportunities are of the right calibre, and the right support is available to enterprise. Authorities can also adopt procurement policies that encourage and foster local innovation and stimulate the market for new goods and services.
Broadly speaking the recommendations for Cities which are identified like Bristol as Service Sector Innovators are;
- build an evidence base – identifying those parts of the service sector in which they have a particular strength (for Bristol these would include financial/professional services and creative industries)
- develop university-business links
- use public procurement to create markets for new goods and services – leveraging private investment as well as making public services more efficient
- develop effective networks of local firms, intermediary institutions and universities.
