How do we define innovation and what makes an innovation district?
Innovation is defined as the implementation of a new or significantly improved product, process, marketing method, or organizational method in business practices, workplace organization, or external relations by the Organisation for Economic Cooperation and Development (OECD Oslo Manual).
Innovation districts are geographically dense areas within or at the fringes of metropolitan centres where universities and other research and development focused institutions, both public and private, cluster and connect with investment and businesses of all stages and sizes.
Innovation districts in NSW are made up of several single sector focused precincts, allowing for the ideas, technologies, and sectors to collide. These collisions result in multi-sectorial districts leading the creation of first world invention and new industries. They also stimulate new business model innovation and technology adoption in existing industries.
Innovation districts are physically compact, transit-accessible, and technically wired, offering mixed-use housing, office, and retail.
As magnets for investment, innovation districts will create new high growth companies, connect us globally and become sought-after places to live and work.
Innovation ecosystems such as the Six Cities Region create pathways and talent pipelines to produce and share innovative ideas, methods and technologies to solve complex national and global problems through open innovation.
Innovation ecosystems are highly networked, within and outside of innovation districts to create and grow the businesses and jobs of the future. They boost productivity through greater employment densities and attraction, skills matching and development, and collaboration and trust between partners.
More importantly they are great ecosystems for commercial translation for global competitive advantage. A significant percentage of innovative businesses and skilled workers are choosing to co-locate in these amenity rich place-based clusters within or with easy access to metropolitan centres because of these opportunities.