BestCities
From knowledge economies to knowledge ROI: The next competitive frontier for destinations
KNOWLEDGE ECONOMIES ARE WINNING BIDS TODAY. THE CONVENTION DESTINATIONS THAT CAN PROVE THEIR IMPACT WILL SECURE THE BIDS OF TOMORROW, ACCORDING TO THE BESTCITIES GLOBAL DESTINATION ALLIANCE.
F or decades, convention
destinations competed on infrastructure. Then they competed on the local experience. Today, they compete on knowledge.
World-class venues, connectivity, sustainability credentials, and enticing delegate experiences remain essential, but they’ re no longer what sets apart leading destinations. Associations today are selecting host cities based on their ability to contribute to research, innovation, collaboration, and sector advancement.
The question has evolved from,‘ Which city can host our event?’ to‘ Which city can help advance our mission?’
The cities winning tomorrow’ s bids might not have the strongest knowledge economies. Instead, they’ ll be the ones that can demonstrate the greatest impact.
The measurement gap in destination competitiveness ICCA’ s recent GlobeWatch Business Analytics: City & Country Rankings highlights just how influential knowledge economies have become. Six members of the BestCities Global Alliance ranked among the world’ s top 20 convention destinations, each distinguished by strong sector expertise:
• Singapore(# 5) is a global biomedical and healthcare hub
• Copenhagen(# 7) is recognised for sustainability leadership and legacydriven congress strategies.
• Tokyo(# 10) offers world-leading expertise in robotics, automation, and advanced engineering
• Berlin(# 12) combines life sciences excellence with access to influential policy networks
• Madrid(# 13) has emerged as a centre for technology, cybersecurity, and innovation
• Dublin(# 18) provides unparalleled access to global life sciences and medtech leaders.
These cities demonstrate that strong knowledge ecosystems are one of the industry ' s most valuable assets. And now, a new challenge is emerging. Associations face growing pressure to demonstrate value. Members, funders, and governing boards want evidence that meetings generate
“ The question has evolved from,‘ Which city can host our event?’ to‘ Which city can help advance our mission?” outcomes beyond attendance and economic impact. They want proof that events contribute to scientific advancement, professional development, and societal change.
The new differentiator: proving return on knowledge Some destinations are already taking the next step. Through initiatives such as Incredible Impacts Programme, the Madrid Challenge, and Community Cafes held throughout the year, BestCities provides destinations and associations with practical frameworks, tools and case studies to help identify, measure, and communicate the wider impacts of international meetings, although the industry is still early in its journey toward quantifying knowledge exchange.
In future, the strongest destinations won’ t just showcase their universities, research institutions, and innovation districts. They’ ll be able to answer a much more important question: What did those assets achieve?
Which new research partnerships did the congress facilitate? What policies were enacted as a direct result? How many dollars in investment did it unlock?
In short, the conversation is shifting from the presence of knowledge assets to the return on knowledge assets.
Today ' s leading destinations – including those ranked in ICCA’ s report – compete across three layers: infrastructure, which is required; experience, which is expected; and knowledge ecosystems, which create differentiation. Tomorrow, a fourth layer will determine success: evidence of return on investment.
The destinations that can measure, validate, and communicate the impact of knowledge exchange will have a distinct advantage in our outcomedriven marketplace.
Because the cities winning tomorrow ' s bids won’ t be those with the most knowledge. They’ ll be the ones that can prove what that knowledge delivered. n
ISSUE 143 / CONFERENCE & MEETINGS WORLD / 21