INNOVATION FOR ALL
ECONOMIC DEVELOPMENT PROFESSIONALS AS AGENTS OF CHANGE
Narelle Kennedy AM
Local communities , especially those beset by job and business losses , environmental and population pressures and declining investment , are writing themselves off too early .
Economic development professionals , armed with a wider understanding of the drivers of innovation and productivity , have the power to change the outlook for these communities .
Too often , innovation is equated with technology breakthroughs by start-up companies in knowledge precincts . This underestimates demand-driven and humancentred innovation , new ways of working that rely on know-how , collaboration and solving problems that matter .
Technology advances and ‘ new to the world ’ discoveries are rare . Rather , innovation more likely comes from enterprises responding to demand by meeting unmet needs or solving customer problems better than their competitors , and so , creating value for customers and profits for themselves .
Put simply , innovation creates economic and social value by doing something new and useful .
Economic development professionals can harness this power to help businesses and communities reclaim their ability to innovate and prosper .
RECLAIMING INNOVATION While investment in research and new technology is vital , businesses and communities don ’ t necessarily need to be at the forefront of science and technology to succeed . Rather , they can build and accelerate their innovation capabilities by :
• learning by doing ;
• learning by using new technologies and by accessing and applying existing research and knowledge in new ways ; and
• learning by interacting and collaborating with others .
Economic development professionals can act as important agents of change for businesses and communities . By understanding a wider view of innovation and how it can result in communities that are great places in which to work , live and play , they are key to helping communities shape their future as successful innovation districts , with the economic and social benefits this brings .
The literature and practice of innovation management is a good starting point .
Bessant ( 2022 ) distils a simple message from a wealth of research and experience . Innovation is about making change happen , creating value from new ideas .
Bessant ( 2021 ) also charts some big shifts in the fields of innovation , creativity and entrepreneurship--- from commercial purpose to social purpose ; from discipline
VOL 15 NO 2 2022 06 www . edaustralia . com . au