Document Type
Report
Publication Date
5-2024
Research Center
Center for Economic Development
Abstract
Innovation is an important economic driver and should be cultivated. Innovation is the spark that drives economic growth and development. At its most basic, innovation is defined by the "new" and the "improved". More specifically to those concerned with economic growth, innovation concerns, new products and economic growth. It is distinct from the invention in that innovation encompasses the "entrepreneurial function" of putting new ideas into commercial practice.
Innovation is an important economic driver and should be cultivated. Innovation is the spark that drives economic growth and development. At its most basic, innovation is defined by the "new" and the "improved"1. More specifically to those concerned with economic growth, innovation concerns, new products and economic growth. It is distinct from the invention in that innovation encompasses the "entrepreneurial function" of putting new ideas into commercial practice.
Previous research by the Center for Economic Development examined the state and federal innovation landscape, emphasizing recent innovation policy across all 50 states, utilizing two definitions of Innovation districts, product innovation, and process innovation, to examine the differences in innovation policy. Product innovation is policies focused on product innovation; public and private groups invest in the potential outcomes of innovation districts through new technologies. Process innovation focuses on the implement’s businesses need to upgrade their production.
The Center's work found that while all 50 states implement some type of innovation policy, most of these policies relate to the workforce, specifically workforce education and skill development. Policies such as tax incentives to attract and grow business are also popular. Furthermore, the relevant literature review indicates that combining of these innovation policy instruments is ideal.
Innovation districts can be seen as the manifestation of place-based economic development and the multiple dimensions of innovation policy discussed above. With increasing interest from the federal and state governments in spurring innovation districts to support and improve innovation ecosystems, they are an essential concept to understand. As a relatively new trend, there is still much emerging information about the various dimensions of innovation districts and how to evaluate their impact.
Repository Citation
Schnoke, Molly; Blazek, Kristen A.; Esler, Izzy; and Driscoll, Shannon, "The Places of Innovation: A National Review of Innovation Districts" (2024). All Maxine Goodman Levin School of Urban Affairs Publications. 0 1 2 3 1852.
https://engagedscholarship.csuohio.edu/urban_facpub/1852
