The Value of Understanding Your Innovation Ecosystem
Interactive Innovation Ecosystem Map
Cities can display their Innovation Ecosystem Map on their website. Each dot leads to publicly available information on the ecosystem member. Members search and claim their company and complete their profile to participate in the community.
Contact us for a demo at UPPlift.info@urbanlivingfutures.com
Reach out to UPPlift founder, Mikele Brack at +1 416 453 7447
Learn more: https://www.upplift.co/upplift-for-cities/
The Value of Understanding Your Innovation Ecosystem
Cities and regions around the world nurture innovation ecosystems to attract capital, retain talent and create an environment supportive of small and medium sized businesses. With technology and innovation continuing to accelerate, this sector is bound to play an increasingly large part in the economy and contribute significant growth and prosperity to cities.
Economic Development Through Innovation
For many cities, the economic development path is paved with young, high-growth companies that achieve technological and business model breakthroughs, create new markets, and yield quality job growth. Research demonstrates that innovative activity has been the single, most important component of long-term economic growth.
Municipal economic development departments and agencies aim to foster the right physical and policy environment to attract investment, retain talent, enhance innovation performance, and foster a fair, efficient and competitive marketplace.
Sophisticated metrics on a city’s component parts, such as usage patterns, transport infrastructure and climate have been developed to demonstrate liveability and provide annual insights into a city’s attractiveness for business and enterprise.
Virtual Placemaking
In addition to livability factors, innovation ecosystem members want real-time data on what a “place” has to offer that will support their growth and help them prosper. Businesses looking to scale are attracted by opportunities to develop, deploy, commercialise and scale their solutions; access to the right support for their stage of development; and an environment to create relationships with prospective employees, customers and other ecosystem members.
Cities that create a virtual innovation ecosystem to supplement the physical environment give the innovation ecosystem a trusted hub to rely upon for information, opportunities and interaction with the community. In a world of remote working, virtual communities are paramount, yet typical social networking platforms have proven to be fragile and fraught with challenges, leaving users struggling to navigate the complex network of available resources, programs, opportunities and like-minded individuals.
Data-driven Decision-making
Managing an innovation ecosystem is challenging because innovative businesses change, morph, grow, fail and re-emerge faster than typical data sources are published, leaving officers with out-dated and inconsistent information, weakening the planning and execution of appropriate support activities. Maintaining good information to communicate with, support and foster the ecosystem is a resource-intensive process if the city is using multiple, disparate tools, such as web searches, spreadsheets, email blasts, and on-line surveys.
Inefficient Ecosystem Management
Structured Ecosystem Management
In a successful innovation ecosystem, community members keep their own profiles up to date because they want to put their best foot forward when the right opportunity arises. To achieve that, forward thinking communities are creating virtual hubs for innovators to sign in, complete and maintain their innovation profile and return regularly to discover new programs, challenges, events and opportunities.
Structured Ecosystem Data
In turn, ecosystem member profiles can be used to match the supply and demand for innovations. Profiles provide consistent data on all ecosystem members, helping the city create support activities and programs that best serve the community. Profile data provides a good basis for analysing and reporting on clusters, trends, growth, economic development and other parameters that may attract further innovative businesses.
UPPlift Innovation Ecosystem and Challenge Management Platform
Urban Living Futures created the UPPlift platform to address the challenges cities and industry face in their efforts to efficiently identify, track and communicate with their innovation ecosystem and maintain up to date data on the ecosystem’s characteristics, needs and trends.
Contact us for a demo at UPPlift.info@urbanlivingfutures.com
Reach out to UPPlift founder, Mikele Brack at +1 416 453 7447
Learn more: https://www.upplift.co/upplift-for-cities/
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