Entrepreneurship and Innovation Policies for Growth
Edited by David B. Audretsch and Mary Lindenstein Walshok
Chapter 3: Innovation in cities and innovation by cities
Innovation is in vogue. Companies want it. Places want it. Why? It is because the success of companies and places depends on innovation more than ever before. Despite its luster, many public and private sector leaders cannot really define innovation and therefore stumble when trying to encourage or harness it. This chapter suggests four challenges that subnational places face when it comes to innovation: 1. Understanding the integral link between private sector innovation and public innovation policy in economic development; 2. Understanding that innovation comes in many forms and phases of production and development; 3. Focusing on not just innovation in places, but innovation by places, i.e. states and localities must themselves try new policy approaches, and, finally; 4. Creating partnerships between places, especially local places and the national government. But before discussing these challenges, this chapter first discusses why places should care about innovation.
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