Is Your Community Harnessing Innovation and Entrepreneurship for Economic Growth?
The innovation economy has a significant impact on job creation, driving economic growth and reshaping employment opportunities
Innovation-based economies capitalize on knowledge, creativity, and adaptability to drive economic growth and expand opportunity for wealth creation. Robust innovation ecosystems include strong organizations, places to gather and collaborate, capital to fuel startups and growth, and programs to inform, inspire, and support.
The Cortex Innovation Community in St. Louis, Missouri, transformed 200 acres of blighted inner-city industrial land into a thriving innovation hub that generated $2.1 billion in annual regional output by 2019. This remarkable transformation showcases the power of innovation-driven economies to revitalize urban areas and drive economic
Fourth Economy helps communities understand the strengths and gaps of their innovation ecosystems and delivers regionally relevant strategies for enhancing competitiveness.
Four questions to consider
Is your regional market competitive for supporting innovation and entrepreneurship?
Do companies and talent want to be in your region?
Do local incentives and regulations support innovation and entrepreneurship?
Do your residents have the skills and resources needed to develop their ideas?
Our work considers several factors that allow regions to assess their innovation ecosystem in a holistic way.
Market
What is your existing industry mix?
How adaptable is your regional supply chain in supporting new industries?
How can you support key market segments and opportunities within your region?
Place
Does your region have the infrastructure needed for scaling up new businesses, entrepreneurs and talent?
How can you improve your built environment, vibrancy, and quality of life to better support new businesses and talent?
Are housing, childcare and other critical services available and affordable to workers?
Identity
Is your community known for a key industry that can be a test-bed for innovation?
Are new businesses and emerging industries able to easily navigate your incentives and regulations?
How does developing these industries fit within broader local, regional, and statewide goals?
Organizational Capacity
Do you have the necessary small business supports, skill development organizations, incubators and accelerator programs to serve the I&E community?
Is there a leading organization coordinating resources and advocating for the I&E community?
Is your I&E ecosystem more competitive than collaborative?
Project Examples
Get in touch to find out more about our analysis, assessment and strategic planning capabilities
Fourth Economy is an economic development consultancy that uses analysis and engagement to help communities become more equitable, strategic, and resilient.
Want to know more? Get in touch!