It is about new ideas and new ways of doing things in response to opportunities. In an economic sense, industry sectors, businesses and entrepreneurs innovate in a number of ways:
- introducing a new or improved product, service or process
- opening up a new market
- adopting a new technology
- changing the way they organise themselves.
The creative sector contributes to innovation and growth in other sectors as it generates creative capacity in business and services across Auckland as a whole. (For more, see
Creative Sector Auckland 2020.)
Innovative business practices and technological advances can create the economy of the future. Competitive entrepreneurial activity can drive economic progress, but to be truly successful Auckland needs sustainable prosperity that puts people and the environment at the centre of economic progress.
To do this we need a socially responsible and environmentally sustainable economy that enables increased profit, productivity, resilience and job growth. Such an economy reduces environmental risks, supports green technology and mitigates the potential impacts of growth and development. (For more, see Tātaki Auckland Unlimited's climate change and sustainability report.)
The ability to innovate becomes even more important if Auckland is to compete globally. Creating the conditions for innovation, employment growth and raised productivity requires collaboration between all stakeholders, including our neighbouring regions.
A big factor in raising productivity is the sophistication of the business sector. This is related to the quality of networks and supporting industries that a business has access to. A sophisticated business sector has greater opportunities for innovation in processes and products.
One of the other ways both productivity and resilience can be improved is through how we plan for business locations.
The city centre is expected to remain the primary business centre for Auckland. However, the Development Strategy's multi-nodal approach emphasises three other ’nodes’ as major business assets.
These nodes will provide flexibility and choice for business across the region by providing business opportunities and business land in close proximity to deep labour pools with an interconnected transport network.
There are also other economic places that represent significant opportunities for employment growth in locations across the city.
These have the potential to make more jobs and educational opportunities accessible to more people. Though of a much smaller scale, job creation and economic performance is equally important at a local level.
Strong and thriving local economies will help ensure that Auckland’s regional economy becomes more resilient.
Local economies are supported by:
- attractive town centres
- good transport networks
- local events
- local job opportunities.
Initiatives are often supported by local boards.
Businesses and entrepreneurs ultimately determine the levels of innovation. Central government, and to a lesser degree local government, need to ensure the regulatory environment is straightforward, flexible and responsive so firms can take advantage of emerging opportunities. Strategic alignment between local and central government policy is particularly important to create the conditions for enabling economic growth in Auckland.
Most importantly, Aucklanders need to be poised to take advantage of these conditions and be ready to participate in the economy as employers, as entrepreneurs, and as workers.