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.
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 and resilience.
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. Visit the World Economic Forum website, The Global Competitiveness Report 2016-2017.
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 establishes several other centres. This has the potential to create opportunities for local jobs and educational opportunities.
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, Aucklander's 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.