Innovation for regional advantage: A reflection

Abstract

This final chapter re-examines the weight of evidence for a new construct in regional development, that of 'innovation for regional advantage'. It coalesces the collection of case studies, situation analyses and policy reviews by exploring the critical issues for regional development, and then for innovation, before exploring the points at which these two agendas converge. The recurring theme is that strategic innovation throughout regional business, industry, government and the community sector can unlock, as well as offer significant value-add to, the considerable human, physical and economic asset bases already held within regional Australia. Indeed, innovation itself could be considered the most powerful 'regional advantage', with innovative regions better able to deliver on a diverse range of national objectives as well as achieve increased global relevance. The policy implications of this is for Australia and its states to begin a 'relationship' with regions for mutual benefit, rather than continuing to 'transact' with them as a series of disconnected communities. There is a compelling business case for ongoing private and public investment in innovation for regional advantage, as this can deliver dividends across sustainable population growth, a strengthened economy and protected natural assets.