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In the future, I suspect that we will find more economic development incentives directed toward building the anchors we need for regional innovation. Here's a good example. In Missouri, the Boone County Industrial Development Authority has awarded funds to the Missouri Innovation Center.
The Industrial Development Authority represents a traditional economic developer organization focused on a recruitment. Now they are providing funds directly to the innovation Center in order to support the development of an incubator.
Recently, the Association of University Research Parks released a report on creating innovation zones around universities and government labs. The report focused on the role the federal government can play in accelerating these innovations zones. A number of states are already experimenting with innovation zones, including Michigan, Washington, and Pennsylvania.
The Boone County example shows how traditional economic development incentives can be redirected toward developing infrastructure needed to support an innovation economy. In Cuyahoga County recently, we launched a local innovation zone initiative. The effort directs County funds as seed investments in partnerships designed to accelerate open innovation.
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