The Innovation Institute seeks to identify and support novel economic development opportunities that enhance innovation and provide for long-term growth of the economy in all regions of the state. To identify unmet needs in the innovation economy and its ecosystem, the Innovation Institute convenes and organizes leaders. Staff with expertise in economic development along with planning and program funds are deployed to define and address these opportunities in the marketplace and manage them.
Two important principles underlying our work reveal its purpose and the effects it is designed to achieve. First, the Legislature directed the Innovation Institute to undertake an intermediate and often indirect economic role to help the economy achieve these results, stating that the work of the Innovation Institute is “to create and maintain a more favorable and responsive environment in the commonwealth”, with “particular attention” paid to “harnessing local support and involvement in such economic development activities.”
Second, when making investments in not-for-profit institutions, associations, and civic organizations, the Innovation Institute is making investments into the best thinking and strategies devised by research-based and other institutional leaders, including regional opinion leaders from all sectors of the economy. We are never more than partners with our clients and stakeholders but also never less than full participants in the shaping of the thinking and proposals that we recommend to our Boards of jurisdiction for approval.
The outputs of these investments and programs fulfill unmet needs and are properly understood as Innovation inputs. Their deployment and utilization by other economic actors – and not the Innovation Institute – will result in the creation of new and increased economic activity that will result in profits, employment, and wealth creation that wouldn’t otherwise be realized.
Our objective is not defined by the format of the work performed but by the outcome, the output of the project, and its ultimate contribution to marketplace conditions on the economic landscape.