How to Build a City Innovation Ecosystem?
Cities all over the world are competing to attract the best talent and become the world’s next Silicon Valley. So, what exactly would it take to create an innovation ecosystem? Why some cities are more successful than others? What differentiates San Francisco, London, Tel Aviv, Berlin, Toronto, Singapore, Seoul, and Bangalore from others.
I would like to share this fascinating Brookings Institution model with you. It stressed three main core elements:
Economic assets — which include innovation drivers (research and medical institutions, the large firms, start-ups, and entrepreneurs) and innovation cultivators (education institutions, incubators, accelerators, proof-of-concept centers, co-working spaces)
Physical assets — which include both public and private smart infrastructure
Networking assets — which provide opportunities to connect, collaborate and innovate
The City of Mississauga is looking to build a strong entrepreneurial ecosystem. The city is driven by three core values: trust, quality, and excellence. Every relationship we form with others must be based on three principles.
The city has already identified some of these 6 focus sectors — Aerospace, Automotive, Cleantech, Financial Services, ICT, and Life Sciences. All of them have great potential. Just as an example, Cleantech, and Life Sciences sector attract more than $35 billion and $26.7 billion invested globally in 2019.
This is the famous model used by Bill Aulet to describe traditional SMEs and future Innovation Driven Enterprises. Both are good forms of Entrepreneurship. SMEs support the economies and create jobs. The last decade was for the growth of the SME sector. The Mississauga Business Enterprise Centre (MBEC) did an amazing job in that area and provide support to micro-entrepreneurs. There are around 16,518 businesses registered in Mississauga (2019) and 99.7% of them are SME businesses. The SME sector will push economic development and job growth in an incremental manner.
A place for Small and Medium Enterprises (SME)
Innovation Driven Enterprise (IDE)
Mississauga is developing the IDEA District in downtown Mississauga, which is a fantastic project. This place will be a hub of innovative activities and foster innovation in the city. IDEA district should establish itself as a CONNECTOR to join various stakeholders and actors to promote entrepreneurship. The city of Mississauga can emerge as the hub to connect public bodies, academia, accelerators, corporates, startups, and angels & VCs networks. The majority of these stakeholders are involved in Mississauga or the GTA and are doing excellent work.
