Article Index
Conclusion
Looking to the future, the rapid pace of innovation will continue. The strategy of employing an innovation intermediary can accelerate the rate of regional innovation and serve as a catalyst for the regional economy. Each region’s particular response to the challenges of the new economy will be different and will need to be customized to regional institutional and political structures, but tailoring and coordinating the regional approaches adopted will prove to be the key factor in fostering innovation for economic growth. In closing, we believe the following to be the guiding principles for the foundation and successful operation of an intermediary to develop a competitive innovation model for the 21st century (Bendis, 2006):
- shared ownership;
- broad participation and diversity of interests;
- champions and advocates;
- operational principles;
- partnership formalization;
- merit-based decisions;
- flexibility;
- cost-sharing;
- access to investment capital;
- evaluation; and
- long-term commitment and sustainability.
