One of the predominant themes in innovation strategies around the world in recent times has been a concerted effort to fully integrate “innovation” in a state or region’s economic development efforts.  The approach has been variously described as “science-based economic development”, “technology-based economic development”, and more recently ‘innovation-based economic development” or IBED.  If you look at the most innovative economies in the US, Canada and abroad, you will probably find IBED at the heart of that region’s economic policies and strategies.  The core objectives of an IBED approach are:

• Improving the competitiveness of key industrial sectors 
• Strengthening a region’s R&D capacity 
• Integrating technology policies into overall economic development planning   
• Promoting the development of strategic sectors 
• Establishing the business conditions attractive to both domestic and foreign investment in strategic technologies and sectors   
• Accelerating commercialization of relevant research 
• Identifying gaps in the Innovation Ecosystem and creating programs and financing vehicles to address the gaps