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Entrepreneurship and the Rise of Innovation Districts in the Global World

Supervisors

Dr Muhammad Aftab Alam, Professor Peter Galvin, Dr Pieter-Jan Bezemer

Abstract

Entrepreneurial culture is critical to a prosperous future amid the currents of a rapidly evolving global economy.  Recognizing this imperative, numerous countries around the world attempted to replicate the Silicon Valley model. They developed precincts within metropolitan cities into business hubs. These hubs, often called ‘innovation districts’, integrate living and working spaces, fostering a dynamic 24-7 environment conducive to innovation. The main purpose of these hubs was to build an innovation ecosystem—a collective enterprise in which firms, local government, entrepreneurs, start-ups, technology, educational institutes, and communities form a web of partnerships to foster innovation. Despite concerted efforts and huge investment, this initiative hasn't met expectations, prompting a reassessment of innovation strategies. Scholars and policymakers seek to understand why these initiatives are not achieving the intended outcomes, what are the causes of inefficient innovation, and how to build the desired innovation ecosystem.

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