Startups and entrepreneurial companies are vital components and drivers of an Innovation Economy. An Innovation Economy is built through an approach called Innovation Based Economic Development (IBED) often also known as technology based economic development.
Innovation Based Economic Development (IBED) contains five core elements:
- Increasing research capacity,
- Commercialization of research (transformation of research to new products and start-ups),
- Fostering entrepreneurship,
- Increase access to capital,
- Build up and expand a technically skilled workforce.
