Cities around the globe are working together as a lab to enhance and design an innovative economy to address sustainability, and social cohesion, change industrial output, and grow a new base of jobs. With the development of new technologies, cities are getting the opportunity to think differently and adapt which can lead to new innovations.
All needs cannot be fulfilled by following the traditional format, so to satisfy the thirst one needs to come off the comfort zone and try new things. Innovations are not perfection; rather it is the will and courage to try things in a different and new way. Cities as a lab: designing the innovation economy is making it ready for the uncertain future.
What is Building the Innovation Economy City-Level Strategies?
Cities are building new innovative economic strategies for development. They are focusing on the promotion and investment within the cities where development and expansion can take place. All cities do not have that many resources to work on, so collaborations are going on to highlight the problems and inform about the development.
Also Read: The Shared Economy Now and Later
What are Innovative Approaches to Our Cities’ Changing Needs?
Innovative approaches that cities are working to change the needs are by lowering the use of vehicles for transportation to make it an environmentally friendly activity. They are providing a platform where people can exchange thoughts as they can give birth to new ideas. Cities should provide civic and social tolerance.
There are disadvantages to the innovative approach also as if it is not managed properly it will lead to harmful touch on the environment such as increasing pollution, poverty, and slum. It could also lead to the lack of availability of required resources such as food, education, and health.
Plans that are made by cities for an innovative economy should be in sustainable development so that they can satisfy and overcome the challenges coming in the future. It can be adopted in a variety of ways to fulfil the requirements of modern cities and environments.
There are innovations that can only be done with the help of new technologies, but there are also innovations that can be fulfilled without them, so cities must consider both and make the best use of cities as a lab: designing the innovation economy.