Build and strengthen your ecosystem of entreprenures, investors and professional service providers to create new jobs and economic growth.
Create an Innovation Ecosystem
Runway has expertise building and strengthening innovation ecosystems – bringing together entrepreneurs, investors and professional service providers to amplify local connections and opportunities for success; and extending their reach to global networks enabling even greater opportunities to scale.
Runway can support you to build and strengthen an innovation ecosystem in your local area as a foundation for economic development creating new jobs and growth.
Creating innovation ecosystems and helping to accelerate entrepreneurial outcomes is a complex and multi-faceted task.
Innovation ecosystems are (a) all different, (b) at different stages of development, (c) influenced by different drivers and cultural factors and (d) made up of a wide variety of stakeholders.
Runway is an expert in this domain, having participated in and supported the development of ecosystems in the Barwon, Ballarat, Southern Grampians, North Central Victoria, La Trobe Valley, Gippsland and Great South Coast regions of Victoria; as well as Casey and Dandenong in Melbourne.
Runway can work with you to develop and activate a bespoke plan creating or strengthening an innovation ecosystem in your area that is highly responsive to local conditions and aspirations.
How much does it cost to setup and strengthen an innovation ecosystem in my area?
Talk to us about what you have in place already and what your aspirations are, and we will be able to give you an estimate of the priority tasks and time involved to create and strengthen your innovation ecosystem, including the likely investment required.
Is it really worth the time and effort required to build and sustain a local innovation ecosystem?
Recent research by Deloitte Access Economics (June 2020) found that: companies less than two years old created 1.44 million new jobs in the period 2006–2011, whereas, over the same period, established companies shed 400,000 jobs; it is increasingly clear that maximising the probability of success of entrepreneurial endeavour lies in the dynamic interactions and collaboration between innovative actors (stakeholders) – underpinning a constant feedback loop to form a startup ecosystem; and such an ecosystem is what drives innovation to fuel long-term cycles of productivity gains, the demand for services in a highly productive economy, and the creation of high value adding employment.
What’s the typical economic impact I should expect of a healthy and vibrant innovation ecosystem?
It depends on the size and nature of the ecosystem; but based on recent independent economic modelling completed by the City of Greater Geelong (REMPLAN Data, 2020) for every $1 spent by startups in the Runway ecosystem another $1.80 was spent in the ecomomy – which is an economic multiplyer of 2.8.
What’s the value of the Runway ecosytem overall?
In Victoria, the Runway ecosystem has created more than 430 new jobs, supporting almost $39m in annual wages and salaries. It has injected more than $145m in revenue into the state’s economy and generated at least $68m in value-added; and for every $1 generated by the businesses enabled by Runway another $1.80 was created elsewhere in the economy due to flow-on effects. (REMPLAN data, 2020)
Cr. Stephanie Asher – Mayor, City of Greater Geelong
Runway is instrumental – empowering Geelong’s clever and creative community to start, pivot and grow their businesses. Together we’ve created new jobs and growth adding $16m in output to the local economy annually, an additional $145m in revenue to the state, and more than 430 new jobs across Victoria.
How can we help?
Connect with one of our friendly Runway staff to learn more, ask questions or get help. We would love to hear from you, so please provide some key details and we will be in touch as soon as we can.