Innovation in Real Places

Strategies for Prosperity in an Unforgiving World

by Dan Breznitz

4.5(113 ratings)

12 min read

Brief overview

This book explores why many regions struggle to thrive by chasing flashy, venture-backed start-ups and reveals how real prosperity emerges from everyday improvements and local capabilities. It examines different kinds of innovation, showing how communities can excel through targeted strategies rather than trying to become the next Silicon Valley. The result is a fresh and practical perspective on achieving sustainable growth in an unforgiving economic environment.

Introduction

Imagine a community that pins all its hopes on recruiting high-tech companies to fix its economy. Then imagine the moment those prized start-ups get purchased and move away, leaving the community with little more than a stack of empty offices. This is the dilemma facing countless regions.

Many places dream of replicating a famous tech hub. Yet the reality is that focusing on big exits and massive venture funding can backfire, draining local wealth rather than creating sustainable prosperity. Behind the headlines of “the next Silicon-something,” a crucial truth emerges: real innovation may flourish almost anywhere, but it often looks different than we expect.

In these pages, you’ll discover how the emphasis on top-tier start-ups can distort a region’s trajectory, and why adopting a broader approach to improvement, production, and community-rooted businesses can yield more lasting results. By the end, you’ll see innovation as an ongoing process that any region can harness in practical, inclusive ways.

Why Growth Strategies Often Falter

Sometimes, policymakers rush to attract big-name firms, handing out financial incentives just so they can publicize a win. But these wins can be fleeting. Companies might come briefly, lock up local resources, then disappear at the first sign of trouble or a bigger subsidy elsewhere.

The main challenge is that growth doesn’t occur in isolation. If a new business doesn’t nurture regional expertise or forge strong local ties, it seldom helps other businesses and workers in the area. As soon as the company leaves, those benefits vanish. Meanwhile, the community’s morale and job prospects collapse, once again.

Time and again, we see well-intentioned plans undermined by short-sighted goals, such as chasing venture capital or fixating on shiny technologies. Real progress requires deeper roots: cultivated skill sets, supportive infrastructure, and a social fabric that fosters shared innovation.

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What is Innovation in Real Places about?

"Innovation in Real Places: Strategies for Prosperity in an Unforgiving World" by Dan Breznitz offers a compelling exploration into why many communities falter in their pursuit of innovation by attempting to mirror iconic tech hubs like Silicon Valley. Through a lens of economic resilience, Breznitz advocates for an incremental model of growth that emphasizes gradual improvements over radical breakthroughs, presenting a pragmatic approach adaptable to diverse regions.

The book delves into the various stages of innovation, highlighting the critical nuances of each, and how they contribute to sustainable economic development. Breznitz skillfully dismantles myths surrounding venture-backed startups, proposing alternative financial strategies that prioritize long-term stability. By leveraging local strengths and nurturing community-driven initiatives, the author provides a detailed roadmap for fostering enduring prosperity in a volatile global market.

Review of Innovation in Real Places

Dan Breznitz's "Innovation in Real Places" stands out as a refreshing departure from the conventional narratives on economic growth. The book's strength lies in its ability to recalibrate the commonly held beliefs about innovation, steering away from the allure of rapid tech-driven change. Breznitz meticulously lays out a case for fostering innovation through continuous, small-scale enhancements, which cumulatively lead to substantial progress.

Practical applications abound within these pages, offering insights into aligning local resources with specific stages of innovation—whether it's design, prototyping, or production. Breznitz's prose is both accessible and incisive, making the complex dynamics of global innovation ecosystems comprehensible to a wide audience. It's particularly resonant for policymakers and community leaders committed to equitable economic uplift.

The primary audience includes stakeholders looking to cultivate a regional innovation blueprint that deviates from traditional tech-centric models. Recommended for anyone passionate about sustainable economic development, "Innovation in Real Places" dares readers to envisage an inclusive path to growth, solidifying its place as a must-read in contemporary economic literature.

Who should read Innovation in Real Places?

Economic policymakers seeking sustainable growth models.
Community leaders aiming to revitalize their regions economically.
Business strategists interested in practical innovation applications.
Educators and trainers focusing on skill development.
Local entrepreneurs desiring to leverage regional strengths.

About the author

Dan Breznitz is a renowned expert on innovation policies and economic growth, serving as the Munk Chair of Innovation Studies and Co-Director of the Innovation Policy Lab at the University of Toronto. He holds a Ph.D. from the Massachusetts Institute of Technology and has over 15 years of experience in academia and industry, including eight years as a professor at the Georgia Institute of Technology and co-founding a software company in Israel. His work has been recognized with several awards, including the Don K. Price for Best Book on Science and Technology and the Susan Strange Best Book in International Studies for his previous books "Innovation and the State" and "The Run of the Red Queen." He recently published "Innovation in Real Places: Strategies for Prosperity in an Unforgiving World," which offers pragmatic advice on innovation and growth strategies.