A glimpse at a new world of work

1. Place Creating and Generating Infrastructure

2. Human Capital Building Infrastructure

3. Tele-mobility Infrastructure

4. Social Capital Infrastructure

5. New Governance Infrastructure

New Infrastructure Required for Knowledge

Based vs Machine Based Community

New Economic Development

Four Factor Theory

Market Access

Creative

Institutions

Knowledge Generation

Firms

internal Global

Regional

Strong Connectivity

Socio-economic

Equity

Venue Quality Environmental

Distinction

Magnet

Infrastructure

Sustainability

Human Image

Deep Resource Pool

Theory to Implementation

Ingredients

• Intellectual capital

• Human capital

• Financial capital

Recipes

• New ideas

• Entrepreneurs

• Networks

Results

• Productivity

• Prosperity

• Cluster vitality

Return Home

The fastest growing industry clusters were

Information and Communications Services,

Health and Business Services

Global Producer Services Dominate Economies

Low cost Knowledge

Quantity Quality

Stability Speed

Capital equipment Flexibility

Control Networks

Shifting Industries

Innovation is a Social Process

Interactive—doesn’t occur in a straight line.

Group creativity—not dependent on a few.

Tacit knowledge—depends on “know-how.”

Networks—ideas flow more freely.

Competition/collaboration—both are needed.

Cornerstones of Regional

Innovation

Creating Your Demographics

Universities attract

international students

Bounty for job creators

Re-examination of

roles and hierarchies of

centres

Role of New

populations in creating

and sustaining new

economic and

commercial activities

Innovation is Place Based

Most innovative work occurs in face-to-face exchange

within teams.

Geographic clustering is a powerful mechanism for

sharing personal knowledge.

The creative heart and soul of the economy will continue

to be tied to place.

Location is still important.

Group Think is good think

The Innovation Process

It’s not the ingredients but the recipe.

What matters most is the ability of entrepreneurs to

connect regional assets and leverage them through the

innovation process to achieve competitive results.

Framework for the Innovation

Process

16

New Magnet Capacity Building Designed On Local Economic Development

Small Creative firms

(Content creators)

Social network of

creative workers,

Steel Fabricators,

Software workers

Global firms

(Market Control)

Distribution channels

Blue Steel as Brand power

Market information

Domestic Markets

Product supply

Payment

Problem solving,

experiments of

new technology,

New Local economic

Development Structures

International Markets

© 2009 Namji Jung

Magnet as the collaboration among small firms. Different nodes of collaboration to form Sustainable industry cluster in Wollongong

Financing the New Knowledge Precincts

Knowledge Space

Live-work Space

Work-Communi-space

Regional Leadership Makes the

Difference in Innovative Regions

Build fundamental assets.

Connect entrepreneurs to assets.

Promote a culture of innovation.

Make quality of life an innovation asset.

Regional Leadership Makes the

Difference in Innovative Regions

Talent

Technology

Capital

Supportive Infrastructure

Transportation

Housing

Advanced telecommunications

New Magnets for Regional Development

Magnet

Infrastructure

Sustainability

Human Image

Deep Resource Pool

Examples of Convergence

Univ

ers

ity

Blu

e S

teel

New

Genera

tion L

ocal S

mall F

irms

Capacity Resource of City Connectivity High quality and reliable

telecommunications, airports, seaports and efficient cross regional connectivity by public and private transportation systems

Frankfurt, Chicago, Denver that are global cities primarily because of their internal and external communication and air transport systems

Strategic Capacity Ability to mobilize public and private actors for a common agenda

Atlanta, Boston, Washington DC, Pittsburgh, Brussels with able local leadership in public and private sectors

Innovation/ entrepreneurship Firms organizations lead by creative economic and social entrepreneurs with readily available venture capital

San Jose Costa Rica, Berkeley Calif, Los Angeles, Stockholm are incubators or highly innovative talent

Magnet Infrastructure

Connectivity High quality and reliable telecommunications, airports, seaports and efficient cross regional connectivity by public and private transportation systems

Frankfurt, Chicago, Denver that are global cities primarily because of their internal and external communication and air transport systems

Strategic Capacity Ability to mobilize public and private actors for a common agenda

Atlanta, Boston, Washington DC, Pittsburgh, Brussels with able local leadership in public and private sectors

Innovation/ entrepreneurship Firms organizations lead by creative economic and social entrepreneurs with readily available venture capital

San Jose Costa Rica, Berkeley Calif, Los Angeles, Stockholm are incubators or highly innovative talent

Understanding Brain Pool

The region needs to retain 20 - 34 year old population

Using Resources

Generating Wealth

Producing Beauty

Securing the Future

Re-Inventors

New Magnet Incubator

Models

Maps

New Urban Form

Bikeways from mean

streets

Market Positioning

Re-positioning Economy

Education as a new and major industry

World Best Information Technology

Hallmarks of a New Economy • Creativity Centered-not product centered • Design based over development based • Human Capacity over power and energy • Place and critical vs incidental • Place creates the economy vs economy

designed to fit the economy • Agglomeration of clusters vs clusters as base

Return Home

Regional average pay

peaked in 2000 and has

declined by 6% between

2000-2003. Increasing

number of part time and

casual jobs

Global Competition for Work

Future Proof Neighborhoods

High quality both physically

and socially is a necessary

part of the investment

package for infill

developments which means

local government and

developers must be

partners in providing

management during and

post project to insure

success over the long term

of these projects.

High quality management is just as

important as quality buildings

• RESEARCH FUNDS (Fed, Fdn)

• TRAINING AND DEVELOPMENT

• PUBLICATIONS AND WEB SITE

• FOUNDATION PROGRAM

SUPPORT

• GROUP ASSISTANCE FEES

Mobilecommunity---Community of

networks

New Roles and rule s for

Master Builders

New Uses for Old

Worksharing

Community=All Ages and economic classes

Rebuilding the Old

Vodka Force

Home of Past as Museum of

Future

Financial Tools $$

Economic Impact Analysis with Value Capture Approach

An economic feasibility study of the project and its effect on the municipality’s tax base;

A detailed list of estimated project costs;

A description of the methods of financing all estimated projects costs and a cash flow statement;

A map showing existing uses and conditions of property in the district;

Proposed changes to any zoning instrument, master plan or other planning instrument; and

A list of estimated non‐project costs

Not for profit Organizations (NPO)

Community Development Corporations (CDC) Community Finance Intermediaries

Foundation Investment Groups (PRIs) Investment Funds and Organizations

Faith Based Organizations (FBO) Community Development Financial

Institutions (CDFI)

Local Economic Development

Finance System

Retooling Government:

Public-Private Economic

Development Partnership

Economic

Research &

Expertise

Private

Sector

Investment

Government

Resources

Effective Laws

& Policies

The future is here