Knowledge Economy
The knowledge economy is often referred to as a collective of businesses trading on their ’smarts’ creating high value products - often leaving a minimal environmental footprint.
However there are many definitions of a knowledge economy, so it is best to refer you to the definition on Wikipedia.
Knowledge economies differ from resource and production based economies. According to the Sunshine Coast Regional Council, in their ‘knowledge economy review’ summary report, the differentiators are that knowledge economies have:
- A high incidence of scientific and professional skills and a secure supply of technical/trade skills;
- Quality university, technical and school education systems;
- A pervasive R&D culture;
- An open, tolerant, entrepreneurial and risk taking culture;
- Mechanisms for the incubation of businesses and efficient commercialisation of ideas;
- Active networking with other worldwide knowledge-based centres;
- Liberal migration laws for people with professional skills;
- Live-able urban environments promoting a high quality of life for skilled workers; and
- Collaborative leadership between business, education and government.
Therefore the knowledge economy concept links quite closely to concepts and activities such as ‘creative industries’ and ‘innovation’.
The Sunshine Coast Regional Council has been working on a knowledge economy strategy for some time now and recognises the need to foster and facilitate knowledge workers.
The Noosa Creative Alliance is one such activity that the council is involved in, along with Stockwells and Queensland state Government, and it is worth checking this dynamic group out.
Another emerging activity to watch is the Noosa Biosphere Reserve and the community governance program, incorporating economic development. This has only just been established (September 2008) and will also play a role in helping the Noosa economy diversify and flourish into the future.