Business Intelligence & Entrepreneurial Innovation for Advanced Economies' Reindustrialization - Amedzro St-Hilaire
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Relocation or development of local production: what are the competitive advantages of advanced economies, the sectors to focus on and the skills needed to achieve these goals? How can we identify the enterprises likely to succeed in the challenge of internationalization and make a useful contribution to the development of exports? Are deindustrialized regions condemned to confine their activities to the role of suppliers of low-cost, high-quality technological innovations, transformed by foreign firms into industrial innovations that will return to them in the form of imports? The author…mehr

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Relocation or development of local production: what are the competitive advantages of advanced economies, the sectors to focus on and the skills needed to achieve these goals? How can we identify the enterprises likely to succeed in the challenge of internationalization and make a useful contribution to the development of exports? Are deindustrialized regions condemned to confine their activities to the role of suppliers of low-cost, high-quality technological innovations, transformed by foreign firms into industrial innovations that will return to them in the form of imports? The author argues that reindustrialization through entrepreneurial innovation is crucial. He postulates that the large-scale deindustrialization of advanced economics largely explains their low R&D spending. And that the culture of innovation and entrepreneurship implies risk-taking and the social acceptance of error as a normal part of the learning process. Research and innovation policy must therefore be geared towards reindustrialization, in particular by fostering research and technology transfer partnerships, and by setting conditions for localization when a company benefits from public investment and local patents. In order to adopt a global and coherent innovation strategy, it is necessary to rely on the territorial ecosystems piloted by the regions, to favor a holistic approach combining upstream project support schemes with the ability to support the downstream industrialization phases, to coordinate local strategies with public innovation support schemes, and to set up agile and tightly-knit governing bodies, capable of executing short-circuit decisions based on regular assessment of the economic impact of supported projects and on ongoing strategic and forward-looking monitoring.