What is the knowledge economy?
Knowledge Economy: An economy that is driven by research, ideas, innovations, and technical skills to generate high-impact economic benefits and high-wage jobs.
Knowledge is a product. Knowledge is a tool.
Knowledge is an asset that can be leveraged to create the next generation of technology and prosperity.
The knowledge economy is one where advancements and successes stem directly from collaborative relationships developed among key community institutions: business, education, and government.
How does the knowledge economy impact me?
A strong, sustainable knowledge economy can stimulate growth for both individuals and organizations in a community. Regions that cultivate impactful knowledge economies:
- Are able to sell goods and services at a higher profit margin than others
- Earn average wages up to $25,000 more than non-knowledge-based communities
- Are able to perform and execute business through more cost-effective and efficient relationships
What constitutes a strong knowledge economy?
And how does EngenuitySC build it?
A thriving knowledge economy requires two core elements: innovative industry clusters that create wealth and prosperity to feed the region's economic engine, and a vibrant culture that supports a creative class looking for life outside the office. When culture and clusters combine, an enticing environment emerges that attracts the best and brightest talent to the region.
At EngenuitySC, we focus our cluster efforts on existing technologies that have a tremendous possibility for growth. Specifically, we work with emerging clean energy sources like hydrogen and fuel cell technologies and nuclear energy. Through our strategic partnerships, we are able to identify obstacles, leverage regional assets, and create non-traditional collaborations. Industry clusters support the creation of high-wage, high-skilled career growth and have positioned the Midlands as an innovative economic leader. However, our search to grow robust industry clusters is ongoing, and EngenuitySC continues to evaluate the changing economic climate seeking new opportunities like health sciences, advanced defense, insurance technology and services, and more.
Likewise, our efforts to create a vibrant culture in the Midlands are constantly evolving, too. At EngenuitySC we embrace our Southern roots and offer programming that compliments our deep sense of community, satiates the local thirst for intellectual engagement, and inspires those who participate. We’re constantly engaging the Midstate creative class, and together attempt to strike that balance between economic growth, local living, and cosmopolitan appeal - all sprinkled with the heart and soul of the South.
What are the tools of the knowledge economy?
The conceptual tools we use at EngenuitySC stem from the growing, global marketplace and a desire to stay relevant and competitive. When it comes to sustaining a knowledge economy, intellectual capacity is often prioritized above physical inputs and natural resources. Growing our collective brain power yields new and innovative ideas that, when paired with the right collaborations, can result in cutting-edge products and services.
Tools of the Knowledge Economy
To meet the demand of our growing global economy, EngenuitySC invests time in developing strategic partnerships that leverage our four conceptual tools:
Supporting the creation and commercialization of innovation at our region's research institutions.
Growing an entrepreneurial ecosystem where startups can flourish through easy access to resources and support.
Cultivating an environment that retains its existing top talent and recruits industry-leading talent from elsewhere to create the nation's best workforce.
Working to identify areas where our region already has the capacity to lead the industry and perform at a world-class level.
Over time, the Midstate economy has evolved from an agricultural, to an industrial, and then to a production-based economic system. In an agricultural economy, land is the key resource for producing wealth. In an industrial economy, natural resources, like coal and iron ore, are critical to success. Manufacturing is the primary component of a production-based economy.
But times are changing.
At EngenuitySC, we believe that the knowledge economy is a natural progression for our economic system, where the generation and integration of knowledge is the largest factor in the creation of wealth. And we’re committed to doing everything we can to usher in this next generation of economic prosperity by building the foundation it needs to succeed.