ECONOMIC DEVELOPMENT QUARTERLY
•
•
and the Monash Institute of Medical Engineering
(MIME), CSIRO, the BioMelbourne Network
and other research institutes to accelerate
commercialisation and translation of academic
research into products and solutions for
industry. Also, between 2012 and 2016, average growth in
businesses numbers in the City of Monash was
1.76% p.a., more than double the Victorian growth
rate (0.83%) and five times the Australian rate
(0.35%).
The Monash Centre for Additive Manufacturing
works with research and industry partners
to invent bespoke solutions to unique
manufacturing challenges. MAINTAINING INNOVATION POTENTIAL
The Melbourne Centre for Nanofabrication is a
world-class nanofabrication centre, combining
cutting-edge technologies with the knowledge
and skills of expert process engineers. The
MCN is a joint venture between six Victorian
Universities and the CSIRO and is openly
accessible to any researchers in academia,
CSIRO or industry.
■ Economic assets are the firms, institutions and
organizations that drive, cultivate or support an
innovation-rich environment.
■ Physical assets are the public and privately-owned
spaces—buildings, open spaces, streets and other
infrastructure—designed and organized to stimulate
new and higher levels of connectivity, collaboration,
and innovation.
■ Networking assets are the relationships between
actors—such as between individuals, firms, and
institutions—that have the potential to generate,
sharpen, and/or accelerate the advancement of ideas.
Monash Cluster core.
Source: Victorian Planning Authority, 2017, Monash National
Employment and Innovation Cluster: Draft Framework Plan
The Brookings Institute did some work a few years
ago on identifying what factors enable strong
innovation precincts. They showed that having a
lot of businesses, organisations and workers alone
is not enough. Physical and social assets within
an area also support the ability of these players to
interact, connect and collaborate.
MONASH
Axxess
Corporate
Park
FERNTR
EE GULL
Y ROAD
PR
Monash
Business
Park
IN
CE
S
FWY
HW
Y
Source: Brookings, 2014, The Rise of Innovation Districts: A New
Geography of Innovation in America
Ferntree
Business
Park
Monash
University
Business
Park
CSIRO
Clayton
Monash
University
Clayton
Nexus
Business
Park
WELLINGT
ON ROAD
NOVA
NOVA
Monash
Medical Centre
Westall
ROAD
Sandown Park
THE OUTCOME OF ALL Springvale
THIS
COLLABORATION?
FAIRBANK
ROAD
POLICE
Clayton
Business
Park
Jackson
Green
It is rewarding to see many Economic Development
professionals realise the importance of continuing to
support innovation and enterprise by working on the
physical and social connections.
Key objectives are centred on boosting
collaboration, improving accessibility to key
precincts and enabling transitioning industries (e.g.
manufacturing and wholesale) to adapt to new
technology/processes and the changing spatial
demands this creates.
PMP
ROAD
CENTRE
Monash
Children’s
Hospital
Clayton
Australian
Synchrotron
AD
NORTH RO
Sandown
Racecourse
Well, illustrating its role at the centre of innovation in
Victoria, in the ten years between 2006 and 2015,
HEATHE
RTON RO
1,254 patent applications were
filed AD
in the City of
Monash. This represented 7.6% of Victoria’s total
patent applications – considerably more than the
area’s share of jobs (4.1%) or businesses (3.4%).
If you would like advice or assistance in economic
development strategic planning, get in touch with
our consulting team and tell us what you’re working
on.
[1] Industries chosen based on links, 150 jobs or more (ABS Census
2011), and a Location Quotient (LQ) >1.2 (over representation against
Greater Melbourne shares)
.id is a team of demographers, urban economists, spatial
planners and data experts who use a unique combination
of online tools and consulting to help governments and
organisations understand their local economies. Access
our free economic resources to help profile your local
economy.
VOL.12 NO.1 2019 | 9