As Macquarie Park transitions from traditional business park to a true innovation ecosystem, its leadership team is learning from – and strategising with – world leaders in innovation science through Boston’s MIT Regional Entrepreneurship Acceleration Program (REAP).
The two-year program is a purpose-built framework for developing an innovation district, and will result in the acceleration of innovation, entrepreneurship and commercialisation at Macquarie Park – in turn deepening the district’s economic and social impact on the region.
MIT REAP not only provides an opportunity to work with thought leaders at the prestigious university, it leverages MIT’s experience in leading innovation and entrepreneurship across broader global communities. It has produced an enviable track record in generating patents and launching sustainable high-growth firms at unprecedented rates.
But the program will also bolster the district’s reputation for living and playing. A thriving nucleus of cutting-edge businesses, Macquarie Park has also rapidly become a work and residential centre of choice thanks to its two collaboration hubs, an arts precinct, the state’s biggest shopping centre, events spaces, three train stations – and staff satisfaction and retention strategies.
MIT REAP builds on evidence that successful regions link entrepreneurship and innovation to uncover a comparative advantage, both economically and socially. This is called innovation driven entrepreneurship (IDE).
At Macquarie Park Innovation District (MPID), we are promoting IDE not just with local stakeholders such as our academic, corporate and SME members, but also with government and entrepreneurs themselves.
MIT REAP’s team-based learning gives us access to a diverse group of MIT experts including world-leading economists, policymakers and entrepreneurs, and is rapidly enriching our ability to develop globally significant innovations from inception to market.