Sustainable Development and the Isle of Wight

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Sustainable Development and the Isle of Wight
An Economic Vision for the Isle of Wight In the
light of the SEEDA RES Review
Presentation by
Dr. Nicholas J.O. Miles Miles Strategic
Consulting Ltd
Regional Economic Strategy Event, September 30th
2005, Cowes Yacht Haven Event Centre.
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Places where people want to live and that are
sustainable do NOT happen by chance. They are
the product of VISIONARY THINKING .. with the
full engagement and support of local partners and
communities
The Egan Review
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INTRODUCTION The Context..1

• Key RES Theme Sustainable Development
• Key forces for IoW to contend with
• Globalisation (increased economic integration)
• Shift in Economic Gravity (rise of emerging and
  competitive economies)
• The New Kondratieff (rapid technological
  change)
• European Agenda (Lisbon plus)
• SEEDAs RES Agenda (SE region a key driver of UK
  Inc)
• Environmental stress (resource depletion and
  sound environmental management plus)

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INTRODUCTION The Context..2

• Key issues
• Competitive pressures increasing
• Economic sustainability difficult (context low
  level of wealth creation in IoW).
• But - wealth creation enables environmental
  sustainability
• (driving sustainability through innovation and
  productivity an important national goal)
• And - threats always accompanied by opportunities
  (what are they for the IoW? What is the
  visionary thinking for the IoW?)

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Graph

• Sustainability means creating
• a robust and flexible economy (which enables)
• making effective use of natural resources
• promoting social cohesion and inclusion
• creating a strong sense of place (and building
  social capital)
• enabling people to live lives that they value
• obtaining the support of the community and
  aligning stakeholders behind the vision

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Call-out Slide Some Evidence!
Note BRIC Brazil, Russia, India, China Source
Goldman Sachs Research, 2005
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Call-Out Slide- Technology and Innovation

• Cascading technological process called the New
  Kondratieff.
• Interface of
• Bio-technology
• Nano-technoloy, and
• ITC / computing
• Leaders likely to be
• US, Germany, UK and Sweden
• Korea, Malaysia and Taiwan.
• And possible soon China and India! - China and
  India already competing with LVA and HVA goods.
• Source Deutsche Bank March 2005

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INTRODUCTION The Response

• Common response (invocation!)
• Build your knowledge economy !
• Improve your connectivity assets !
• Up-skill !
• Innovate !
• Be creative !
• Be entrepreneurial !
• Be sustainable !
• Get a successful LEGI bid under your belt !
• We know all that, but do we fully appreciate that
  the response means a whole new way of working
  and interacting with one another? And what do we
  do in practical terms?

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Call Out Slide From Presentation by Will
Hutton of the Work Foundation, SEEDA RES review
July 2005.
Why knowledge is now the primary factor of
production

• Knowledge is increasingly the primary factor
  driving growth and wealth creation, rather than
  traditional factors of production such as
  physical capital and labour
• The shift towards a knowledge economy represents
  a change that is qualitatively different to those
  associated with previous technologies
• If societies are fully to exploit these new
  opportunities they will need to consider more
  flexible and collaborative forms of wealth
  creation and develop regulatory, educational,
  research and welfare policies that are supportive
  of knowledge capitalism

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GENERAL LESSONS- From Abroad

• Get SMART! e.g
• Send your children to the best universities but
  make sure they come home!
• Identify the right skill requirements (not
  necessarily Univ. skills)
• Get your HEIs into shape and talking to
  businesses small and large
• Update the regional innovation strategy
• Devise regional creative industries plans
• Get up the VALUE CHAIN as a cluster of firms or
  a supply / commodity chain
• Build defensible niches in product markets and
  supply chains
• Get CONNECTED! See globalisation as a process of
  learning from and leveraging knowledge from
  around the World.
• Get NETWORKED The networked firm wins (supply
  chains compete NOT individual firms). Encourage
  incomers Chinese entrepreneurs working in IoW
  firms?
• Get a VISION!

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Image
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HAVING A VISION OFTEN WORKS!

• Chattanooga 2000 Vision devised in 1984
• Dynamic City Mayor and public-private partnership
• 793 M of Investment e.g. state of art electric
  trams
• Belief Statements
• We believe that change is inevitable
• We believe that quality of life is key
• We believe that the past is prologue
• We believe that it takes everyone
• We believe that working together works