Creative Knowledge Economy
Champaign Transformation Project
UNDERLYING ASSUMPTIONS
ABOUT THE ECONOMY
In the old industrial economy, people believed:
- Being a cheap place to do business was the key.
- Attracting industrial companies was the key.
- A high-quality physical environment was a luxury that stood in the way of attracting cost-conscious businesses.
- Regions won because they held fixed competitive advantage in some resource or skill.
- Economic development was government-led.
In the new creative knowledge economy, people believe:
- Being rich in ideas and talent is a key.
- Attracting educated people is a key.
- Physical and cultural amenities are needed to attract knowledge workers.
- Regions prosper if organizations and individuals have the ability to learn, adapt and create new ways.
- Only bold partnerships among business, government, and nonprofit sectors can bring about transformation.
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