The Local Innovation Partnerships (LIP) project was established to identify a more effective approach to exploring great ideas, developing and testing innovative solutions and launching new ventures in mainstream markets. The LIP model is based on establishing Innovation Partnerships with key stakeholders keen to capture the creativity of Entrepreneurs and Innovators and to accelerate the development of new ventures by placing values-driven Innovation at their heart.
The LIP project is responding to critics of the mainstream markets who have long maintained that it is the negative consequences of conventional economics and its impact on local communities, society at large and on the wider environment where the need for reform is most acute. LIP’s are needed to help create new ventures that adopt a much more holistic approach and recognise the essential interdependence between the Economy, Society and the Environment.
The LIP approach addresses the widespread concern for the long term resilience of our economies, which is compounded by macroeconomic factors such as the Covid pandemic, the challenges of global warming, biodiversity loss, land use, water scarcity, income disparity, social unrest and extreme poverty. These are all indicators of systemic failure of our businesses, innovation systems and the resultant economies to create value at the scale required to overcome these challenges. Innovation decisions must be carefully considered if we are to foster businesses that aim to mitigate or adapt to these challenges and given the scale of the challenges, and the scale of the investment needed to overcome them, it is clear that:
- Current National Innovation Systems architecture (i.e Innovation Centres) is inadequate and failing to create value at the scale and pace needed to overcome global challenges.
- Financial returns must be seen to match market rates if the scale of investment required to overcome global challenges, is to be met.
These are the principles that underpin the LIP model and are based on the conviction that the transition to a resilient economy must inevitably be led by well governed businesses striving to reduce the environmental impact of creating value for society.
Join the conversation at lip.ipportal.org