Economic » Entrepreneurial & Innovative

Innovation, creativity and new endeavours are welcomed and encouraged. Ideas are exchanged across all sectors, resulting in a creative business culture. We have excellent education and research institutions, and benefit from being the seat of government.

What is Entrepreneurial & Innovative?

Entrepreneurship and innovation, including research and development are important for economic growth and for sustaining a dynamic economy capable of competing successfully on the international stage. A diverse business environment is better able to absorb cyclical downturns and changing market trends. If there is business confidence people are more inclined to venture into entrepreneurial activities as they see the economy able to support new ideas. 

Entrepreneurial and innovative community is made up of 4 indicators that were selected to measure progress towards the entrepreneurial and innovative community outcome definition (shown above). Please see below for the raw data available over the 2001 to 2010 study period for each of the entrepreneurial and innovative community indicators.

As with the economic well-being GPI, the available indicator data that forms part of entrepreneurial and innovative community outcome area was used to calculate individual index values for each indicator for each year over the 2001 to 2010 study period. The graph below shows the average of these individual index values, and represents the entrepreneurial and innovative community GPI for the Wellington region from 2001-2010.

 

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Entrepreneurial and innovative community GPI, 2001-2010

What this means

Over the 2001 to 2010 time period, the entrepreneurial and innovative community GPI was found to be highest in 2009 and lowest in 2001 and 2002. The entrepreneurial and innovative community GPI increased rapidly between 2002 and 2004, was relatively stagnant for a few years before gradually increasing up until 2009. However, it decreased from 2009 to 2010. Even with this slight decline over the past year good progress has been made, with an overall 18.4% increase in the entrepreneurial and innovative community GPI from 2001 to 2010. The biggest contributor to the increase in the GPI from 2001 to 2010 is the increase in the percentage of GDP spent on research and development.

Did you know?

The GPI counts our health-care costs created by smoking, not exercising, eating poorly and becoming obese, as costs, not gains, to the economy.

4 Indicators are being used to track Entrepreneurial & Innovative in the Wellington region

Click on each indicator below to access further information

Investment in research & development » Overview

Research and development (R&D) is important for economic growth and for sustaining a dynamic economy capable of competing successfully on the international stage. R&D generates new knowledge which in turn leads to innovation and positive change that can also improve well-being.

Percentage of GDP spent on research and development, 2001-2011

Findings

  • In 2010, 1.6% of GDP in the Wellington region was spent on R&D.
  • The percentage of GDP spent on R&D has increased from 1.2% in 2002 to 1.6% in 2010.
  • The percentage of GDP spent on R&D in the Wellington region has consistently been above the national level since 2002.  

Investment in research & development » Technical Information

Indicator Definition

Gross expenditure on research and development in the Wellington region expressed as a percentage of the Wellington region GDP.

Data Source

Statistics New Zealand: Research & Development Survey

Last updated 24 July 2012

While care has been taken in processing, analysing and extracting information, we cannot guarantee that the information is free from error and we shall not be liable for any loss suffered through the use, directly or indirectly, of any information, product or service.