The South Australian Government has entered into an agreement with world-leading University, Massachusetts Institute of Technology (MIT), to collaborate on the development of a Living Lab at Adelaide’s innovation precinct, Lot Fourteen.
The Living Lab
As reported, the Living Lab will bring together the public, private and research sectors, analysing data to determine the most effective ways for South Australia to drive both economic and sustainable population growth.
MIT Living Labs have already been established in New York, Beijing and Istanbul, meaning South Australia is now well placed to lead the way globally in the analysis of big data.
Its location at Lot Fourteen also means those working in the Living Lab will have unparalleled access to businesses across a range of high-growth and high-tech industries.
The Living Lab will further enrich this great site and enable learnings to be rapidly shared as well as highly effective networks to operate in a seamless, physical and digital environment.
The Living Lab means local researchers will have access to invaluable data to identify how to drive sustainable population growth, create jobs and strengthen the economy.
Moreover, it will bolster South Australia’s entrepreneurial activity across a range of industries and ensure that this state remains at the forefront of global innovation and enterprise.
This Australian-first collaboration is a real game changer for South Australia as it will help build a stronger and more prosperous economy that allows and encourages young people with ideas to stay and pursue them.
Why South Australia?
Adelaide is a prime location for a Living Lab in Australia and the broader region due to its leadership in data analytics and machine learning.
South Australia has a unique opportunity to use the Living Lab and the insights it will provide to urgently address issues such as population growth, ensuring it is done with full insight and planning, which will be vital for the long-term sustainability and prosperity of the State.
The success of this approach can be seen in cities such as New York, Istanbul and Beijing.
Who are involved?
From these Living Labs, the detailed knowledge that is emerging provides a base of information from which governments can be more specific with policy and initiatives to support and improve the prosperity of their communities.
As principal partner, the Chief Executive of a South Australian financial institution shared that the Living Lab formed part of the bank’s strategy to be a catalyst for economic growth in the state.
A mobility intelligence company will play an important role in the technical capability of the Living Lab, fitting out the site and providing key inputs into the work being undertaken.
The Acting Managing Director of a telecommunications company in Australia explained that collaboration is key to capture the full potential of investment.
He added that the Living Lab Project brings together like-minded organisations so that the perspective of government, academia, corporates and start-ups can be considered.