Theory and research on innovation and entrepreneurship focus on the firm as a unit of analysis. We argue that the city, or place and space, has emerged as a key organizing unit for both innovation and entrepreneurship. The city organizes the key inputs for the processes of innovation and entrepreneurship, by concentrating human capital, firms, knowledge, knowledge-based institutions and other key inputs. We advance this framework by exploring the geographic clustering of a key indicator of commercially-relevant innovation and entrepreneurship – venture capital investment in high-tech companies. We chart the geography of innovation both across and within cities, at both the metro level and the district or neighborhood level for all venture-capital backed startups and for startups in digital industries. Our findings indicate that such commercially relevant innovation is concentrated at two key geographic scales. At the macro-level, it is highly clustered and concentrated in a relatively
Our mission is to create more innovative, inclusive and resilient cities
The university is a key source of talent and a key driver of innovation and economic growth in a knowledge based economy. But, in performing these very economic functions it also contributes to economic and spatial inequality. Our research uses a variety of new data to examine this Janus-face of the university in innovation and inequality across US metro areas. We find evidence that the university plays a role in both regional innovation, boosting local patenting and startup companies, and in economic inequality, with higher rates of income and occupational segregation in metros with highly rated universities.
Canada is having a moment.
In a world where talent is mobile and technology central, Canada stands out more than ever with its vibrant democracy, growing tech clusters, and unparalleled openness to the world’s migrants.
Yet there is a problem: Despite the nation’s many strengths, Canada’s economy faces serious structural challenges, including from an aging population and slowing output growth. Even more important, the nation needs to ask urgently whether it possesses the right mix of industries performing at a high enough level to allow for new levels of prosperity.
The Cities Project at the Martin Prosperity Institute focuses on the role of cities as the key economic and social organizing unit of global capitalism. It explores both the opportunities and challenges facing cities as they take on this heightened new role.The Martin Prosperity Institute, housed at the University of Toronto’s Rotman School of Management, explores the requisite underpinnings of a democratic capitalist economy that generate prosperity that is both robustly growing and broadly experienced.
The notion of a deep and enduring divide between thriving, affluent, progressive urban areas and declining, impoverished, conservative rural areas has become a central trope—if not the central trope—in American culture today. In May 2017, theWall Street Journal proclaimed, “Rural America Is the New Inner City”.1 Ever since Donald Trump was elected president, the narrative of urban revitalization and rural decline has only gained steam.But, in reality, this narrative fails to capture the full complexity of economic life in America. In fact, parts of rural America are thriving, even as other parts decline; just as parts of urban America continue to lose population and face economic decline as other parts comeback.
This paper develops a theory of large corporate headquarters’ location in post-industrial capitalism. It posits that human capital has become the primary factor in the location decisions of large corporate headquarters. It argues that such operations will locate in skilled cities that are also larger and globally connected. These hypotheses are tested using data from the Fortune 500 between 1955 and 2017. Count models are estimated to test the relative importance of human capital, population size and airport connectivity, alongside taxation and other factors identified in the relevant literature. The findings are consistent with the hypotheses.
If a person’s home is their castle, then the 59 people we chose to profile for our 2018 Residential Real Estate Power List are the castle-builders, the castle-keepers, the castle-owners—in short, the most influential and powerful people currently shaping the U.S. residential real estate industry.
Richard Florida is an author, urbanist, and the current Director of Cities at the University of Toronto’s Martin Prosperity Institute. We spoke with him about how Canadian cities can evolve and prepare for the future through P3s.
Mediaplanet: You founded the Creative Class Group which focuses on helping companies and regions achieve growth and prosperity. In your experience, what role can private partners play in
Uncovering tomorrow’s innovation hotspots: The cities striving for emerging technology leadership is an Economist Intelligence Unit report, sponsored by Pictet, that explores where interest, innovation and commercial activity around emerging technologies are active and growing at scale. Its primary aim is to identify cities that are in a position to challenge, in the future, the leadership of the world’s largest innovation hubs, widely regarded to be Silicon Valley, New York and London.
The Montage Laguna provided an apt backdrop for the day-long symposium, Diversity and the Creative Economy. The goal was razor focused: To discuss how inclusion and creativity can foster economic mobility and prosperity in Orange County, its stunning coastal landscape prominently displayed via 180-degree views from the luxury hotel.
Richard Florida, the renowned urbanist who’s spent the past year studying Philadelphia as part of a yearlong fellowship sponsored by Drexel, Jefferson, and the University City Science Center, released his culminating report on Philly and its “new urban crisis” on Thursday evening. For Florida, whom we recently profiled, the report and the entire philosophy underpinning it represent a chance at redemption.
See, Florida has been pilloried within his own field of late for having an elites-centric thought process that critics say helped propel rising income inequality and housing prices. And it turns out those are two of the same symptoms he’s now trying to cure in Philadelphia. Here are four takeaways from Florida’s 41-page report.
Despite the voices calling attention to the need for more affordable housing, only about 3% of the 2019-2020 Miami-Dade County budget is dedicated to solving the crisis.
And a crisis it is.
Researchers say 130,000 new housing units are needed; the county has plans for 10,000.
Miami is known as a global destination for hospitality, but it also has a reputation as a deeply unequal place. The greater Miami metro region has a poverty rate of 14.3%, among the highest in the country.1 While the region boasts high-profile foreign investment, its middle class continues to shrink and the local economy is dominated by low-paying service jobs. Miami’s communities of color are disproportionately affected by these dynamics: Latino and black Miamians are twice or 2.5 times as likely, respectively, to live in poverty as white residents are.
A dozen or so years ago, I was recruited to Toronto to establish the Martin Prosperity Institute, a think tank focused on urban, regional and national competitiveness. My wife and I have grown to love this city we call home. But Toronto needs to compete with the best of the best, and that’s why I support Sidewalk Labs’ Quayside project.
Toronto has made it into the ranks of global cities. It tends to place highly in rankings of quality of life. It has strong banks and a world-class real estate market. But despite the hype about high-tech in Toronto, we lag significantly behind the world’s leading cities.
For years, leaders struggling to broaden the economy of Miami and the rest of South Florida beyond low-paying service jobs have wrestled with a vexing dilemma: Have those efforts been hampered by a crippling brain drain?
After diving into the question of whether we’re having trouble keeping our college grads or providing them with rewarding work, one of the nation’s leading experts suggests in a report released last week that the answer is both yes and no. But the news on balance is not great for the metro area comprising Miami-Dade, Broward and Palm Beach counties.
Canada prides itself on its reputation as an open, tolerant and caring place. Especially at our border, where the image of Justin Trudeau greeting refugees turned away from the United States was seen around the world. But, over the dozen years that we have lived in Toronto, we have regularly encountered problems when coming back home to Canada at Pearson Airport.
Richard Florida, one of the world’s leading urbanists, is the founder of the Creative Class Group, a researcher, professor, serving as university professor and Director of Cities at the Martin Prosperity Institute at the University of Toronto. Below, he explores the impact of infrastructure on economic competitiveness and productivity.
We need to talk. We need a conversation about the real facts of cycling and pedestrian safety in this city. Where are the real problems? What are the realistic, evidence-based options to make our streets safer?
Sidewalk Labs released its long-awaited plan on Monday, providing a detailed look at what it has in store for the city’s waterfront. To date, the controversy over the project has revolved around critical issues of privacy and the nature of its waterfront development. But there is another dimension to the initiative, one that has been largely missing from the conversation: the role of Sidewalk Labs’ project in Toronto and Canada’s future high-tech development.
Urbanists and privacy experts across the city have raised important concerns about the Sidewalk Labs’ project on Toronto’s waterfront. But something important remains missing from the conversation. We are failing to consider what Sidewalk Labs can do for our economic future. This is a project that holds the promise of vaulting Toronto to world leadership in one of the most important fields of high-tech industry.
Back in 2002, my husband, Professor Richard Florida, published the international best-seller The Rise of the Creative Class, an analysis of the forces that are reshaping our economy, our geography, the work we do, and our whole way of life. In it, he argued that just as our economy shifted from an agricultural basis to an industrial one in the late eighteenth century, we were entering a new epoch in which the most significant driver of economic growth is human creativity.
We know that the type of traveller targeted by the LE collective is a unique breed: creative, rebellious and unpredictable. That’s why we’ve collaborated with the Creative Class® Group, a global think tank comprised of leading researchers, academics and strategists, to bring you exclusive research and insight that will enable you to understand their very modern mindset.
Human expression has fostered joy, community and understanding in societies across time and place, helping individuals to connect in meaningful ways. Arts and culture tap into this universal drive toward expression and enrich our lives immeasurably, whether by promoting a sense of wellbeing, sharing ideas, cultivating beauty or prompting self-reflection and imagination. Our cities and communities would be sterile without the arts and the creativity and emotion they impart. We feel that dance is an important part of ar ts and culture and a power ful form of human expression, one that enhances our quality of life and contributes to our individual and social growth.
As a CEO, mother of two and frequent globetrotter, Rana Florida lives in the intersection of business, art, architecture, creativity and culture. But what of fashion, and where does it feature in her life? We needed to know, and so we met with the Creative Class Group CEO in the home she shares with her husband Richard, the international bestselling author, professor and urbanist. Their home is a perfect example of their design-led lifestyle, their vision executed by the ultra-creative firm Studio Pyramid and the interior designer Sasha Josipovicz.
Take ten million trees, 3.9 million people, 180 languages and dialects, the 7th largest stock exchange, the longest street in the world, and a renowned film festival. Throw in universal healthcare, the 8th largest LGBTQ2 pride parade, and the most rollicking Caribbean street festival anywhere, and you have Toronto. North America’s fourth largest city might also be its least understood and, with a broad mix of cultures, the hardest to classify. At times, the scene here can seem disparate, caught between affected grunge and unsettling flash, complete with a campy cadre of overdressed socialites. But then again, part of this metropolis’s beauty lies in its ability to make most anyone feel at home.
As Chief Executive Officer of the Creative Class Group, Rana Florida manages new business development, marketing, consulting, research and global operations serving such diverse clients as BMW, Converse, IBM, Cirque du Soleil, Audi, Zappos, and Starwood Hotels – to name just a few.
What is your morning routine?
I usually get woken up with a karate chop blow to the face; sometimes coming at me from both directions by 1 and 2-year-old feet. I will then untangle my hair from a puppy or cat wrapped around my head for warmth before tiptoeing like a ninja out of bed at 6 am. I will then check and respond to a crazy amount of work emails, both from clients and my team. I’m OCD, so will make sure every bed is made in perfect military fashion, the house in order, and dog, cats, babies all fed and dressed. I’m trying to take 15 minutes each morning to learn to meditate and clear my head before starting the workday.
Q: Rana, tell us more about your background. What were you doing before The Creative Class Group?
A: My parents – first generation immigrants from Jordan – drilled the importance of education into me and my siblings. They wanted us all to become doctors or lawyers. I was not drawn to either profession, so I went to business school without a clue as to what I would end up doing. I just knew that I wanted to land a high-level corporate job and I did just that, in Washington, DC. I was super excited by my six-figure salary and bonuses but was not happy. I was stuck commuting in traffic all day, I had crazy bosses and I had no control over my time and schedule.
Rana Florida is a CEO, Entrepreneur and best-selling business Author. As Chief Executive Officer of the Creative Class Group, Rana Florida manages new business development, marketing, consulting, research and global operations serving such diverse clients as BMW, Converse, IBM, Cirque du Soleil, Audi, Zappos, and Starwood Hotels – to name just a few. Rana has over two decades of experience in corporate strategy, communications and marketing, having executed marketing initiatives for the likes of Disney Live and Starbucks. She is well known as a writer on business and leadership, having written for Fast Company, Inc.com, and the Huffington Post. Rana Florida has also served as a guest business analyst on The Today Show and been featured in The New York Times, Vogue Magazine, The Wall Street Journal and more. Her one-on-one high profile interviews have covered notables – from President Bill Clinton and First Lady Michelle Obama to Andre Agassi, and many more. Rana Florida has also been h
The Laguna Beach LGBTQ Heritage & Culture Alliance, along with Visionary Sponsor and real estate investment firm Laguna Beach Company, and Title Sponsor, Bank of America, today announced registration is open for Diversity and The Creative Economy, a symposium featuring international best-selling Author and Urbanist Richard Florida. The symposium will be held on Monday, April 29, 2019 at Montage Laguna Beach from 8 a.m. to 12 p.m. and will provide a platform for community members, local business, civic, legislative, cultural and educational leaders to discuss how inclusion and creativity can foster economic mobility and prosperity for Orange County. A portion of the event’s proceeds will be donated to Laguna Beach Pride 365, Club Q Laguna at Laguna Beach Seniors and The Blaze Bernstein Memorial Fund.
A new report says Miami is the seventh least-affordable large metro area in the world.
The recent report by urban researchers Richard Florida and Steven Pedigo says the Miami region’s housing unaffordability crisis reinforces its high levels of inequality.
The Miami metro — which spans Miami-Dade, Broward, and Palm Beach counties — aspires to become a hub for entrepreneurship and innovation, and it is making dramatic progress. According to research conducted by the Miami Urban Future Initiative, a joint effort of Florida International University’s College of Communication, Architecture and the Arts and the Creative Class Group, both venture capital investment and venture capital deals have increased more than threefold in the region since 2005.
Childhood, interrupted. I was born in Newark. My dad worked at the Victory Optical factory making eyeglass frames, and we lived in the Italian district of Newark. My parents had a rental apartment overlooking Branch Brook Park. Later we moved close by to North Arlington, New Jersey, because of the Catholic school, Queen of Peace, where my brother and I went. It’s the suburb that’s featured in the opening credits of The Sopranos.
On February 22, the Miami Beach Chamber of Commerce Pillar Trustee Board hosted their inaugural Goals conference where business leaders, city officials, residents and stakeholders discussed challenges and opportunities facing Miami Beach. More than 150 guests attended the event and heard remarks from City of Miami Beach Mayor Dan Gelber , Leading Urbanist Richard Florida and Marketing Strategist Bruce Turkel.
A new report has found that six in 10 employed adults in South Florida are spending more than 30 percent of their income on rent. That’s the highest of any metro area in the country.
Philadelphia has long been one of my favorite cities. Having grown up in New Jersey and gone to college at Rutgers, I’ve been visiting, and tracking, the city since the mid-1970s. I saw it in perhaps its most hard-pressed days and cheered on the stunning revival of its downtown area over the past decade or so. I’ve been visiting even more now, as the inaugural Philadelphia Fellow sponsored by Drexel University, Thomas Jefferson University, and the University City Science Center, where I have been working with local stakeholders and academics to benchmark where the city stands on key metrics and to develop strategies for the future.
South Florida’s bid to attract Amazon’s HQ2 may have come up short when it came to landing the big prize. But in a panel discussion Tuesday, regional leaders said the bid process itself has galvanized the tri-county area to think and work more collaboratively.
“This process showed an extraordinary level of regional cooperation, done in a record amount of time,” said urbanist Richard Florida, who led the discussion of the panel, “What Did We Learn From Our Amazon Adventure.”
The pace at which new condos are added to Toronto’s red-hot housing market is nowhere near enough to fulfil the needs of a veritable surge of renters and would-be buyers, according to a recent report by Altus Group Ltd.
Since 2005, only around 60 purpose-built rental buildings have been erected in the market, offering a total of 11,620 new units over the 13-year period from then to the present.
We’re used to thinking of high-tech innovation and startups as generated and clustered predominantly in fertile U.S. ecosystems, such as Silicon Valley, Seattle, and New York. But as with so many aspects of American economic ingenuity, high-tech startups have now truly gone global. The past decade or so has seen the dramatic growth of startup ecosystems around the world, from Shanghai and Beijing, to Mumbai and Bangalore, to London, Berlin, Stockholm, Toronto and Tel Aviv. A number of U.S. cities continue to dominate the global landscape, including the San Francisco Bay Area, New York, Boston, and Los Angeles, but the rest of the world is gaining ground rapidly.
Venture Café Philadelphia will kick off its first Thursday night gathering on November 29 with prominent urban studies theorist, Richard Florida. The inaugural Venture Café Philadelphia Thursday gathering will take place from 3 – 8 p.m. at the newly opened 3675 Market Street where the University City Science Center is headquartered.
Richard Florida is one of the world’s leading urbanists. He is a researcher and professor, serving as University Professor and Director of Cities at the Martin Prosperity Institute at the University of Toronto, a Distinguished Fellow at New York University’s Schack Institute of Real Estate, and a Visiting Fellow at Florida International University.
Toronto Mayor John Tory’s resounding victory last month gave him an “historic mandate,” as he put it. He’ll need it, because the city he is leading is badly stuck, unable to address the deep challenges it faces. Indeed, the mayor must use his hard-won political capital to make headway on four key fronts.
First and foremost is affordable housing. Tory has said he will make housing and housing affordability a priority of his second term, declaring that “we must do more to speed up the increase in supply of affordable housing.”
lobalization strikes again. The latest target is entrepreneurship.
For decades, promoting start-up firms through venture capital and other methods of business investment seemed a peculiarly American strength. It has nurtured countless tech firms, including titans such as Facebook, Google and Apple. Americans have been duly proud. It reinforced a sense of national exceptionalism, because other countries couldn’t easily duplicate it, if at all.
En estos tiempos, la clave para el desarrollo económico de América Latina ya no solamente incluye sus materias primas y sus manufacturas, sino también un recurso ilimitado aunque ignorado por muchos: el inmenso potencial creativo de la región. La creatividad forma indiscutiblemente parte del ADN de las sociedades, ciudades y barrios latinoamericanos,
De creatieve klasse heeft in veel opzichten de stad gered, alleen blijkt nu dat niet iedere stedeling deelt in het succes. Door
stijgende woonkosten gaapt een steeds diepere kloof tussen stadsbewoners. Daarom moeten we werk maken van inclusief
urbanisme, betoogt stedelijk geograaf Richard Florida.
”The Creativity index appeared to be one of the best metrics to understand sales performance at Cirque. And correlation are strong, therefor we will be now using this metric to anticipate sales performance and better forecast.Alexandre AlleMarket Insight Advisor, Cirque du Soleil