Adelaide to host MIT's fourth Living Lab

Adelaide’s innovation precinct, Lot Fourteen is set to become home to the Massechusetts Institute of Technology’s (MIT) fourth Living Lab. 

The Lab — which will be developed under a partnership between the South Australian Government, MIT, Bank SA and Optus Business — is intended to bring the public, private and research sectors together to analyse data and determine the most effective ways for SA to drive economic and sustainable population growth.

SA Minister for Trade, Tourism and Investment David Ridgeway said the Living Lab’s position in Lot Fourteen would help foster collaboration between entrepreneurs, investors, businesses, global industries, universities and other leading research institutions to “share ideas” and “invest in the innovation economy”.

BankSA Chief Executive Nick Reade added that the Lab would help SA identify the right interventions to grow the economy, pinpoint roadblocks and generate valuable insights to propel the state forward.

It also gives the state a “unique opportunity” to “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,” he said.

“We’ve seen the success of this approach in the work these labs have undertaken overseas in cities such as New York, Istanbul and Beijing. 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,” Reade concluded.

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