About Massachusetts Institute of Technology Regional Entrepreneurship Program (MIT REAP)
Over two years, Team Queensland has been participating in the Massachusetts Institute of Technology (MIT) Regional Entrepreneurship Acceleration Program (REAP). MIT REAP is an evidence-based, practical approach to strengthening innovation-driven entrepreneurial (IDE) ecosystems.
Using a stakeholder engagement model which brings together key representatives from five stakeholder groups: entrepreneurs, risk capital, corporates, universities and government, Team Queensland defined a Must Win Battle for growing our innovation ecosystem across the state. This was to drive regional collaboration to build on Queensland's economic strengths in sectors linked to natural resources suc as mining, tourism and agriculture.
Together with QUT and Team Queensland, Advance Queensland is supporting three pilot projects in Toowoomba, Gladstone and Mackay. Being led locally, each project will establish their own team bringing together key players from each of the five stakeholder groups to develop their own must win battle. This will ensure regional strategic interventions are locally constructed and focused on regional comparative advantages.
The MIT REAP pilot projects are intended to complement and enhance existing Advance Queensland programs including the Advancing Regional Innovation Program, Regional Startup Hubs Support Program and the Regional Angel Investors Support Program.