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Maintaining competitive advantage by exploiting tacit knowledge

Speaking at the National Press Club in Canberra, Australia, special guest Dr. Peter Brain gave a lucid and insightful overview of the importance of tacit knowledge for the success of economies at the regional level.

He explained that in today's global economy, codified knowledge is easily shared between competitors and is no longer a strong enough foundation for local industry to maintain a competitive advantage.

Regional economies and clusters find ways to maintain their edge through exploiting their expertise and tacit knowledge in the industry and convert that knowledge into a viable competitive advantage and wealth. Dr. Brain outlined the importance that local governments play in creating proactive economic policy in areas like transportation and education while strengthening the government's commitment with resources and responsibility in areas of regional economic growth. To accomplish these ends, Dr. Brain identified vital regional at scale resources and the strong enabling institutional students of the so-called "flexible entrepreneurial networks? that drive wealth creation".

Though this speech was specifically directed at regions in Australia, it provides a poignant philosophical argument that can and should be applied to regional economies throughout the world. Recognition and successful exploitation of tacit knowledge is most easily realized through professional business organizations, committees and conferences. To read more: click here