A. The Challenge
One of the main challenges for getting new visitors to not-so-well-known destinations, is the lack of sufficient high quality infrastructure. Professional business case preparation and working closely with tourism operators is the only way to secure investor interest. This can be supported by working closely with local stakeholder groups and provide services that no other region is offering.
To prepare a clear and bankable feasibility study, delivering a more secure proposition to the investor.
Phase one: A Quadruple helix and ‘open book’ collaboration model to prepare bankable business cases for investors (at pre-feasibility level) :
•The Local investment promotion agency (Kainuun Etu Oy – Invest in Kainuu) – To identify and engage with Investors
•The local tourism service ecosystem and the market (Wild Taiga) – To support needs analysis and tour operator data in the delivery of the supply and demand dynamics
•The local construction ‘alliance’ (Woodpolis, City of Kuhmo) – To provide fully costed, capped and sustainable design and build offers, along with local regulatory expertise.
Phase two: The combined resources of the 3 groups, work closely with the proposed investor to conduct a fully costed business & construction plan (feasibility study)
Phase three: Upon satisfactory conclusion of joint feasibility study > Contract phase; the four above parties, representing “Using the Quadruple Helix Approach to Accelerate the Transfer of Research and Innovation Results to Regional Growth” (Simona Cavallini, 2016)
The process has been conducted in three locations, following on from the pilot in the Wild Taiga destination. Leading to three investment contracts, at high level, with an estimated investment value of 26M€ over a period of three years. In addition, several further large cases are currently active in phase three. This has been piloted locally and is now scaled to the national level in Finland.