IDEA Consult maps the importance of the blue economy in Flanders

On a daily basis, organisations and governments take strategic and operational (investment) decisions that create a footprint in our economy and society at large. In this context it is important to make a periodical assessment of the performance, results and impact that such decisions and investments have generated – not only to demonstrate past performances but also to improve efficiency and effectiveness in the future by learning from these past experiences. IDEA Consult has a longstanding experience with supporting clients in assessing the performance and impact of their investments, operations or projects. Impact assessment and evaluation is one of IDEA Consult's core fields of expertise.

Over the years, IDEA Consult has developed a solid methodology for calculating the (direct, indirect and induced) economic impact of investments, projects or organisations and their financial return to the government(s). Furthermore, by combining this economic impact model with other methodological tools we are well-equipped to perform a multidimensional impact assessment (including scientific, catalytic, social or environmental impact). Each impact assessment is thus tailored to the specific context and needs of the investment/project/organisation at hand.

Currently, IDEA Consult is working on the assessment of the economic and societal impact of the blue economy in the region of Flanders, Belgium, on behalf of the Blue Cluster. The blue economy is defined as economic activities related to oceans, seas and coasts. Although the traditional activities of the maritime economy are well known, such as fishing, coastal tourism, shipbuilding and ship repair, due to new technology advances in e.g. biotech, digitalisation, material sciences, nature conservation, renewable energy production new activities have emerged with entirely new value chains and business models. Hence arises the question what the size of the blue economy actually pertains to and what its societal impact is.