The *Regional Context Analysis* outlines Benalla’s transition from a timber-reliant economy to a more diverse and innovative future. Using the Smart Specialisation Strategy, it identifies local strengths—like manufacturing, arts and culture, and natural assets such as the Winton Wetlands—and highlights six key innovation opportunities. These include developing eucalypt-based health products, expanding farm forestry, and enhancing the Benalla Migrant Camp’s tourism potential. The report is grounded in data and over 80 stakeholder interviews, aiming to build a collaborative, place-based innovation ecosystem that supports long-term regional resilience and growth.