![]() They outperform other regions and business districts economically, financially, and socially. ![]() Innovation hubs have higher commercial-rent growth rates than adjacent business districts: 5.3 percent from 2010 to 2020, compared with 4.8 percent, respectively. Hart, Siddharth Kulkarni, and Mark Muro, “America’s advanced industries: New trends,” Brookings, August 4, 2016. These industries also claim 60 percent of US exports, boast 80 percent of US engineers and patents, and attract workers with above-average earnings-generating even more jobs for the communities where they are located. Annual productivity growth for US innovation industries has averaged 2.7 percent since 1980-nearly double the rate of all other sectors. Spanning high-value, research-oriented sectors from aerospace to life sciences to software, innovation hubs generate attention and investment for a reason. It addresses key elements of building an innovation hub including prioritizing sectors, attracting talent and investment capital, mapping strengths and opportunities, and identifying ways to support the effort.Ĭreating an innovation ecosystem is a significant undertaking, and success often pivots on how well those who lead it build relationships with new and established companies and institutions, fill gaps in the business landscape through investment, and address the specific needs of workers and residents. The playbook we’ve created is based on our experience designing and developing best-in-class ecosystems and on our data analysis of more than 100 innovation districts and tech hubs. While these papers generally address the what and the why, this article builds on those perspectives to explore how public- and private-sector leaders could launch and scale an innovation ecosystem anchored in existing regional assets or accelerate efforts that are already underway.īelow, we outline the potential benefits of innovation hubs and offer six essential steps that leaders can consider for building and nurturing an ecosystem that promotes vibrancy, attracts top talent, and creates new and significant opportunities for economic and social development. Think tanks and businesses have published papers defining the value proposition of innovation hubs and offering ways for companies to participate in the hubs that already exist. ![]() They fall into three categories: smaller districts, midsize tech hubs, and larger cross-regional ecosystems, with the latter being by far the most complex but potentially impactful (see sidebar “Ecosystems, hubs, and districts: A short primer”). Innovation hubs are geographic areas that bring together R&D institutions (such as tech-enabled corporations, universities, and medical facilities), as well as venture capital, incubators, and start-ups. The MIT Sloan Management Review defined innovation ecosystems in 2022 as “places that engage five stakeholder types-research institutions, entrepreneurs, corporations, investors, and governments-linked by a strong social fabric of mutual interest, complementary needs and resources, and trust.” 4 Philip Budden and Fiona Murray, “Strategically engaging with innovation ecosystems,” MIT Sloan Management Review, July 20, 2022. Innovation ecosystems are the newest of the three tech hub archetypes. Nature magazine, in its “Global Innovation Hubs Index” (2020), opened with this definition: “cities or metropolitan areas that can lead the flow of global innovation elements and influence the efficiency of resource allocation, drawing on their unique advantages in science and technology innovation.” 3 “Global innovation hubs index,” Nature, 2020. Innovation hubs are somewhere between districts and ecosystems. 2 “The ambition,” Global Institute on Innovation Districts, 2022. It defines them as “new geographies of innovation emerging primarily in cities and urbanizing areas” and estimates that there are more than 100 of them around the world. The Global Institute on Innovation Districts, which leads the analysis of innovation districts globally, was founded in 2018. They are also physically compact, transit-accessible, and technically wired mixed-use housing, office, and retail.” 1 Bruce Katz and Julie Wagner, “The rise of innovation districts: A new geography of innovation in America,” Brookings. The Brookings Institution, in 2014, defined them as “geographic areas where leading-edge anchor institutions and companies cluster and connect with start-ups, business incubators and accelerators. Innovation districts, the oldest of the three, were highlighted as a growing trend for much of the 2000s. When discussing how to build communities for innovation, it is useful to establish what we mean by these terms.
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