Innovation hubs have an enormous impact on our society and our daily lives. The influx of ideas in these spaces can end up being a new successful business you can’t live without. But, what exactly are these hubs and what are their main activities?
What is an innovation or entrepreneurial hub?
An entrepreneurial hub or innovation hub is a space where entrepreneurs, innovators and corporations work together. These innovation-driven spaces are meant to gather all the actors involved in innovation in order to collaborate, gather new ideas and potentially find new business opportunities.
Key actions from the most successful entrepreneurial centers
1. Networking with other companies
One of the main activities of entrepreneurial hubs (15%, according to a study carried out by SDLI) is connecting different companies in order to share knowledge, ideas, and experiences. Actually, one of the great advantages of innovation hubs is the communities that grow around them.
Even though these hubs were traditionally offline and they constituted physical spaces where people gather to innovate, these spaces have pivoted towards online communities as well. The rise of remote work has favored online communities, so anyone interested in innovation can join them and benefit from these worldwide collaborations.
Gathering information and sharing it with the community is one of the main purposes of an innovation hub, and this is why education is the second most frequent activity here (11%). Apart from looking for new business opportunities or favoring seed rounds for startups, educating the community is an important part for these hubs.
The fast–changing environment is even more fast-changing when it comes to innovation. This is why many successful hubs hold educational events on any topic: usage of new tools, methodologies or best practices from their own companies are some of the most recurrent topics.
Given that entrepreneurship hubs bring together large corporations as well as startups in order to come up with new business ideas, it is no surprise that investors can be found here as well. As a matter of fact, funding is the third activity for innovation hubs.
This is the perfect space for startups to find new funding opportunities, as well as any resources necessary to keep developing their activity.
Similarly to funding, hubs are a fantastic opportunity for entrepreneurs and startups to find mentoring and advice. In these spaces, new companies can find support from specialists in any stage — from the conception of the idea to scaling the business.
Most innovation hubs are still a physical space, even though some carry out their activities in an online way. This is the reason why using the physical spaces as coworking offices is part of their activities as well. Working at the same place together favors communication and the flow of ideas. Plus, these physical spaces are also used to celebrate offline events.
Are you interested in finding new ideas for your business as well? At Corporate Lab, we can lend you a helping hand. Contact our team to discuss potential solutions in your sector and find out how we can help.