So, you want to build an innovation hub in your local area?
Imagine a building that sparks job creation, boosts the local economy, and connects education, government, industry, and the community. According to a report by the IPPO, Innovation Districts have become increasingly important as engines of innovation and economic growth, there are now estimated to be more 150 globally and several dozen in the UK. It sounds like a perfect plan - an innovation hub that acts as a growth catalyst.
As excitement settles, practical questions arise: How will it be funded? Who will manage it? And most importantly, how will you build a thriving, supportive, self-sustaining community?
At Plus X Innovation, we tackle these questions regularly. From Brighton to Slough, we’ve created and supported hubs designed to empower local economies and foster collaborative environments. In fact, Plus X Innovation Brighton created £32.5m socio-economic value within the first 12 months of operation, which according to a RealWorth estimate makes it 160x more impactful than a conventional office space.
But the common question we hear is: how do we finance our hubs?
On October 10th, our Head of New Locations Partnerships Grace Bills joined the world’s largest coworking conference, GCUC UK, to discuss financing strategies for flexible workspaces. Today, landlords face the dual pressures of cutting costs and maximising space value. Yet, an innovation hub offers more than desk space; it fosters job creation, economic growth, and a collaborative environment for innovators and corporate tenants alike.
What is an innovation hub?
An innovation hub is a physical or virtual space designed to foster collaboration, creativity, and the development of new ideas, products, or services. It typically brings together a diverse ecosystem of stakeholders, including businesses, entrepreneurs, researchers, academics, government agencies, and community members, to solve problems, drive economic growth, and promote innovation.
Innovation hubs serve as anchors for local economies by clustering companies and facilitating collaboration. Research shows regions like Glasgow and Manchester, which have strategically developed innovation districts, have leveraged local strengths by building partnerships across academia, industry, and government.
This coordinated effort:
- Regenerates urban areas
- attracts talent,
- and stimulates the knowledge economy.
Hubs like these act as "beacons of growth," bringing together key players to drive prosperity and regeneration.
Funding the future: where will the cash come from?
Creating an innovation hub requires both vision and investment.
Securing funding for a project that merges social impact, and economic growth often involves a blend of public and private sources. For example, Brighton’s BRITE (Brighton Research Innovation Technology Exchange) was funded by the European Regional Development Fund alongside local partnerships. This mix of funding sources is crucial for building sustainable, impactful hubs.
Local authorities play an essential role, unlocking critical grant funding and aligning project goals with regional priorities. Early engagement with councils and government bodies also ensures that the hub’s mission resonates with the wider community.
Who runs the hub? Building strong, cross-sector partnerships
Plus X Innovation specialises in operating innovation hubs on a turnkey basis, transforming properties into thriving centres of collaboration, creativity, and economic growth. From designing and fitting out state-of-the-art workspaces to managing day-to-day operations, we handle every aspect of running a successful hub.
The long-term impact of an innovation hub depends not only on our ability to create vibrant spaces and thriving business communities, but also on our commitment to create powerful cross-sector partnerships. These hubs thrive under the stewardship of leaders who understand how to balance relationships between universities, government, industry, and the community. This ensures that the ecosystem is inclusive, adaptable, and sustainable.
Our hub at The Future Works in Slough, developed with AshbyCapital, is a prime example. It supports local startups and fosters sustainable growth, offering a space that the community can truly call its own.
Partnering with local authorities to unlock opportunities through collaboration
At Plus X Innovation, we have cultivated strong relationships with key funding bodies and local authorities, allowing us to access a wide range of grants. These collaborations are crucial, ensuring that our hubs are financially sustainable and act as catalysts for regional growth. This can be seen in our multiple collaborations, like that of Brunel University London and Plus X Innovation.
“Brunel University London and Plus X Innovation have a highly successful strategic partnership born out of our shared view of the role innovation and startups can play in driving economic growth. Working together we have successfully established the incubator and accelerator ‘Making the Future’ both as a sustainable fixture in the West London innovation landscape and as a template for growth and regeneration across the UK.” - Professor Geoff Rogers, Vice-Provost of the Brunel University London
Collaboration across the "quadruple helix" - involving business, academia, government, and community - creates self-sustaining ecosystems that drive innovation and regeneration.
The quadruple helix is transformative because each helix representative drives diverse perspectives and creates impactful solutions. Bridging these four perspectives create vibrant hubs where innovation can thrive.
- Business scales solutions. Without businesses, there’s no route to scalability or market impact.
- Academia fosters ideas and talent. Without education, there’s no pipeline of ideas or talent.
- Government enables and aligns efforts. Without government, there’s no strategic alignment or support for scaling solutions.
- Community ensures authenticity and adoption. Without community, there’s no social value or impact, or adoption of innovation.
Creating a thriving community
An innovation hub is only as strong as its community. At Plus X Innovation, we believe in a people-first approach, placing local residents and businesses at the heart of our work. In our hubs, Brighton and Slough, our team offers tailored support to help businesses grow. By listening to community needs and fostering local talent, we create a sense of purpose and belonging that drives long-term growth.
Projects like BRITE, developed in partnership with the University of Brighton, showcase how we integrate community priorities, supporting SMEs, job creation, and skills development in the region. Similarly, Moulsecoomb Stories in Brighton represents our commitment to community-led development, connecting residents with education, job opportunities, and business support. This inclusivity ensures that the benefits of innovation reach all demographics, building a more resilient local economy.
Embracing ESG: Environment, Social, Governance
- Environmental impact: Innovation hubs push sustainability forward by integrating green technologies and energy-efficient designs, making properties attractive to socially-conscious tenants and investors.
- Social impact: While wider frameworks are still evolving, our hubs focus on community engagement, skills development, and job creation. Partnering with Plus X Innovation means working with a team that prioritises social value, ensuring the 'S' is as vital as the 'E.'
- Governance: Clear, transparent governance frameworks are essential for managing initiatives effectively. Socially aware leadership, backed by partners with shared values, is key to the success of innovation hubs.
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Unlock the potential of your property
Are you a landlord or local authority looking to maximise your property’s potential?
Partner with Plus X Innovation to unlock funding and transform your workspace into a thriving innovation hub.
Discover how we can help you here.
Our key takeaways to build an innovation hub
- Engage early with local authorities: Their support is vital for funding and aligns the hub’s goals with regional growth.
- Focus on socially driven partnerships: Collaborating with partners who value economic impact and community support ensures the hub fosters positive change.
- Put people first: By focusing on local needs, hubs create spaces that drive growth, inclusivity, and resilience.
Building an innovation hub goes beyond offering office space. It’s about creating a space where ideas can flourish, businesses can grow, and communities can thrive.
At Plus X Innovation, we’re passionate about building hubs that provide more than just workspace - they’re places of opportunity, growth, and sustainable impact.
Ready to turn your vision into a reality? Join us on the journey to build thriving innovation hubs that inspire the future.
Photos courtesy of Ashley Lashmar Ford, Ashley Photography
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