EnableMagic and defining innovation hubs
Innovation is a growing economic force due to one of its major abilities; increasing productivity, meaning that the same input generates a greater output.
Innovation is also constantly improving life quality for people, which makes it socioeconomic beneficial for most countries to facilitate innovation.
This has led to the uprising of innovation hubs. We define innovation hubs as organizational arenas where innovation happens. They are either big scale innovators themselves, or actors who help smaller innovators carry out their innovation processes and reach the market with their innovative products.
The innovation hubs exist on all continents around the world, and vary in how they operate.
Some innovation hubs are very “hands-on” in their helping and guiding of startups and innovation projects, whereas others are much more “hands-off”.
Based on our market research we’ve categorized these innovation hubs by how fast their portfolio or members grow and how “hands-on” the innovation hub is during the process.
High-paced innovation hubs
These are very hands-on actors, such as incubators and accelerator programs. They provide everything from network, mentoring, resources and guidance. They are normally the first innovation hub startups will engage with, due to their personal approach with a high frequency of touchpoints between startup and innovation hub.
Mid-paced innovation hubs
The mid-paced innovation hubs are hands-on in some occasions but they are not directly involved in the startup or project’s operations. Typical mid-paced innovation hubs are business clusters. They mostly offer networking opportunities in a specific industry, knowledge and courses. Business clusters facilitate innovation between both startup to corporation and corporation to corporation, explaining why they’re not as hands-on as incubators and accelerators.
Low-paced innovation hubs
Lastly, we have low-paced innovation hubs. These are actors with a lot of resources, but with slower or longer innovation processes. They are areas where innovation happens, but without an organized structure to facilitate it. Typical low-paced innovation hubs are universities, high-tech enterprises, municipalities or the government. These hubs have good domain insight and introduce a lot of innovative products, but they lack the organizational structure to maximize their innovative potential.
We in EnableMagic help innovation hubs by delivering a tailored system for managing your operations, giving you and your innovators the insight you need to create value. Interested in learning more or getting a demo? Click here!