Framework for future innovation spaces launched by Welsh experts at world’s largest climatetech incubator
Business Support and coworking experts, Town Square Spaces Ltd (TownSq) has launched its latest research paper, ‘What Is An Innovation Space’.
Held at an event in the world's largest climate tech and energy incubator, GreentownLab in Boston, the whitepaper comes as the rise of ‘innovation spaces’ continues across the globe with science and industry parks, coworking spaces and specialist hubs all considered under the same moniker.
While spaces can be wildly different, there are more of them now than there has ever been. The number of tech hubs in India has exploded to support its burgeoning startup scene (160,000) and has the third largest number of accelerator programmes in the world, while in Brazil there has been a 224% growth in agricultural incubators.
Globally, the number of science and technology parks have doubled in the last 15 years and the worldwide coworking market is worth $25bn, which is expected to grow by 15% each year. This is no more exemplified than in the UK where the number of coworking spaces has quadrupled in the last decade to over 4,000.
After analysing thousands of spaces worldwide, the ‘What is an Innovation Space’ paper outlines the 5 golden rules for the perfect innovation space, including: Equipment, Location, Design, Ritual and Connections.
The paper gives examples of leaders in each ‘rule’ including spaces in Canada, Uganda, Germany, Japan, the UK and the US - home of featured space GreentownLab, where the paper was launched.
Speaking at the launch, Gareth Jones, CEO of TownSQ said:
“Innovation Spaces are an essential part of innovation ecosystems globally now, but the conversation needs to evolve on how these spaces’ services and operations are designed to do more for their communities.
“We found that across the world, the best spaces focus on these five areas of what they do, to improve outcomes for their customers and businesses that use them.
“Economic growth comes from Innovation Driven Enterprises, and so as economic policy continues to prioritise the development of these spaces we encourage policy makers, architects, operators, entrepreneurs, investors, and anyone who uses these spaces to consider these five golden rules when designing the physical space, and then - most importantly - the operational plan for the years to come.”
The UK launch of the paper will take place during Wales Tech Week at the International Convention Center (ICC) in Newport on Tuesday 25th, where a panel of experts including the Associate Professor in Business and Innovation at the University of Bath, Dr Felicia Fai will discuss what goes into making successful spaces.
The Whitepaper’s foreword is delivered by Dr Fai, who said:
“Productivity in the UK has been under pressure for some time. Innovation is widely seen as a key driver of productivity, so finding ways to encourage it is essential. But where does innovation happen—and how? This timely white paper explores a compelling question: What is an innovation space?
“Motivated by their work with Cardiff University to establish innovation space for Media Cymru, TownSq reflected upon their experiences of establishing a network of spaces which encourage great work. This Whitepaper provides a good framework of consideration to anyone trying to establish innovation spaces, and the things to look out for, for those who seek to join one.”
