Innovation Ecosystems 2025

5.2 Ten sequential steps to embed key actions for maximum success The success and dynamism of innovation districts today showcase the potential for the kind of transformational, positive change that can grow economies and support communities – whether through reducing humanity’s carbon footprint, discovering the next breakthrough cancer treatment or creating more equitable societies. The innovation districts highlighted throughout this report are testament to the tenacity and collaborative spirit of diverse people and the breakthrough ideas that result from bringing them together in spaces that are imaginative, efficient and inspiring. They establish a legacy from which to learn and build upon for decades to come. While the eight key actions outlined above are relevant to innovation districts at any stage of their lifecycle, emerging districts have a unique opportunity to embed these from the outset – significantly enhancing their potential for success. To achieve this, the following 10 sequential steps should be taken: 10 steps to success BOX 1 1 Gather the players and set up the governance Identify the public, private and academic stakeholders in the location and build a consensus that an innovation district is possible, scalable and desirable in your location. Agree on shared incentives and a structure for collaboration. 2 Establish a shared vision for the district among all stakeholders For what industries will you become the “best in the world” or at least the best in your part of the world? Ensure that the vision is welcoming to all players, to attract the best emerging businesses, ideas, research and talent. 3 Build your advisory team Identify the placemaking, infrastructure and innovation district expert s tha t can help you refine your p lan. 4 Build a strategy for differentiation What are the concrete moves you will make to convince leading innovators from around the world to relocate or build in your location? 5 Define what success looks like, both within and beyond the innovation district Set out an evaluation plan and metrics that go beyond the physical boundary of the innovation district to ensure benefits are felt by the wider area.6 Build the budget Assess and plan the investments needed to “win” as a best in the world destination for your target innovators, with a view to creating a self-sustaining business model over time. 7 Secure the capital Identify and secure the necessary capital, often from public sources in early phases. 8 Design the place Achieving excellence in both urban design and innovation campus specifications is essential, but it is too often left as a detail rather than treated as a defining feature. Plan for world-class “hardware” for your innovation district. 9 Plan the infrastructure Ensure the infrastructure can support future sector and industry needs, by planning for it from the start. Digital infrastructure, like good placemaking, can often be overlooked, to the detriment of innovation district success. 10 Create the programme for collaboration Design the activities and programmes necessary to succeed with your strategy. The focus should be on how to attract and retain world-class innovators and enable them to collaborate intensively. Innovation Ecosystems: A Toolkit of Principles and Best Practice 47