Oftentimes, when people think of areas of innovation, places like Silicon Valley come to mind. However, some are saying that a new model for innovation is on the rise: urban innovation districts. One article in the Harvard Business Review defines urban innovation districts as, "geographic areas where leading-edge anchor institutions and companies cluster and connect with start-ups, business incubators, and accelerators. Compact, transit-accessible, and technically-wired, innovation districts foster open collaboration, grow talent, and offer mixed-used housing, office, and retail.”
Pittsburgh has been named as one of the leading U.S. urban innovation districts. Some other insights from the article highlighted this.
Globally, Barcelona, Berlin, Copenhagen, London, Medellin, Montreal, Seoul, Stockholm, and Toronto all contain emerging innovation districts. In the United States, the most iconic districts can be found in the downtowns and midtowns of Atlanta, Cambridge, Detroit, Philadelphia, Pittsburgh, and St. Louis. In each, advanced research universities, medical complexes, and clusters of tech and creative firms are sparking business expansion as well as residential and commercial growth.What does the rise of urban innovation districts mean?
Much of this activity reflects a fundamental rethinking by corporate management about how and where innovation happens. In turn, it is making the case that discrete urban geographies can be instrumental in strengthening the competitive advantages of specific firms and clusters.Read more
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