THE RISE OF INNOVATION DISTRICTS

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2WHAT <strong>THE</strong>Y AREInnovation districts constitute the ultimate mash up of entrepreneursand educational institutions, start-ups and schools,mixed-use development and medical innovations, bike-sharing andbankable investments—all connected by transit, powered by cleanenergy, wired for digital technology, and fueled by caffeine.Given the vast distinctions in regional economies, the form andfunction of innovation districts differ markedly across the UnitedStates. Yet all innovation districts contain economic, physical, andnetworking assets. When these three assets combine with a supportive,risk-taking culture they create an innovation ecosystem—a synergistic relationship between people, firms and place (the—Boston’s 1000-acre innovationdistrict along theSouth Boston waterfront.Credit: Boston RedevelopmentAuthorityECONOMICASSETSPHYSICALASSETSNETWORKINGASSETS<strong>INNOVATION</strong>ECOSYSTEM—All innovation districtscontain economic, physical,and networking assets.3
physical geography of the district) thatfacilitates idea generation and acceleratescommercialization.Economic assets are the firms, institutionsand organizations that drive,cultivate or support an innovation-richenvironment. Economic assets can beseparated into three categories:Innovation drivers are the researchand medical institutions, thelarge firms, start-ups and entrepreneursfocused on developing cutting-edge technologies, prod-Robots come to life at—Drexel University inucts and services for the market. Due to regional variations inPhiladelphia’s innovationindustry strengths, each district is comprised of a unique mix district.of innovation drivers. Tech driven industries most likely to be Credit: Halkin/Mason Photography,courtesy of Drexelfound in Innovation Districts include:University• High-value, research-oriented sectors such as applied sciencesand the burgeoning “app economy”• Highly creative fields such as industrial design, graphic arts,media and architecture and• Highly specialized, small batch manufacturingInnovation cultivators are the companies, organizations orgroups that support the growth of individuals, firms and theirideas. They include incubators, accelerators, proof-of-conceptcenters, tech transfer offices, shared working spaces and localhigh schools, job training firms and community colleges advancingspecific skill sets for the innovation-driven economy.Neighborhood-building amenities provide important supportservices to residents and workers in the district. This rangesfrom medical offices to grocery stores, restaurants, coffeebars, small hotels and local retail (such as bookstores, clothingstores and sport shops). 44
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THE RISE OF INNOVATION DISTRICTS

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