The Innovation District Creates Industry and Community
At Waymaker Group, we’ve seen time and again that industry can be planned, funded, and created – and with it, thriving human-centric communities that put cities firmly back on the map. Cities like Pittsburgh, Kenosha, Baltimore, and dozens more have overcome decline, brain drain, and other major challenges to their economies and populace. What these cities have in common is that a thriving innovation district has been at the forefront of their renaissance.
For many in America’s smaller metropolises and mid-sized cities, it can seem as though the rise and fall of urban areas are entirely at the whims of industry. Cities boom with surges in automobile or steel production, then bust just as slowly, once those industries leave the city behind.
With a better understanding of the geographic component of innovation, numerous emerging and flourishing technologies, and regional economic development opportunities, it’s clear that the opportunity is there for cities to build America’s future, now – and to build it in their own backyards. Today, we’re sharing more information on innovation districts and their critical value as we reshape our cities to create opportunities for our people.
What Is an Innovation District?
An “innovation district” is a centralized physical area, often a neighborhood within a city, that positions leadership, resources, and collaborative spaces together in close geographic proximity. Ideally, these districts are positioned in an amenity-rich, technically-wired, and transit-accessible environment with both commercial and residential elements. The most successful examples make concerted placemaking efforts to encourage a sense of community and pride among workers and residents alike.
Innovation happens at the intersection of leadership, resources, and collaborative space. Districts put these elements together in the same place. The notion that innovation has a geographic component isn’t new. Economists have long known the value of regional business clusters.
Human-scaled “innovation districts” are a significant evolution in economic development, though. Suburban research parks are no longer isolated but are now integrated directly into hyper-connected city centers. Startups, accelerators, and incubators can rub elbows with established global players and research universities. These hubs of economic activity bring many dynamic players together – creative startups, high-growth firms, research-oriented institutions, and major anchor companies – to coexist in a densely packed but smooth-operating footprint.
The benefits are massive for both businesses and the folks they employ. A careful collision of public spaces, mixed-use housing, coworking locations, and essential supporting businesses (retail, restaurants, service companies) promotes networking and connections between complementary firms. It’s also the perfect center for work and play, attracting (and retaining) the high-end talent that drives an innovation economy.
Innovation District Examples
Examples of innovation districts abound across the United States. At Waymaker Group, we’ve had the opportunity to work with several innovation-focused communities on pursuing funding, preparing funding applications, and governance development. Some notable examples include:
Kenosha Innovation Neighborhood, transforming the neighborhood of its old Chrysler site into a thriving innovation district that would retain STEM talent and avert brain drain to larger Midwestern metro areas
OKC Innovation District, developing a strategic roadmap to develop its strongest technological sectors of biotech, aerospace, and energy.
Keystone Innovation District in Kansas City, which has rallied regional partners around the city’s architecture, engineering, technology, and product development industries.
Why Are Innovation Districts Needed?
For more than half a century, insulated corporate campuses in dominant hubs like Silicon Valley have had a near-monopoly on high-level innovation. But a new vision for the spatial environment of innovation has shifted to the forefront in the past decade, from the ashes of the Great Recession and now, post-COVID.
You don’t have to take our word for it, however – the government wants this for your regional economy as well. The federal government continues to deliver national level funding for these districts. This only underlines how crucial these districts are for our national economy.
Sharp increases in the need for greater workforce diversity, our ever-advancing technology, and
collaboration-dependent “knowledge capital” now demands walkable downtowns where work, home life, and amenities coexist. And it’s happening – 20 innovation districts in the U.S. alone had “reached a level of critical mass to warrant the name,” according to Brookings in 2019. That number has only increased in the years since.
The emergence of innovation districts comes at a perfect time, directly answering the needs of today’s urban and political environment. Partisan gridlock, rising income inequality, civil unrest, and the aftermath of the pandemic have all placed an increased focus on the living situations in our nation’s city centers. There’s intense national attention on the struggling neighborhoods that often rest only several blocks from our city cores, where innovation districts (established and emerging) make growth possible.
An innovation district boosts quality of life and creates opportunities throughout the community.
Construction, procurement, education, and service industry jobs buoy a rich local job market that includes upstart entrepreneurs and stable, globalized firms. Recent college graduates will have places to land locally, preventing brain drain to top coastal metros. Tax revenues from a successful district can be used to revitalize decayed neighborhoods and provide essential services.
Work with Waymaker Group to Revitalize Your City
At Waymaker Group, we believe innovation-based economies are the key to stable and sustainable communities, and that by establishing innovation districts and tech hubs we can help cities stand on their own feet - whether for the first time ever or the first time in decades.
Our team is passionate about reshaping economies and remaking places to optimize community prosperity. We have the experience and connections to help cities take tangible steps to reach those goals.
If you’re interested in transforming your city into a hub of innovation and community, we have the vision, expertise, and ability to take you there. Let’s innovate together. Reach out to us today to find out how we can help you plan for, apply for, and execute on key funding opportunities.
Want to learn more about innovation districts? Download our full ebook here.
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