Benefits of Innovation Districts

The benefits to a city of creating an innovation district, like the innovation districts themselves, vary between contexts, and depend largely on what its original goals are.

By convening diverse institutions and industries and nurturing networks of production and collaboration in close proximity, new outcomes which blend and build upon the actors’ individual successes can lead to new ideas, economic successes, the emergence of new job sectors, and the resurgence of old ones.

Cities which are able to plan for and scale the successes of innovation districts have been able to capitalize on these positive outcomes beyond just growing their economies financially.

New groups of people and communities previously excluded from economic opportunity, advanced education, and access to public amenities are able to benefit from the smart investments made in order to develop the innovation districts.

Meanwhile, the planning, investment, and collaboration required to develop an innovation district provides a meaningful opportunity to consider and deliver on broader planning and longer term urban priorities such as sustainability, resilience, cultural growth, and civic engagement.

When well-planned and executed successful innovation districts can: • Expand cross-disciplinary engagement, facilitating the co-creation and commercialization of new ideas • Support metropolitan economies by growing jobs, revenue, and investment in both new and traditional sectors • Include disadvantaged communities in employment and educational opportunities and increase access to public amenities • Promote sustainable, resilient, and culturally-rich urban development, fostering entrepreneurship and exchange in the public realm

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