Over the last few years, we have seen a rise in “Innovation” or “Incubation” centers. The stated purpose of these locations is to help entrepreneurs and small businesses develop and bring to market that next innovative idea. Sadly, many of these locations are not positioned well to support that mission.
To do so requires that they provide support in 5 key areas; including:
- An in-demand work environment
- Access to potential customers
- Access to Market Research and Market Data
- Access to leading-edge technologies
- Training
In this article, we will examine each of those 5 key areas and what the Innovation Center must do to provide the support the business needs.
Physical Work Location and Modern Office Amenities
While COVID-19 has pushed companies to establish a virtual “work-from-wherever-is-safe” mantra, this article from the Wall Street Journal shows that current business leaders are far from sold on this idea. In fact, Netflix CEO went so far as to call it a “pure negative.” While an individual’s productivity can go up when they are working outside the office and are free of its distractions, innovation is likely to go down because of the absence of the collaboration and creativity needed to drive it. And creativity and collaboration are key for any new business looking to grab a market toehold.
You don’t necessarily need an Innovation Center to get a nice office location. There are plenty of co-working spaces that offer these services. Still, if you are considering joining an innovation Center, it is something that should be expected.
When choosing an office space, two considerations should come to mind. What amenities do they offer? And where are they located?
Amenities
When we look for amenities, we are talking about the basics; including:
- A desk to sit down at and (re)charge your computer/phone.
- Breakout rooms, complete with whiteboards, to hold internal and customer-facing meetings.
- A kitchen-area complete with a coffee pot to (re)charge you.
- Community areas to take a quick break and converse with your fellow entrepreneurs.
- A printer, scanner, and copy machine.
- A strong and secure WiFi network with both access for paying customers and their guests.
- A mail drop-off/pickup service.
Other optional amenities an innovation center could offer, but are not a deal breaker if they do not, include:
- Desktop phone services (make sure they forward to your cell phone)
- An answering service (make sure they introduce themselves as part of your company)
- Free alcohol
- Wide-format printers for printing banners and larger print jobs
Location
In the world of real estate, it is said that location is the most important feature of a house. The same could be said for your work location too. One reason is you want to work where your customers are, and we cover that in the next section.
The focus here is that location makes it easier for you to attract and maintain good people. A professional office space creates that first impression and can signal to employees and potential clients that your business is ready to complete.
Jim Collins wrote in his book Good to Great that the best companies focus first on the who, then the what. But attracting those “right people” is hard for startups because those “right people” often have a variety of employment options. Add to it a less than attractive work environment, and it only makes your sales pitch that much harder.
There is no one formula for what an attractive location looks like; however, proximity to the following are always strong selling points:
- Water (Ocean, Lake, or River)
- Public Transportation (Metro/Subway, Buses, Cheap Parking)
- Food (Restaurants, Bars, Breweries)
- Entertainment (Sporting Venues, Theatres, Conference Halls)
- Public Spaces (Parks, Trails, or Museums)