Visit almost any thriving metropolitan area, and you’ll notice at least one thing it has in common – a section of the city that’s buzzing with activity. Here you’ll find professionals, students and families mingling amongst each other; buildings that house everything from start-ups to minority-owned businesses to national corporations; and amenities like public art and green space.
There’s no doubt that these few blocks are the heart of the city – an innovation district dedicated to community development and entrepreneurship.
What is an innovation district?
An innovation district is a concentrated area of physical spaces that cluster entrepreneurs, medical institutions, start-ups and academia. The Brookings Institution credits density, proximity, accessibility and mixed-use spaces as what’s needed to create an environment ripe for collaborating, networking and living.
The elements of innovation districts
Innovation districts blend economic, physical and networking assets in a way that encourages connection. They are blurring lines that divide where we work, live and play, and are becoming a crucial piece of local and regional economic development strategies. Innovation districts are typically:
- Tied to at least one anchor institution. Research universities and research-oriented medical hospitals that partner with the district become known as the anchor institution. The institution’s R&D focus and access to capital provide a strong foundation for academic-industry collaboration that can lead to new businesses and drive job growth.
- Mixed-use spaces. Innovation districts are where people can live, work and play. They offer housing, office, amenities and retail spaces, ultimately encouraging inclusion and the formation of cross-industry relationships and partnerships.
- Use repurposed land or structures. A hallmark of innovation districts is that they emerge in areas of previously developed land that’s no longer in use – think vacated warehouse districts or renovated buildings along waterfronts.
An example of an innovation district
The Innovation Quarter (iQ) was first conceptualized in the early 2000s and has grown to over 200 acres and 1.7 million square feet of mixed-use space, 20,000 of which is laboratory space dedicated to biomedical and scientific research. iQ can boast of a tenant list that includes Wells Fargo, Precise Bio and Wake Forest School of Medicine, the 16th largest teaching hospital in the U.S. A focus on mixed-use development has turned the district’s empty tobacco warehouses and manufacturing plants into an innovation district that’s now home to everything from a blockchain start-up to a craft chocolate factory.
What Is a research park?
Like innovation districts, research parks are small areas established to promote technological research, development and commercialization by bringing together academia, medical institutions and technology- or life science-based companies. In contrast to innovation districts, research parks tend to be more isolated and closed-off.
The elements of a research park
Research parks have evolved since the first one emerged in the 1960s, but most are characterized by their:
- Suburban location. Research parks are established in undeveloped, suburban areas with room for sprawling campuses and are generally only accessible by car or private transportation.
- Single-purpose space. Research parks have the sole purpose of clustering research and academia. The proximity of these entities nurtures cooperation and collaboration, but research parks lack amenities like retail spaces, restaurants and housing.
An example of a research park
Research Triangle Park (RTP) in Raleigh, North Carolina, is the oldest and largest research park in the country, built on former farmland between three major North Carolina universities (Duke University, the University of North Carolina at Chapel Hill and North Carolina State University). It’s home to a mix of over 200 companies, including established corporations like IBM, Fidelity Investments and BD Technologies.
What’s the key difference between research parks and innovation districts?
Both innovation districts and research parks are rooted in a shared goal among local decision-makers and stakeholders: advance technology and develop cutting-edge products. However, innovation districts take a holistic approach to creating a network of resources, companies and communities through inclusive planning, mixed-use placemaking and programming.
The future of innovation districts and research parks
iQ was once named Piedmont Triad Research Park, but that name no longer reflected the district’s goals once a mixed-use master plan was adopted. RTP leadership has also changed course and recognized the demand for and the benefits of incorporating mixed-use space into their research park. Within the past decade, RTP has developed a plan to transform 100 acres of its 7,000-acre campus from a cluster of insulated corporate campuses into a walkable and livable hub.
We know that today’s innovation climate values cross-industry partnerships and collaboration, and its workforce expects amenities like housing, retail, restaurants and greenspace near their workplace. To survive and thrive into the future, research parks should embrace what has given innovation districts their footing: alignment with modern lifestyles and deliberate development of high-density, mixed-use spaces to create open and inclusive innovation.
Is your city keeping up with the pace of innovation? Download a free Innovation Quarter e-book to discover keys to developing a vibrant, dynamic innovation district.
Innovation Quarter, is a vibrant, mixed-use innovation district located in downtown Winston-Salem, North Carolina. Anchored by Wake Forest School of Medicine, the district is home to a community of more than 3,700 workers in 90 companies, five institutions of higher learning hosting 1,800 degree-seeking students and over 1,100 residential units.