innovation hub business plan pdf

Building innovation ecosystems: Accelerating tech hub growth

Across the United States, from urban to rural areas, public- and private-sector leaders are coming together to build innovation hubs. Relative upstarts such as the Indianapolis 16 Tech Innovation District and Tulsa Innovation Labs are positioning themselves as new centers of innovation, drawing inspiration from established ones such as Silicon Valley and Boston. Currently, the opportunity to launch new hubs is especially ripe given there is nearly $2 trillion in new federal funding  designed to boost US innovation, competitiveness, and national security over the next decade.

Ecosystems, hubs, and districts: A short primer

When discussing how to build communities for innovation, it is useful to establish what we mean by these terms.

Innovation districts, the oldest of the three, were highlighted as a growing trend for much of the 2000s. The Brookings Institution, in 2014, defined them as “geographic areas where leading-edge anchor institutions and companies cluster and connect with start-ups, business incubators and accelerators. They are also physically compact, transit-accessible, and technically wired [with] mixed-use housing, office, and retail.” 1 Bruce Katz and Julie Wagner, “The rise of innovation districts: A new geography of innovation in America,” Brookings. The Global Institute on Innovation Districts, which leads the analysis of innovation districts globally, was founded in 2018. It defines them as “new geographies of innovation emerging primarily in cities and urbanizing areas” and estimates that there are more than 100 of them around the world. 2 “The ambition,” Global Institute on Innovation Districts, 2022.

Innovation hubs are somewhere between districts and ecosystems. Nature magazine, in its “Global Innovation Hubs Index” (2020), opened with this definition: “cities or metropolitan areas that can lead the flow of global innovation elements and influence the efficiency of resource allocation, drawing on their unique advantages in science and technology innovation.” 3 “Global innovation hubs index,” Nature , 2020.

Innovation ecosystems are the newest of the three tech hub archetypes. The MIT Sloan Management Review defined innovation ecosystems in 2022 as “places that engage five stakeholder types—research institutions, entrepreneurs, corporations, investors, and governments—linked by a strong social fabric of mutual interest, complementary needs and resources, and trust.” 4 Philip Budden and Fiona Murray, “Strategically engaging with innovation ecosystems,” MIT Sloan Management Review , July 20, 2022.

Innovation hubs are geographic areas that bring together R&D institutions (such as tech-enabled corporations, universities, and medical facilities), as well as venture capital, incubators, and start-ups. They fall into three categories: smaller districts, midsize tech hubs, and larger cross-regional ecosystems, with the latter being by far the most complex but potentially impactful (see sidebar “Ecosystems, hubs, and districts: A short primer”).

Think tanks and businesses have published papers defining the value proposition of innovation hubs and offering ways for companies to participate in the hubs that already exist. While these papers generally address the what and the why , this article builds on those perspectives to explore how public- and private-sector leaders could launch and scale an innovation ecosystem anchored in existing regional assets or accelerate efforts that are already underway.

Below, we outline the potential benefits of innovation hubs and offer six essential steps that leaders can consider for building and nurturing an ecosystem that promotes vibrancy, attracts top talent, and creates new and significant opportunities for economic and social development. The playbook we’ve created is based on our experience designing and developing best-in-class ecosystems and on our data analysis of more than 100 innovation districts and tech hubs. It addresses key elements of building an innovation hub including prioritizing sectors, attracting talent and investment capital, mapping strengths and opportunities, and identifying ways to support the effort.

Creating an innovation ecosystem is a significant undertaking, and success often pivots on how well those who lead it build relationships with new and established companies and institutions, fill gaps in the business landscape through investment, and address the specific needs of workers and residents.

Why innovation hubs matter

Spanning high-value, research-oriented sectors from aerospace to life sciences to software, innovation hubs generate attention and investment for a reason. Annual productivity growth for US innovation industries has averaged 2.7 percent since 1980—nearly double the rate of all other sectors. These industries also claim 60 percent of US exports, boast 80 percent of US engineers and patents, and attract workers with above-average earnings—generating even more jobs for the communities where they are located. 1 David M. Hart, Siddharth Kulkarni, and Mark Muro, “America’s advanced industries: New trends,” Brookings, August 4, 2016. Innovation hubs have higher commercial-rent growth rates than adjacent business districts: 5.3 percent from 2010 to 2020, compared with 4.8 percent, respectively. 2 McKinsey analysis. They outperform other regions and business districts economically, financially, and socially. In the most successful examples, the unifying, mission-driven spaces they create open new avenues for healthier, more diverse, and more connected communities.

Innovation hubs open new avenues for healthier, more diverse, and more connected communities.

There are compelling reasons to focus on innovation hubs now. In 2021 and 2022, the federal government passed a suite of legislation that aims to bolster the resilience of the US supply chain, promote the development of high-tech innovation clusters, and extend services and infrastructure to rural communities. Leaders can help finance and jump-start the development of an innovation ecosystem by taking advantage of competitive grants to regional innovation ecosystems and of legislation such as the CHIPS & Science Act , which creates incentives for domestic semiconductor manufacturing and authorizes funding for programs such as the National Science Foundation’s Regional Innovation Engines.

Six essentials: The innovation ecosystem playbook

Categorizing innovation districts, tech hubs, and ecosystems.

Innovation districts occupy a specific neighborhood or business districts within urban areas. Hubs are often similar in size but sometimes extend to multiple neighborhoods or the larger part of a city. Ecosystems are far more flexible but tend to be larger, enveloping whole cities or even crossing county and state lines. Given their size and conducive environment, ecosystems often give rise to (and ultimately house) hubs or districts with more defined mandates.

There’s similar split in collaboration for scaling. To grow, districts and hubs must generally garner excitement and buy-in from employees, faculty, or neighborhood residents. Ecosystems usually also need governments to play a strong role—for example, through tax incentives or capital investment. Often, they require cross-institutional collaboration to support new technologies across the innovation funnel and to share facilities that catalyze innovation.

The leadership structure also differs. A single actor (for example, a real-estate developer, a university, or a large philanthropic foundation built for purpose) can often lead districts and hubs successfully because they tend to focus on just one or two industries or functions. An ecosystem’s complexity calls for more diverse stakeholders (developers, education institutions, private companies, and governments) that take the reins together to generate ideas, solve problems, and enable something special.

Innovation hubs typically fall into one of three categories—districts, tech hubs, and ecosystems—that vary according to scale, levels of collaboration, and reach. Ecosystems are the newest of these, and definitions are evolving (see sidebar “Categorizing innovation districts, tech hubs, and ecosystems”). Broadly speaking, in addition to prioritizing technology-centered R&D, investment, and growth, these ecosystems usually feature assets such as robust mobility options (including public transit), as well as a strong technological infrastructure and accessible spaces to play, connect, and live. All this promotes inclusive and equitable economic growth, innovation, and productivity (see sidebar “Research Triangle Park”).

Research Triangle Park

The ecosystem that quickly became the largest research park in the United States, Research Triangle Park (RTP), in North Carolina, started to develop in the 20th century. RTP harnessed its three academic anchor institutions—Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University—to build a thriving innovation ecosystem in collaboration with local and state governments, business interests, and venture capital.

Although RTP began with a focus on biotechnology, life sciences, and microelectronics, it now has 300 companies across all sectors and more than 50,000 employees, who have collectively contributed to more than 3,000 patents. RTP also boasts apartment buildings that prioritize holistic living, efficient transit options, and even entire self-contained sports leagues. The ecosystem is supported by close collaboration among private-, social-, and public-sector leaders. RTP companies and universities collectively spend $6 billion a year on research expenditures within the ecosystem. North Carolina’s state government and the counties in the ecosystem support companies with competitive tax rates and incentive programs.

Public- and private-sector leaders could consider following a six-step approach to create and expand a thriving innovation ecosystem (Exhibit 1). A community-building program in a district will look quite different from one at an ecosystem, for example—but the playbook’s essentials remain the same across the spectrum of innovation hubs.

1. Set the aspiration and a bold vision

Innovation ecosystems that struggle to succeed often underdeliver on the first playbook element: a strong identity rooted in a clear aspiration and forward-looking goals that build broad stakeholder excitement and buy-in. Defining a unique, differentiated identity and brand crystallizes an ecosystem’s intangibles, such as livability or regulatory stability. It establishes a value proposition for people and businesses alike. It also sets the stage for defining short- and long-term success metrics, helping to maintain the focus on why the ecosystem exists. It is the vision—backed by core competencies, specific strengths, and culturally consistent themes—that distinguishes one ecosystem from the others.

Aspirations can vary. Cortex, in St. Louis, aspires to be an “inclusive economic engine” for the region, linking success to outcomes beyond just financial returns, 3 “Accelerating inclusive economic growth in St. Louis,” Cortex Innovation Community, July 13, 2022. while Virginia’s Commonwealth Cyber Initiative is anchored in growing a specific sector. But when leaders establish an aspirational identity that resonates with employees and organizations, people become excited about pioneering new models for working, collaborating, and living.

Boston is a prime example of an ecosystem based on an ambitious goal: to define its “place, people, and purpose as the capital of scientific revolution.” 4 “The capital of scientific revolution,” Massachusetts Life Sciences Center. Taking advantage of its wealth of universities (including Harvard and the Massachusetts Institute of Technology), as well as leading institutions such as Mass General and Brigham and Women’s Hospital, the city government set out to work closely with entrepreneurs, developers, and leaders across sectors to define its ambitions. In turn, the city as an ecosystem has been able to support smaller, more defined innovation districts within its sphere, including Seaport, South Station, Kendall Square, and Back Bay/South End (Exhibit 2).

2. Focus on specific sectors, partners, and anchor tenants

We’ve found that innovation ecosystems are more likely to thrive when local leaders and developers play to a region’s existing skill base and institutional strengths. Ecosystems can focus on specific sectors and subsectors—for example, electric vehicles, advanced air mobility, or medical devices. Or they can focus on functions, such as artificial intelligence or the Internet of Things (IoT), across multiple sectors. Or they can live at the intersection of sectors and functions, as life science R&D and agricultural technology do.

Innovation ecosystems are more likely to thrive when local leaders and developers play to a region’s existing skill base and institutional strengths.

Two questions can help leaders identify a region’s value proposition and ideal anchor institutions: What unique areas of competitive advantage can the region pursue? And which universities, research institutions, incubators and investors, and businesses could be anchor institutions?

Some regions may be primed for a “right to win” approach, which builds off existing sector-based assets to anchor an ecosystem in an area of advantage. These existing assets could include areas of specialization, talent pipelines fed by higher-education and research institutions, emerging venture capital (VC) capabilities, or infrastructure (such as proximity to farmland, specific transit options, or urban density).

Alternatively, leaders could pursue a “want to win” approach, which creates an area of advantage by leveraging current conditions and trends to drive investment. These conditions and trends can be identified by analyzing projected growth for a particular sector, function, or intersection; major disrupters; and other factors that could influence growth trajectories (such as technology trends , supply chain disruptions, or federal funding). It can be tempting to zero in on hot industries, regardless of an area’s assets and strengths, but leaders could benefit from thinking like creators of coherent economic clusters—interconnected and intentional groups of employees, tenants, firms, and institutions. 5 Smaller-scale initiatives, such as neighborhood innovation districts, often require greater refinement—for example, an on-campus research center rather than a broader life sciences regional ecosystem.

The approach used to identify a unique value proposition can also be applied to anchor institutions. One of them may already exist in the region. But such an institution could also be attracted to it—for example, a large company that’s looking to tap into local start-ups for new capabilities and paid pilots, or a university that wants to expand its teaching and research facilities. The range of options may seem overwhelming, but large-scale developers can home in on an ideal candidate by considering factors such as revenues, growth, the total number of employees, and private versus nonprofit status. The process can be both iterative and opportunistic—testing multiple value propositions in the market to see where interest sparks and then refining the results.

Such intentionality in cluster and subsector design is evident in some of the largest innovation ecosystems currently being developed. National Landing, for example, is a 17-million-square-foot development spanning multiple Arlington County neighborhoods (including Pentagon City, Crystal City, and Potomac Yard) just outside Washington, DC. The ecosystem has secured the location for Amazon’s HQ2 campus. National Landing clearly focuses on technology and the region’s related expertise—including IoT, cybersecurity, and cloud computing. By building on two newly attracted anchor tenants (Amazon and Virginia Tech), National Landing has expanded its technology-focused footprint considerably. It has created enough space to accommodate 25,000 new employees and the follow-on economic growth. 6 “National Landing bid releases study, new data defining the region as one of the nation’s leading innovation districts,” National Landing, April 11, 2022.

3. Catalyze a critical mass of VC capital and start-ups through a strong innovation backbone

Start-ups and early-stage companies often develop cutting-edge ideas with the potential for real financial and economic returns. Innovation ecosystems can boost their chances of success if they catalyze a critical mass of start-ups and VC funding by developing a “backbone” across the four key areas of the integrated innovation funnel—the generation of ideas and R&D, commercialization, start-up and early-stage development, and growth (Exhibit 3).

Scaling up R&D, both academic and private, can help ensure that innovation remains robust. Those ideas can then be translated into start-ups by attracting entrepreneurs, fostering tech transfers, and building out IP assets. Seed, angel, and broader venture capital funding nurtures start-ups so that they survive and scale up past infancy. Early-stage companies—part of the integrated innovation funnel and value that the ecosystem promises—also need access to capital and structured support.

Assessing strengths and opportunities across the innovation funnel and making tailored plans to bolster strengths and fill gaps are key ingredients of a successful ecosystem. Understanding the root cause of gaps can help target effective solutions for bridging them. If a location has low VC funding, for example, either a lack of investment vehicles or of funding opportunities in the region could be responsible. These distinct challenges would require distinct solutions.

A robust mix of companies is also essential for building a healthy innovation funnel because it allows start-ups to improve their ideas—from applied research through the commercialization of a finalized product or service—by working together with large R&D anchor institutions and established talent. Boosting private investment in some higher-risk early-stage companies can help achieve better balance between start-ups, more mature companies, and established but slower-growing anchor institutions.

Cortex (St. Louis)

In 2002, St. Louis approved a master plan to develop a 200-acre area of industrial legacy land adjacent to anchor institutions, including Washington University’s medical campus, St. Louis University, and Barnes–Jewish Hospital, in an area that became known as Cortex. Leaders made sure that supporting start-ups in all stages of growth was part of the mission. The steps they took to promote that goal included building spaces for coworking, incubators, accelerators, and labs, as well as providing specialized prototyping, pilot, and scale-up equipment.

By considering needs beyond traditional corporate office spaces and by establishing the right balance to create a vibrant space ripe for early-stage investment, Cortex fostered innovation and investment side by side. To attract venture capital, it developed infrastructure, including a new MetroLink station to provide connectivity to the region. Tax abatements and incremental financing were regulatory mechanisms to attract venture investment. Altogether, Cortex has been credited with generating $500 million of investment across nearly 400 companies—85 percent of them small businesses—that have together created 3,800 technology jobs and made the broader St. Louis community a successful innovation ecosystem. 1 McKinsey analysis.

Ecosystems can support activities across the integrated innovation funnel in several ways. University anchors can empower tech transfer offices to scout and support developing technologies more proactively. Incubators and accelerators can help entrepreneurs on their journeys. Ecosystem leaders can coordinate start-up showcases by building out physical hubs that allow VC firms to interact with the ecosystem organically. The right mix of activities will probably depend on the scale of the hub and its strengths and challenges across the pipeline: the ASU Scottsdale Innovation Center, 7 Arizona State University. for instance, has fostered $1.3 billion a year in economic activity by incubating and funding student start-ups. 8 Darren Higgs, “SkySong expected to generate $58.2 billion In economic impact over next 30 years,” ASU Scottsdale Innovation Center, January 19, 2021. The St. Louis Cortex, meanwhile, has prioritized regulatory and infrastructural policies to generate $2.1 billion 9 “The regional impact of the Cortex Innovation Community,” Cortex Innovation Community. in single-year economic impacts (see sidebar “Cortex (St. Louis)”).

4. Develop an ecosystem talent and workforce strategy

Another critical component of successful ecosystems is a coordinated talent strategy. A scarcity of talent can severely constrain an ecosystem’s growth. For knowledge-based industries, location decisions often hinge on the available talent pool and the ability to develop and attract qualified candidates.

Economic development organizations and local leaders have historically relied on businesses and schools to attract talent. But large-scale ecosystems can have their own strategies to convince employers that they are environments where people want to work, play, and live—and would willingly relocate to.

To that end, the talent pipeline can be expansive and can focus on development across a spectrum of occupations and skill levels aligned to priority sectors. Public- and private-sector leaders can create partnerships and collaborations with a range of institutions, including four- and two-year universities, training providers, and community-based organizations that support greater access. Standing up an ecosystem can be an opportunity for leaders to work together to tear down the “paper ceiling” by incentivizing and helping employers to rethink degree requirements and consider candidates with two-year degrees or other certifications of skills—an approach that emphasizes reskilling existing talent pools, uplifting the entire community.

Helping ecosystems tailor specific programs to the needs of a sector or even an individual company can also create direct pathways into family sustaining jobs. Leaders can look at K–12 education to maintain a high-quality talent pipeline over the longer term. Such novel strategies helped the economic development organization JobsOhio attract companies and capital investment to the state, creating tens of thousands of new jobs.

Attracting talented workers to an ecosystem and then retaining and developing them often hinge on creating a relatable aspiration and appealing anchor institutions. To ensure that the ecosystem’s universities, research institutions, and companies have a robust talent pipeline, leaders could consider developing a coordinated and cross-sector regional workforce strategy that translates the ecosystem’s brand, goal, and aspiration into a tangible pitch. They can also work with all participating organizations to ensure that employers have access to qualified applicants and that employees have access to exciting and competitive opportunities. Other ways to increase the retention rates of local graduates include launching new or expanded degree programs, loan forgiveness for graduates staying within the region, coding bootcamps, university satellite campuses, and working with ecosystem companies to offer internships and apprenticeships.

5. Design high-quality real estate, infrastructure, and livability

Say that sufficient talent has been attracted to an area and that large anchor tenants are coexisting with accelerators, incubators, start-ups, and academic entities. But to be sustainable, an ecosystem needs to remain attractive to businesses, institutions, and workers. That enduring appeal is anchored in two types of infrastructure: first, the physical and virtual infrastructure aligned to the specific needs of the prioritized sectors (for example, wet-lab space for life sciences), and second, the “placemaking” infrastructure that informs quality of life. Leaders typically focus on the physical and virtual, which are crucial, but placemaking is also key for facilitating an inclusive community, vibrant and successful start-ups, collaboration, ideas, and growth, as well as making people who live and work in the ecosystem happier and more productive (see sidebar “Boston and Kendall Square”).

Boston and Kendall Square

Boston is a prime example of an ecosystem based on the ambitious goal to define its “place, people, and purpose as the capital of scientific revolution.” 1 “The capital of scientific revolution,” Massachusetts Life Sciences Center. Over the years, the city as an ecosystem has been able to support smaller, more defined innovation districts within its sphere, including the Seaport, South Station, and Kendall Square. Kendall Square, called “the most innovative square mile on the planet,” provides an example of how to use innovative infrastructure to improve the experience of anchors and tenants. It has long prioritized the infrastructure needed to help its residents lead connected, efficient lives—for example, by taking the latest R&D thinking from its anchor tenant, MIT. 2 Lita Nelsen, “Help America’s universities keep transforming the world,” Boston Herald , August 17, 2022.

The area also takes advantage of innovations from the broader Boston community—for example, in public transit and open-access technology. Most recently, MIT unveiled its plans for the new Volpe redevelopment of a central parcel of land in the district. The plans prioritize research community space, transit improvements, inclusivity, and cutting-edge energy efficiency, all designed to take advantage of new technology to attract both tenants and residents. 3 “Volpe project prepares for design phase,” MIT News on Campus and Around the World, October 7, 2021.

Real-estate investments and spatial decisions involve more than glossy new buildings or flavor-of-the-month technologies. Economic development organizations should prioritize investments in physical and digital infrastructure aligned with an ecosystem’s sector needs, from research facilities and prototyping equipment to co-working spaces and incubators. Even in a postpandemic world, physical spaces such as offices  and storefronts  are important. Retail, residential, and commercial real estate that complements new ways of working  can provide the right alchemy for attracting and retaining the best talent and businesses. Quality-of-life investments—such as highway interchanges, light rail stations, and public parks and open spaces—can create an appealing atmosphere for ecosystem residents, commuters, and businesses alike. Finally, a sufficient supply of housing is critical to ensure community affordability and vibrancy.

Each of these components—infrastructure to live, work, and play—can be designed to avoid the negative externalities that come from growth. Transportation and transit systems can use demand forecasting and load planning to get people from place to place without adding to congestion; land use and housing plans can account for pricing and affordability to avoid pricing people out of existing homes.

6. Cultivate a vibrant, diverse community and a sense of place

Innovation industries have long been notable for their lack of diversity and inclusion. Less than 20 percent of the people employed in engineering jobs are women, for example, even though they earn a majority of undergraduate and advanced STEM degrees. 10 Richard Fry, Cary Funk, and Brian Kennedy, “STEM jobs see uneven progress in increasing gender, racial and ethnic diversity,” Pew Research Center, April 1, 2021. Black workers make up 11 percent of total US employment across all sectors but only 9 percent of STEM workers, and the gap is even more pronounced for Hispanic workers. 11 Richard Fry, Cary Funk, and Brian Kennedy, “STEM jobs see uneven progress in increasing gender, racial and ethnic diversity,” Pew Research Center, April 1, 2021. Closing that divide will depend largely on the enrollment of members of historically marginalized communities in STEM education, and progress is currently poised to move slowly. Our research found that at current rates of change, racial and ethnic parity in higher education is still 70 years away. 12 Diana Ellsworth, Erin Harding, Jonathan Law, and Duwain Pinder, “ Racial and ethnic equity in US higher education ,” McKinsey, July 18, 2022.

University City Science Center

University City Science Center (UCSC), an urban research park in Philadelphia’s University City innovation ecosystem, provides tech commercialization curricula and convenes innovation programs for the broader area. In 2020, it held more than 400 programs and events for 15,000 participants, 44 percent of them non-White. Moreover, the initiative supported 94 start-ups, and nearly half of its overall funding went to company founders from underrepresented groups. UCSC’s development and risk capital helps underserved members of the wider innovation community, too. Additional UCSC-led real-estate developments, started in 2020 in the innovation ecosystem, have created a new commercial lab, a public park, and a STEM-focused middle school on a campus currently being leased to Philadelphia public schools.

To redress the imbalance, successful ecosystems can catalyze diverse, inclusive community building and shared prosperity— “inclusive growth.” Leaders can begin with a firm understanding of their starting point to promote equity goals and then develop initiatives, together with community anchors and education institutions, to ensure that the voices of residents are included in the ecosystem’s development and that opportunities benefit everyone, not just transplants to the area. Partnerships with community-based organizations are also critical to ensure that existing residents are not displaced as rents rise and new public spaces are created. Ecosystem leaders can even steer investment to create opportunities for disadvantaged communities and company founders from underrepresented groups (see sidebar “University City Science Center”).

This last component of the playbook begins in the planning phase, when leaders are well-positioned to promote inclusion as they consider urban-design, health equity, or other initiatives that bring together a diversity of stakeholders. They can commit themselves publicly to the goal of inclusive growth by setting SMART 13 Specific, measurable, achievable, relevant, and time-bound. goals for diversity, equity, and inclusion and by announcing them transparently. They can also create performance incentives linked to these goals and share updates through annual progress reports on diversity, equity, and inclusion.

To capitalize on the promise of innovation ecosystems, government and private-sector leaders can consider a few critical shifts in their community-building approach. Instead of doing business as usual, these leaders can not only cultivate a community of anchor institutions but also support tenants that enhance one another’s businesses within specialized segments. Instead of just helping to shape infrastructure with public authorities and creating common residential amenities, economic development leaders in the public, private, and social sectors can work together to assist anchor tenants and cluster businesses. And instead of looking at financial returns in isolation, leaders across sectors can capture the value for all shareholders and stakeholders. The potential returns—for communities, organization leaders, and residents alike—are worth the effort.

Cameron Davis is a consultant in McKinsey’s New York office. Ben Safran is a partner in the Washington, DC, office, where Lauren Yayboke is an associate partner. Rachel Schaff is a client capabilities manager in the Waltham, Massachusetts, office.

The authors wish to thank Kyoka Allen, Jennifer Bright, JP Julien, Mike Kerlin, Jonathan Law, John Means, Rob Palter, Steven Smith, and Lauren Voluck for their contributions to this article.

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Innovation Plan Template

What is an Innovation Plan?

An innovation plan is a detailed approach to help companies identify and pursue new ideas and opportunities. It is a strategic plan that defines focus areas and objectives, sets measurable targets (KPIs) and implements related projects to achieve those goals. This plan allows organizations to stay ahead of the competition and foster a culture of innovation.

What's included in this Innovation Plan template?

• 3 focus areas
• 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Innovation Plan template for?

This innovation plan template is designed for teams of any size and industry. It provides a framework for creating a strategic plan to develop new products, services, and processes. This template includes resources and guidance to help teams create actionable objectives, set achievable targets and plan for success.

1. Define clear examples of your focus areas

A focus area is a broad area of the business that needs to be addressed. It outlines the purpose and the desired impact of the innovation strategy. Examples of focus areas include Invest in Innovation, Improve Efficiency, and Strengthen Collaboration. When defining focus areas, it is important to keep them specific.

2. Think about the objectives that could fall under that focus area

Objectives are the specific goals that need to be achieved to meet the focus area. Examples of objectives include Identify new opportunities and Pursue new opportunities. Objectives should be actionable and measurable.

3. Set measurable targets (KPIs) to tackle the objective

KPIs (Key Performance Indicators) are metrics used to measure progress towards achieving the objectives. Examples of KPIs include Increase number of market opportunities identified, Decrease time to develop and test prototypes, and Increase percentage of processes automated. KPIs should be numerical, specific and measurable.

4. Implement related projects to achieve the KPIs

Projects are the actionable steps that need to be taken to achieve the KPIs. Examples of projects include Conduct market research, Develop and test prototypes, and Automate processes. Projects should be actionable and measurable.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade is a strategy execution platform that allows teams to create, manage, and track their strategy in one place. It helps teams to visualize their progress and measure success. With Cascade, teams can quickly implement their innovation plan and see tangible results faster.

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North East Local Enterprise Partnership

On this page, you can find an archive of the North East LEP’s Board meeting agendas and reports along with financial statements and details of projects the organisation funded.

The North East LEP is now part of the North East Combined Authority

The North East Local Enterprise Partnership (North East LEP) was established in 2011 as a public, private, voluntary and education sector partnership responsible for promoting and developing economic growth in the local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.

On 7 May 2024, the role and responsibilities of the North East LEP were merged into the new North East Combined Authority (North East CA).

Looking for something?

Document archive.

Meeting agendas and minutes, decision notices, forward plans and other relevant governance documents published by the North East LEP are now available in the document archive.

Projects and investments

Some projects started under North East LEP have transferred to the new North East Combined Authority. Details can be found in our projects collection.

Groups sites

North east evidence hub.

The North East Evidence Hub brings together key data about the region and provides tools to help residents, businesses, education establishments and policy makers to make use of this data in a simple and accessible way. 

North East Ambition

North East Ambition supports all schools and colleges in the region to achieve the Good Career Benchmarks.

North East Growth Hub

The North East Growth Hub helps to strengthen businesses in the region, connecting people to funding and finance, and business opportunities as part of the Business Growth Strategy.

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