STEM Foundation

Innovation Hub Development

A central point of connectivity that fast-tracks new business development

With the shrinking public purse, the need for educational providers (colleges and universities) to generate revenue from commercial activity has never been more acute. Establishing an Innovation Hub provides a structured and cost effective platform that enables an educational provider (colleges and universities) to generate commercial revenue, strengthen outreach activities and enriches the educational offer. It offers a swift and efficient route to business development and income generation opportunities. 

An Innovation Hub is “short hand” for presenting a capability or a range of capabilities. It could be one or a combination of the following:
 
  • An interactive platform with a virtual and/or physical presence
  • A work space, an incubation space, a formation zone, or an R&D centre
  • A social network (e.g. Knowledge Networks)
  • A branded engagement mechanism
Creating a Hub includes the following key actions:
 
  • Develop ideas and business case for the Innovation Hub
  • Position your Innovation Hub competitively
  • Identify key target markets and actions to penetrate these markets
  • Create clear selling propositions 
  • Define Hub structure, communication and engagement channels
  • Build roles and responsibilities to implement the Hub’s Action Plan, and form Team-X to drive innovation interventions
  • Develop go-to-market plan, and establish market strategy, pricing and revenue model
  • Theme and brand your solutions
  • Plan key PR and communications to launch Hub successfully

We work closely with you through this journey, providing you with clear guidance for the Hub’s management, helping you develop your active innovation plan for growth and launching your Hub successfully in record time.

The net impact is greater economic value and social benefit through more customers, diversified markets, better asset utilisation, enriched STEM curriculum and strengthened partnerships. All of which enable you to develop new sustainable revenue streams that underpin your college plan for growth.

WHO IS IT SUITABLE FOR?

Education and training providers including colleges, universities and other knowledge-based organisations engaged in economic development activities.

BENEFITS

  • Informs and shapes your institutional growth plan
  • Increases revenue generation opportunities
  • Identifies, visualises and packages new offers to employers (both technical and business support)
  • Develops new partnerships and new markets
  • Extends your outreach activities
  • Enriches curriculum offer
  • Provides students with access to projects / case studies
  • Links your students with local employers
  • Provides support to start-ups and SMEs
  • Offers innovative solutions to employers
  • Improves assets utilisation and identifies efficiency gains
  • Strengthens your competitive positioning and builds your reputation as an innovation leader

PROCESS

The Workshop follows the following key sessions:

  • Create the New Offer- apply tools and techniques for ideation, validation and selection to create new offerings that aligns with your strengths, USPs and strategic business direction.
  • Build the Business Model - develop the business case that could become potential products and services to be offered through the Innovation Hub using a 10-steps canvas.
  • Develop the Innovation Hub Structure - present possible implementation plans for the hub including structure, processes, services, engagement and governance.
  • Form Team X - identify who is needed in Team –X, examine the characteristics of innovative people, define a set of guiding principles to enable innovation development, build an action plan road-map and define the roles and responsibilities for implementation.
  • Define the go-to-market plan - understand ‘how to’ position your Innovation Hub competitively, identify key target markets, establish pricing and revenue model, theme and position your services, define the brand identity and communication strategy for the Hub, and go forthwith and win!

Successful Innovation Hubs can also apply for the Investor in Innovations standard and award.

Need More Information?

 
 
 
 
 
 
 

FEEDBACK

“The Innovation Hub at East Berkshire College will enable the College to realise its vision to put employers at the heart of the curriculum.  Empowering employers to shape aspects of the curriculum which improves the employability of learners (STEM, Design and Entrepreneurship).  Additionally employers will have access to a secure creative space to explore innovative solutions in collaboration with students or in seclusion with their teams and business partners.”

Virginia Barrett, Deputy Principal (Curriculum and Quality)
East Berkshire College

STEM > Innovation Driven Education