Innovation hubs: What they are and how they can generate results for large companies

return Posted in 19 de March de 2021

Innovation hubs: What they are and how they can generate results for large companies

If you’re into the world of innovation, you’ve probably heard of innovation hubs. The ability to reinvent itself and generate innovative solutions is now mandatory for large companies. It is correlated with survival and growth in a business environment as competitive and full of changes as today.

As a result, there is an increasing number of companies investing in open innovation, intentionally combining their own resources with those offered by external partners. In addition to the most well-known open innovation mechanisms, a trend that has been gaining momentum among large corporations in Brazil is the participation of innovation hubs.

What are innovation hubs?

Innovation hubs are initiatives aimed at generating business between startups and large companies, mainly. In addition, they are conducive to meeting people who interact, create, undertake, work and innovate together, in a network. They help in the development of technology-based companies with high growth potential.

The word “hub” refers in technological language to a central piece, which receives the signals transmitted by the stations and relays them to all the others. Innovation ecosystems refer to an interconnected network of companies and other entities, which jointly develop a set of technologies, knowledge or skills, working cooperatively to develop new products and services.

How do innovation hubs work?

The operation of an innovation hub, basically, takes place from the joining of different agents, professionals and companies with a similar objective: to innovate in a network and generate new business. In this collaborative environment, there is a vast exchange of knowledge, in addition to sharing views and strategies with the aim of developing joint solutions, or even offering the market new technologies.

Today, hubs have become quite popular in the business world. The participation of companies and educational institutions, for example, has intensified, which contributes to the formulation of increasingly strategic and specialized hubs. As a result, hubs emerge as highly effective sources of innovation, whether creating new products and services or improving existing ideas on the market.

How do hubs deliver more agile innovations?

Innovation is a hallmark of today’s society. However, more than that, being an innovator has become an increasing necessity, since the accelerated dynamics of consumption and the constant advances in technology, make a lot of things obsolete in a short time.

In this scenario of high demand for the new and accelerated dynamics, many companies have found it difficult to innovate and remain competitive in the market. It is not difficult to find examples of highly profitable businesses in the past that have become outdated and, today, are little sought after by the public. Going against all that, the innovation hub offers a modern alternative to evolutionary stagnation. In these environments, what we find are different brains working together, people looking for solutions to existing problems and problems that will still arise.

As a result, hubs provide innovation in a much more agile and broader way, since they provide the connection of a large ecosystem, in which companies, startups, universities and development institutions are inserted. In other words, there is the continuous and strategic interaction of different minds engaged, prepared and willing to innovate in projects.

In addition, if a company participates directly in an Innovation hub, it is possible that it will have access to several others, expanding its opportunities and connecting with startups.

Discover some of Neo Ventures’ innovation hubs

Mining Hub

– An Open Innovation initiative aimed at all members of the mining chain.

Dealer Hub

– An independent and autonomous initiative whose main objective is to increase the competitiveness of partner companies in the automotive distribution chain.

iCON Hub

– It was created to foster innovation and entrepreneurship in the civil construction sector in Brazil, uniting companies, organizations, entrepreneurs and knowledge and technology centers.

Fashion Hub

– Definitive program for major players to open up for rapid changes in the fashion sector.

Did you like the content? Come and find out which 5 steps you should follow to be more innovative.

*Este texto foi traduzido com a ajuda do Google Translator

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