Serendip Smart City Incubator
About this good practice
60% of companies say it takes 1+ years or longer to create new products and high performing businesses allocate 55% more of their innovation investment to disruptive projects than low performers. Corporates leading innovation is key to a thriving city, but expertise is necessary. The right partnership maximizes investment impact and reduces risk.
Located at the heart of the iCentrum building, Innovation Birmingham, the Serendip Smart City Incubator provides market access and expertise for digital start-ups through close partnerships with major organisations, accelerating the early growth of new businesses. There are four sector specific Serendip Smart City ‘quarters’: Digital Health, Intelligent Mobility, Internet of Things and Eagle Labs. These are delivered by Innovation Birmingham in collaboration with key partners, WMAHSN, Centro and the Transport Systems Catapult, Wayra UK, part of Telefónica Open Future and Barclays.
Programme benefits:
• Six months free co-working space
• 24/7 co-working and car parking access
• 30Gb/sec high-speed internet and superfast Wi-Fi connectivity
• Meeting room and event facilities
• Free business promotion
• Telecommunication and PR support
• Business mentoring
• Access to a database of market influencers, clients and collaborators
• Admission to over 140 specific start-up and innovation-focused (i.e. Serendip Launch) events
• Access to the Campus' community of over 100 digital entrepreneurs and innovators
Resources needed
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Evidence of success
Serendip was set up in 2016 and its wider business support facilities and networks have successfully supported more than 330 businesses, creating more than 500 jobs and raising more than £56m in equity finance over the last decade.
In the initial 2 cohorts of the programme (1) 70% of the involved gained new commercial agreements and (2) £6.5m of funding has been raised overall.
Success stories: Whim, Cloudcycle
Potential for learning or transfer
The Serendip Access to Innovation programmes go beyond sector-specific open innovation, taking people and their ideas out of their comfortable habitats, releasing them from the status quo so they are free to innovate. Serendip takes a diverse and inclusive community of digital innovators and entrepreneurs on serendipitous journeys to successful commercial endpoints, enabling them to develop their commercial ideas. They are focused on delivering new products/services through a challenge-driven environment. Cohorts work closely with the partners, catalysed by support from Innovation Birmingham. Such co-location with other innovators addressing other challenges promotes regular collisions of thoughts, driving beneficial outcomes; market-led innovation means the new products and services are directed at market needs and working closely with corporate partners means faster proof-of-market for the early-stage ventures, enabling them to grow faster, raise capital and employ better people.
Further information
Good practice owner
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