Entrepreneurship, employment, entertainment and housing, all in one place. This is the vision for Riverside’s Innovation District.
The idea behind Riverside Innovation District is to make the most of the existing assets in the City to attract private investment and make the county a hub for startups and entrepreneurs.
1. Four Institutions of Higher Education
- University of California, Riverside
- Riverside Community College
- California Baptist University
- La Sierra University
There are four higher-education institutions in Riverside that play a vital role in creating and sustaining the innovation economy. The Brookings Institution calls these ‘research-oriented anchor institutions’.
2. A Primer on Innovation Districts
According to Brookings Institution, innovation districts are “dense enclaves that merge the innovation and employment potential of research-oriented anchor institutions, high-growth firms, and tech and creative start-ups in well-designed, amenity-rich residential and commercial environments”.
To understand the concept of an innovation district, the definition of an ‘economic asset’ by Brookings Institution comes in handy.
Economic assets are the firms, institutions and organizations that drive, cultivate or support an innovation-rich environment. Economic assets can be separated into three categories:
- Innovation drivers
- Innovation cultivators
- Neighborhood-building amenities
- Physical assets
- Networking assets
An example that Brookings Institute cites is that of ‘Kendall Square’.
(a) Entrepreneurship and Employment
Coming back to Riverside Innovation District, the plan includes to run a hybrid electric bus on the University Avenue, close to UCR’s Center for Environmental Research and Technology also called the Innovation Corridor.
The corridor will help Riverside to become a smart city in the future.
Metro gateway is another plan by the Riverside government. It provides 187 new homes located near the train station.
SolarMax, a renewable energy solutions company is creating an energy ecosystem by attracting housing companies like SunSpark, one of the leading U.S. solar panel manufacturers.
All Riverside downtown projects featuring retail and living spaces are within walking distance to 50k jobs in the Riverside’s urban core.
3. How to Grow Innovation Districts?
The Riverside Innovation District is far from ideal, partly due to the overcall economic profile of the region. However, there are ideas as to how local leaders and business people can further grow the innovation district.
- Build a collaborative leadership network
- Set a vision for growth
- Pursue talent and technology
- Promote inclusive growth
- Enhance access to capital
Source: Brookings Institution
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