Mayor Thomas Menino has proclaimed there is going to be an “Innovation District” in the South Boston, waterfront area currently called the Seaport District.
When can local startupers expect this new Innovation District? Mitch Weiss, Mayor Menino’s Chief of Staff met with members of the community last night and explained what it will take to transform the Seaport area into Boston’s Innovation District. At the event, dubbed Boston’s Innovation District: An Evening at the Harpoon Brewery, The Boston Harbor Association held a night of innovation talk at the Harpoon Brewery where young professionals were able to network, chat about the Innovation District over a beer, and hear from the mayor’s new Chief of Staff. Boston is ahead of the game compared to other cities in creating a district solely for innovation and entrepreneurship. (Yes, we’ve heard of Silicon Valley, but this will be different.)
Weiss, a Harvard Business School graduate, brings a welcomed freshness to his position as well as the city’s stance on the Innovation District.
“Boston needs to wage the idea war,” he said. “We are creating idea stream, idea generation but what happens when those ideas form companies? The Innovation District should be where those companies want to build lasting roots in Boston. The Innovation District is the key to creating sustained development of entrepreneurship here in Massachusetts. Just as with any startup, there must be a strategy or a plan. Mayor Menino and the city of Boston have their strategy in place. This strategy is the formation of an area where there is an attraction, a value and a quality of living and working that brings companies and entrepreneurs to live and work in the Innovation District.”
Weiss noted four key target areas in creating a “sense of place” in the Innovation District:
- Proximity
- Industry overlap
- Green and eco-friendly initiatives
- Sustained progression
When can we expect to see results?
Weiss projected that the time frame should be between 10-12 years. I, frankly, think that is too long to wait. For Company X that has been funded $500K or Company Y that has just begun and has no cash flow yet, it’s hard to find a tangible reason to headquarter in the Innovation District, especially when we consider the presence of co-working spaces already in place elsewhere like the Cambridge Innovation Center. But all change starts with small progressions, and as large and small companies edge closer to the ocean, the benefits and sense of community in the Innovation District will become more apparent.
Weiss says that initial value will start with the building of office spaces and the relocation of small and large companies to the area, which should bring a healthier real estate market to the area. It sounds like a trickle down effect, with each relocation announcement encouraging those on the fence to move into to the Innovation District.
Developers need to start by creating properties that are valuable and interesting to startups — ones that make sense for the way they do business now and in the future. Co-working spaces, incubators, large anchor companies and housing facilities will all help to put Boston’s Innovation District on the global startup map.
The Innovation District has been proclaimed. Still, entrepreneurs and startupers in attendance spoke about wanting to see the inherent value in tangible form. With effort from landlords, the development of events space, and support from the community, we shouldn’t have to wait 10 years to be able to make viable arguments to one another about why this new space has value. In order to make the Innovation District a reality, the city will need our help as startupers. Remember, it’s the community that makes the neighborhood. This can be an exciting new place for Boston if we support it. Next time you hear of a local tech company or startup looking for space, point them to the Innovation District first. After all, the first companies there will be able to set the tone and create the cool culture it deserves. Go get ’em Boston!
What do you think the Innovation District needs to do to create value and witness sustained economic growth? Let us know in the comments, or better yet, set foot in the Innovation District yourself this Thursday when BostInnovation and Pinyadda host Yaddapalooza, the first event of our BeIn Initiative.
