Economic Innovation Lab
Driving Economic Development through Corporate Innovation and Collaboration
As global economies face unprecedented challenges, the race to innovate has never been more critical.
For over two decades, corporations have increasingly adopted open innovation strategies, integrating external ideas and emerging technologies through collaborations with startups to maintain their competitive edge.
Government Investments in Innovation Ecosystems
Today, governments worldwide are making strategic investments in innovation ecosystems to enhance global competitiveness in tech-driven industries and address the complex challenges of the modern era. The 2020s have been characterized by the convergence of AI-driven technologies, significant public-private collaborations, and shifts in global industrial policy and trade partnerships.
Governments are prioritizing digital transformation, automation, clean energy, and advanced manufacturing through initiatives such as the CHIPS and Science Act and the Inflation Reduction Act (IRA) in the U.S., the UK Innovation Strategy, the EU’s Digital Decade, and China’s Made in China 2025 and Belt and Road Initiative (BRI).
Regional Economic Partnerships & Innovation Hubs
Similarly, regional economic development partnerships, cities, and states are increasingly seeking to invest in public-private partnerships to position themselves as innovation hubs for strategic industries, aiming to stimulate economic growth, drive technological advancement, and enhance competitiveness.
Economic Innovation Labs
Responding to these dynamic global and local market transformations, the L Marks Economic Innovation Lab leverages the power of corporate innovation to drive economic growth across regions and ecosystems
A Proven Track Record in Corporate Innovation
Founded in 2014 in the UK, L Marks has been at the forefront of the open innovation movement, leading over 100 programs for global brands across Europe, North America, and Asia. With an industry-leading solution deployment rate of 78% and over $3.15Bn in funding raised by our startup alumni, we are proud of our track record in delivering measurable results.
The Economic Innovation Lab builds on this foundation, enabling governments and economic developers to make informed, strategic investments in priority sectors, while helping corporations leverage global startups to validate solutions in a fast, cost-effective, and de-risked environment.
Lloyd’s Lab alone, based in London, has seen the startups generate over 1,000 jobs following participation in the programme.
The Economic Innovation Lab drives strategic public-private partnerships across industries and geographies, bridging the agility of the private sector with the strategic vision and resources of government. By facilitating the commercialization of emerging technologies, it creates pathways for global competitiveness and long-term economic resilience, enabling corporations, startups, and governments to co-create innovative solutions with measurable impact.
Stakeholders
The Economic Innovation Lab is designed to harness the power of global open innovation and public-private partnerships to address critical industry challenges to unlock economic growth.
- Corporates headquartered or with a presence in target geography; Innovation is a strategic priority.
- Startups / Scaleups rigorously scouted from a global network.
- Governments provide seed funding for the Lab, business resources, and strategic leadership.
- Innovation Partners, labs often engage with strategic partners such as universities, investors, economic developers, and entrepreneur support organizations, either formally or informally, to strengthen innovation ecosystems.
How it Works
Each lab focuses on a strategic industry, following a structured, proven process:
1) Engage Corporate Partners: L Marks works with public sector partners to identify priority corporate participants from industry sector.
2) Identify Challenges/Opportunities: L Marks conducts discovery with corporates to pinpoint key industry and business challenges for Lab themes.
3) Global Scouting: L Marks scouts top-tier global startups and scale-ups that offer innovative solutions to the identified challenges.
4) Validate Solutions: Global startups compete for a spot in an engaging Pitch Day, with a judging panel of corporate partners. Selected startups join a 10-week solution validation sprint with a corporate partner to pilot solutions and forge a lasting partnership.
Benefits & Impact
Government / Public Agency
- Increase Industry Innovation: Solve critical innovation challenges and opportunities for local organisations
- Support Local Businesses: Help grow local-based companies by connecting them with real-world and addressable challenges.
- Attract International Startups/Scaleups
- Create Additional Jobs: Create additional highly-skilled jobs in local organizations and inward-investing startups.
- Increase and Secure Investment: Become an entry point for investors to engage with the technology companies
- Enhance Reputation: Grow the international reputation as a leading global destination for innovation
Benefits & Impact
Corporates
- Competitive Edge: Early exposure to cutting-edge technologies for a competitive edge in the market.
- Innovation Leadership: Tackle business challenges and integrate solutions to improve customer experience and operational efficiency.
- Digital Pioneer: Boost your company’s brand as a leader in innovation and digital transformation.
- Unified Workforce: Facilitate collaboration across your business engaging high numbers of employees.
- Revenue Growth: Grow revenue with the launch of new transformational products and services.
- Entrepreneurial Culture: Cultivate an entrepreneurial, solution-oriented ethos in the business and challenge your talent.
- Process-Driven Innovation: Embed innovation across your organisation with a proven managed process.
- Innovative Reputation: Establish your business’s reputation as an innovator and open to collaboration.
Public-Private Innovation Partnerships
Read the Maryland case study
Read the Lloyd's case study
Read the X-Hub/Jetro case study
Read the ITA case study
When talented people come together to solve big problems, great things can happen. The Maryland Innovation Lab will help us address pressing challenges by connecting companies in our state with companies around the world willing to share their expertise.
Wes Moore,
Governor of Maryland