Last week we hosted an international hybrid business seminar. Using Haia, a new online and hybrid events platform, developed by an M-SParc tenant company, we heard from Dr Phil Budden, lecturer in the School of Management at MIT. The seminar emphasized the importance of a support ecosystem in nurturing and scaling up innovative ideas.
The seminar began with Dr Budden highlighting the importance of innovation in driving economic growth and development. He then went on to describe the REAP model (Relationship, Entrepreneurship, Authenticity, and Partnership), which is used at MIT to cultivate a strong support ecosystem. The REAP model involves the identification of key players, such as entrepreneurs, investors, and government agencies, and how they interact to provide support to innovative ideas.
As the seminar progressed, it became evident that the REAP model is not unique to MIT, but is present here at M-SParc as well. We’ve a strong ecosystem that comprises of entrepreneurs, academics, investors, and government agencies. This ecosystem provides the support needed to foster innovation and bring ideas to fruition.
One of the key takeaways from the seminar was the importance of collaboration in building a strong support ecosystem. Dr Budden emphasized that no single organisation can drive innovation on their own; it requires a collaborative effort. This is something that is evident at M-SParc, where different organisations work together to provide the necessary support to innovative ideas.
Dr Budden stressed that it is important to create an authentic ecosystem, where all involved genuinely care about supporting innovation. At M-SParc, this authenticity is evident in the passion and dedication of the people working here, who are committed to providing the necessary support to help innovative ideas thrive.
In conclusion, the seminar highlighted the importance of a strong support ecosystem in driving innovation. The REAP model used at MIT is as relevant at M-SParc as at MIT. The seminar was a great reminder that we need to continue collaborating and providing support to nurture innovative ideas and drive economic growth.