Stowmarket Innovation Labs plan to open another eight sites across East Anglia
A team of innovators from the market town of Stowmarket are on the road to changing the face of East Anglia – by teaching businesses to ‘think differently’.
Innovation Labs, based in Prentice Road, announced this week it is in the process of opening three new innovation hubs in Suffolk.
The Labs, which offers business mentorship, was only founded in 2019, just before the first lockdown.
But such has been its success, it is already looking set to inspire others across the region – with its focus on innovation.
There are also another eight hubs in the pipeline across East Anglia, in total.
For the four co-founders – Peter Brady, Peter Basford, Hermione Way and Hayden Allen-Vercoe – it represents not only a significant milestone for The innovation Labs itself, but is helping put Stowmarket on the national and international innovation map, too.
“We’re very proud of the fact that it started, and was inspired by a core group of tech business in this small market town,” said co-founder Peter Brady, who also runs successful digital agency, Orbital Global.
“The idea for The Labs was to get other businesses to aspire, and be inspired by what has been created here, by this cluster, and not think innovation is some unobtainable panacea that is out of reach.
“There are other centres of innovation but why it breaks the mould is that Stowmarket is a small market town. Who would have though that it would be an innovation hub and doing amazing things?
“We are now taking that inspiration wider.”
Innovation Labs offers businesses, of all kinds, mentorship and co-working space.
Since it was founded, it has helped more that 30 business on the road to success, face-to-face, some now targeting millions in turnover.
During the lockdown it also built up a virtual membership across East Anglia of more than 50 businesses.
Innovation underpins everything the labs does.
Peter Basford, fellow co-founder, and a former commercial banking director for Suffolk, said: “On Mondays at The Labs we have pitching practice, when businesses pitch themselves, their business or product.
“Tuesdays and Wednesdays, we have accountability clubs when members talk about what they did in the last week, plans for the week ahead, what’s on their mind, and anyone in the group can help, or offer advice guidance.
“Our virtual membership also dial in for all these workshops.
“Thursdays we have external speakers, who give advice on perhaps running your business better, finance; or simply experienced entrepreneurs inspiring the next generation.
“Fridays are a social day to just sit on the terrace and have a beer, in the finer weather.
“Our members can also have one-to-ones at any stage with any of the four founders with a wealth of experience in tech, finance and marketing, and gain access to their contacts.
“I think people feel we are fighting their corner and are with them for their journey, with wraparound support, and this is where our success lies.
“It may be, for example, they started in their back room and previously hadn’t known where to turn for help, so they come to us.”
Innovation Labs works with a range of partners including Babergh and Mid Suffolk Councils, New Anglia LEP and Tech East.
Its new location in Ipswich has seen it team up with the University Suffolk, which will also be offering a business development service to members across all locations.
Innovation Labs at the University of Suffolk, is now open for business with an official launch in June.
In Sudbury, the team is in the processing of opening a third innovation lab at the Borehamgate Centre.
“The Sudbury centre is a former bar and internet lounge to which we have added things such as table tennis, soft furnishings, big screens, and a coffee bar,” said Peter Basford.
“Woodbridge will open next month and we have been working with East Suffolk Council on that.
“It’s exciting times and in total we’re aiming for 12 sites altogether across Suffolk and Norfolk, from Felixstowe to Norwich with points in between.
“I would say we are experiencing the fastest growth rate in the innovation space across the region.”
Innovation Labs will be operating the same mentoring business model across all its locations to any business looking to grow.
Peter Basford said:”Overall, it’s about helping businesses that want to do things differently; change, adapt and grow, and we will try to help that, by helping them to innovate.
“We have worked with an eclectic mix from tech business to the care home sector.
“One of our members working on providing faster transactions within retail businesses is now targeting £300 million of turnover a year, and doing very well indeed.
“Another who has been developing virtual high streets is expanding to work with councils across the country.
“We’ve also seen businesses grow from one person to nine within 18 months. We believe, the magic here is the support we give and can now offer this on a much wider scale across the county.”
Peter Brady explains how The Innovation Labs teaches businesses to innovate:
"He said: “Firstly we will bench the business and analyse where they are at. It could be just be a concept, it could be in start up mode, an existing business, or a even larger business considering innovation.
“We look at fundamentals of the business and get that straight, provide them with thoughts and ideas and options going forward, sit down with them and look at their offer, products and services, and whether that offer is something they can organically iterate forward or whether it is something they might need funding for.
“We do a lot of ‘connecting the dots’ and support – connecting people with business opportunities. Often businesses entering a marketplace, knock on the doors of other businesses; we look for opportunities, recommend technologies to them, things like QR codes, virtual reality, robotics. We point them to where we can get support, advice.
"This could be collaborations, grant funding, intellectual property support and funds for patenting, and trademarking. All of these things can help you save money and avoid the pitfalls and accelerate the process.
“We can connect dots amongst the peer network with businesses helping each other, and build collaborations with universities and councils. The co-working spaces are just the tip of the iceberg.
"We illustrate how innovation is the most potentially successful pathway, and the people behind it, The Labs, has a wealth of experience in technology innovations, health care, fast moving consumer good, drinks industry, food, agriculture, finance, marketing and communications, with a range of experience of contacts from Suffolk to Silicon Valley.”
