The importance of innovation hubs in SME trade

On 14 and 15 November, the director of Wakalua Hub, Leticia Lauffer, was present at the V Ibero-American Forum that took place in Lisbon.

At the event we reaffirmed the importance of innovation hubs in trade between SMEs and explained the roadmap that startups must follow to transform themselves into business models within the tourism sector.

Why are innovation hubs so important?

Innovation hubs are physical or virtual spaces where innovation and entrepreneurship are promoted. They usually have resources and services to support startups in their growth and development process, such as mentors, access to investors, training programmes and shared workspace.

To become business models in the tourism sector, startups must follow a series of steps:

1. Define your value proposition: what does your company offer that is unique and solves a problem or need in the tourism market?
2. Do market research: study your competition, market size and industry trends to determine how you can differentiate yourself and succeed.
3. Design a business plan: define your business model, your objectives and how you plan to achieve financial success.
4. Finance your business: consider different financing options, such as investors, loans or crowdfunding.
5. Develop your product or service: make sure you meet quality expectations and satisfy your customers’ needs.
6. Promote your business: use different marketing and advertising channels to attract customers and increase brand awareness.
7. Monitor and evaluate your company’s performance: regularly review your financial and sales results to determine what is working and what needs to be improved.

In summary, to become a business model in the tourism sector, startups must have a clear value proposition, conduct market research, design a solid business plan, finance their venture, develop a high-quality product or service, and promote their venture effectively. Innovation hubs can be a valuable tool to support startups in this process by providing resources and connecting them with other players in the sector.

Wakalua hub was present at the V Ibero-American Forum held on 14 and 15 November in Lisbon.

Our director, @leticia_lauffer, reaffirmed the importance of innovation hubs in trade between SMEs.

Congratulations to the organising companies for an impeccable event. pic.twitter.com/jKtiLdEmGI

— wakalua, the tourism innovation hub (@Wakaluahub) November 18, 2022