Creation of a space for creativity and innovation within university : The experience of Creative Lab

Abstract: In order to stimulate innovation and sustainable development in a business environment that is always changing, it is important to support successful collaboration between academia, industry, and society. This project is focused on creating and implementing MDU's Creative Lab, an innovation lab based on the Quintuple Helix Model, in order to promote collaboration between students, academic institutions, and business partners and to meet the needs of all parties. The study was conducted utilizing a methodology that included a review of the literature, interviews, and data analysis. The primary issues that need to be resolved have been highlighted through the interviews as the absence of support systems, the requirement to create clear objectives at the outset of the project, and the significance of ensuring projects and authors maintain continuity.The results of the research have shown that better communication between parties, a clear connection between projects and courses, and opportunities for students to obtain knowledge and experience in the real world are all necessary. In addition, major motivators such as the desire for a social impact, interdisciplinary teamwork, and satisfaction in one's job have been highlighted. As a result, a business model has been developed that takes into account the information gleaned from the presentations and aims to facilitate collaboration and communication between academic institutions, students, and business partners, guarantee the quality of collaborations, offer mentoring and guidance to students, and plan workshops and events that encourage creativity, innovation, and entrepreneurship.This project provides a thorough analysis of how to create and implement a student-driven innovation lab that adheres to the Quintuple Helix Model and is geared toward sustainable growth in the direction of Industry 5.0. By encouraging student cooperation and contentment, it fosters an environment that fosters the development of creative ideas and the development of a team-oriented workforce that will progress society and business.