The Method Design Lab, a collaboration between Central Saint Martins and the San Francisco-based design and innovation firm Method, launched today with the hope of driving UK economic growth and innovation. The business accelerator aims to bring up to 20 new design-centric innovations to market each year while challenging traditional innovation hubs.

Unlike other academic incubators MDL will take a design-centered, user-experience approach to innovation and will be driven solely through private capital. Investors have the opportunity to enter the MDL fund in order to acquire a share in the range of new ventures MDL will bring to market.

MDL operates a rigorous and transparent six-step process to take an idea from concept to full commercialization, which includes: Step 1 - Idea sources: Ideas are identified from sources including the 4,500+ CSM students and the extensive internal and external global network of Method and CSM experts.

Step 2 - Primary selection: Ideas are selected using an online voting system that allows Method and CSM experts to identify which ideas should be explored further. This step draws on over 100 global experts that specialize in design, innovation and user-experience who have a track record in bringing innovation ideas to the market.

Step 3 - Early feasibility: Ideas that make it beyond the online voting stage undergo a rigorous internal vetting process with those who make the cut then being subject to due diligence in which the Method Design Lab team will identify potential routes to market, possible competition, design potential and audience.

Step 4 - Transfer of ownership: Once early feasibility has been conducted and the idea is to progress further an agreement is reached with the IP author.

Step 5 - Development: This involves the development of the idea to prototype stage and is where the combined strength of the joint venture partners will come to light. MDL, CSM and Method staff will bring their discipline expertise to bear and ensure that the output of this phase is as high a caliber as the world-class work done for clients of the independent consultancies.

Step 6 - Commercialization: Developed idea is presented to potential market partners and additional investors to support large scale commercialization and development.