Innovation hubs were once the darlings of corporate strategy, promising to future-proof businesses and spark breakthrough ideas. But two decades in, the cracks are showing. Too many hubs have struggled to prove their worth, and some have quietly shut down altogether. In reality, these costly spaces never lived up to the hype-and the future lies elsewhere. Rather than investing in shiny new labs, organizations should be cultivating innovation communities: networks of people, inside and outside the company, who collaborate around shared challenges and opportunities.