Innovation spaces are rapidly increasing in number around the world. Many universities are currently opting for the construction of a space of this kind on their premises. Innovation spaces offer an opportunity for the development of competences. In this work we study how innovation spaces can support collaborative learning. Several common factors between innovation spaces and collaborative learning are studied and identified. Based on these factors, a design and an action plan are defined for an innovation space within a public university. The proposed design and action plan are tested in a case study featuring the entrepreneurship and innovation laboratory of the Industrial Engineering Department of the University of Santiago (LEIND). The results are evaluated based on interviews with students, and these interviews validate the positive impact of LEIND in the development of their innovation and entrepreneurship projects. Work in collaboration with other actors at LEIND is highlighted as a positive outcome.