Inclusive innovation has been criticized for not being theoretically strong and remaining as a ‘catch-all-ideas’ concept. In this paper, it is argued the concept has failed to take into account how structures of disadvantage may exclude individuals. This is addressed by introducing the concept of situated agency through the lenses of intersectionality to better understand the process of exclusion or inclusion experienced by people. The paper draws on empirical evidence from two innovation hubs in the UK and Zambia to see in what ways they represent inclusive spaces for women entrepreneurs. Interpretive research methods including semi-structured interviews and participant observation are used to understand how these women are evaluating their work and experience at the hub. Findings include that while female members of the hub attribute discrimination primarily to their gender, other intersecting identities are also determinates. As such, while some hubs can provide a more inclusive space, they can also reproduce and reinforce the gender inequalities present in the wider societal context. This has implications for inclusive innovation, that while temporarily tempering institutional and contextual constraints, what is required is a broader structural and contextual approach.