In recent years, many startup businesses have grown with the development of the so-called high-tech industries. Unlike conventional enterprises, these firms prefer to settle down in city centers, which gradually form innovation clusters leading to renewal processes that transform old buildings in the city. The aim of this paper is to research how the innovation economy has boosted such renewal processes and its impact on urban form. Shenzhen has been selected as the case study, which is known as the fastest-growing Chinese city highly dependent on its high-tech industry. The method is to map the distribution of 19,232 innovation companies by linking their spatial information with their innovation capacity indexes. Certain concentration areas can be identified and classified as innovation clusters according to their business models. The innovation clusters are categorized into four types. Their distribution patterns, characteristics, and formulation principles were analyzed to investigate the relation between the business composition of innovation clusters and urban morphology. By analyzing the Che-Gong-Miao area, the function of old factory buildings and their value in the renewal process was revealed. A set of morphological principles can be concluded regarding such renewal processes driven by the innovation economy.