This paper presents the construction results and design of the UNIST Reactor Innovation platform for small modular reactors as a versatile testbed for exploring innovative technologies. The platform uses simulant fluids to simulate the thermal-hydraulic behavior of a reference small modular reactor design, allowing for cost-effective design modifications. Scaling analysis results for single and two-phase natural circulation flows are outlined based on the three-level scaling methodology. The platform's capability to simulate natural circulation behavior was validated through performance calculations using the 1-D system thermal-hydraulic code-based calculation. The strategies for evaluating cutting-edge technologies, such as the integration of a solid oxide electrolysis cell for hydrogen production into a small modular reactor, are presented. To overcome experimental limitations, the hardware-in-the-loop technique is proposed as an alternative, enabling real-time simulation of physical phenomena that cannot be implemented within the experimental facility's hardware. Overall, the proposed versatile innovation platform is expected to provide valuable insights for advancing research in the field of small modular reactors and nuclear-based hydrogen production.