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Innovation Lab

What is Innovation lab?

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Innovation labs—also known as hubs, incubators, or accelerators—are business units that employ the methods of agile start-ups, with the goal of devising novel ideas that can either disrupt or complement the overall company.

Creative processes like brainstorming and design thinking can drive ideation and the development of new innovations.

Innovation labs function in many different ways. They can operate completely separately from the parent company, or be set up internally and staffed with existing employees. They can also refer to programs set up for internal employees to ideate.

What do innovation labs do?

An innovation lab is tasked with coming up with new ideas, executing them, and iterating until the idea is fully executed or integrated into the business.

Those who work in the lab draw from cross-functional expertise and collaborate to create products and services, often for the parent company.

The innovation lab may also conduct market research, or keep abreast of potential disruptors in the field.

Often, it does a mixture of both. A bank may use its innovation lab to create a smartphone app that makes it easier for consumers to manage their money.

Benefits Why are innovation labs important?

Why are innovation labs important?

They also signal to employees and potential employees that a company is committed to changing for the future. That helps attract and retain talent, particularly from the younger workforce who increasingly want to work for forward-thinking,
fast-paced companies.

Innovation in business is important because it
makes it more likely for companies to grow,
increase revenue, and be protected from competition and disruption.

It’s a lofty goal that is difficult to execute, particularly for large companies that may have done business the same way for many years. Innovation labs offer an opportunity to inject a fresh outlook into an organization—a big reason for their recent proliferation.

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