Improve performance of today’s business
Covered in Innovation Labs
- Who else is running an innovation lab?
- How could you start to think about setting one up?
- Mistakes made running innovation labs
“Lab projects are prioritized and funded to produce new products, services and tech-enabled capabilities that will improve performance of today’s business. The projects compete for resources based on financial metrics relevant to the current business model.”
“Ask ten companies, and you’ll get ten different answers. But we increasingly see large companies creating something they call a lab as a way to cultivate and test new ideas, separate from the demands and pressures of the business units. More often than not, they exist within companies that haven’t traditionally had research and development teams. For our Q1 report on innovation labs, we talked to more than 20 executives…”
“In addition to getting plugged into the ecosystem’s network, the first role of the outpost is to partner. These partnerships may take the form of Proof of Concept projects with startups, getting to know VC firms and their portfolios, and getting familiar with university groups doing research in the established strategic problems. (The outpost may invest in a few startups in this stage, but that’s not the goal.)
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