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.)
Innovation labs are all the rage these days. Most companies have one, are thinking about creating one or have had employees pushing management to start one. There are several innovation labs being launched monthly to great media fanfare.
An increasing number of blue-chip firms are using so-called innovation labs to generate new ideas. Such creative workshops are seen as a great way to encourage new thinking, without putting the core operations of the business at risk.
12 Things We Learned from Setting Up a Corporate Innovation Lab - Lassi Kurkijarvi, LinkedIn Article
The last three months we (Jos & Lassi) worked with Makerlab to set up a corporate innovation lab for a media company that’s in the middle of digital transformation. We’ve written this article together about the way we approached the challenge. And especially to share what we learned along the journey.
Should Innovation Units Be Physically Separate From the Core Business? Tendayi Viki - Medium Article
Most senior executives can relate. It usually starts with some startup types within the company telling them scary stories about how startups are coming to eat their lunch. Look at Facebook, Uber, Twitter and Airbnb! Oh, look what happened to Kodak , don’t let that happen here. Oh, look what happened to Blockbuster, don’t let that happen here. Look boss, we need to innovate like startups.
Today, large companies are creating innovation outposts in innovation clusters like Silicon Valley in order to tap into the clusters’ innovation ecosystems.
These corporate innovation outposts monitor Silicon Valley for new innovative technologies and/or companies (as emerging threats or potential tools for disruption) and then take advantage of these innovations by creating new products or investing in startups.
Technology is transforming our world at an unprecedented rate. New technologies like virtual assistants and augmented reality are changing consumer expectations faster than ever. The impact of cybersecurity breaches is intensifying. And digital enablers are allowing upstarts to steal market share from incumbents in a matter of months or years, rather than decades.
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