Innovation labs have been hip for the last decade or so, yet the story is that they only last 3-5 years.
Something is up here.
It’s not up to the innovation labs or teams to produce innovation. I know, it sounds like a paradox. What it should really be about is an innovation mindset. The difference is the output. Innovation is defined differently by every department in a company. Therefore, it’s a tall order to pin the responsibility of innovation for a whole company on a single department, when every part of the company wants different outcomes.
So, having an innovation mindset allows the team to be entrepreneurial and find growth opportunities for the business that’s outside it’s core revenue.