Why your sexy innovation lab is failing

Innovation labs are springing up everywhere, being commonplace in industries from banking to the property sector, aimed at everything from improving productivity to showcasing new tech, creating new revenue streams or bolstering existing ones. For some companies, this means creating a goal-focused unit. For others, it’s as simple as setting up a group to communicate with other industries or giving employees ‘free’ time to innovate. While innovation has a dirty reputation as a buzzword, the value is evident when it’s done right. Building a prosperous lab isn’t as simple as throwing a bunch of ideas around in a sexy looking warehouse. Innovation takes discipline, rigorous strategic thinking, team diversity and the right tools. While there are some fundamental