Innovation Lab

An Innovation Lab is a physical space where people come together to explore and develop new ideas, products or services.

An Innovation Lab is an environment that encourages collaboration and experimentation with the aim of creating something new. It is a dedicated physical space for innovators to gather and brainstorm, share knowledge, and develop new concepts, prototypes or even fully-fledged products or services. In addition to providing tools and resources, an Innovation Lab often facilitates the development process through mentorship from experts in the field. By fostering an atmosphere of creativity and collaboration, innovation labs can be powerful engines of change in many industries.

Innovation Labs are often found in businesses, universities or research institutions as part of larger innovation initiatives such as incubators or accelerators. They can also take form as smaller community spaces where entrepreneurs can access resources and collaborate with like-minded individuals on creative projects. Many successful startups have emerged from these types of open innovation spaces over the years.  
Innovation Labs typically feature a range of equipment designed to help facilitate creative exploration. This could include anything from 3D printers for prototyping products to virtual reality tools for designing immersive experiences. In addition to specialized tools, some Labs may also offer access to workshops run by experts in their fields which provide guidance on areas such as product design or market research techniques.

Open source software platforms are also gaining popularity within innovation labs due to their potential for cost savings while still delivering effective results. Many organizations are now developing their own custom software platforms specifically tailored towards their specific needs which further enhances the productivity benefits of using a lab environment.  

In addition to technical aspects, modern innovation labs are designed around principles such as open collaboration and user-centric design thinking approaches which allow teams to rapidly iterate on ideas before settling on final solutions that meet customer needs effectively while still driving business value at scale . For instance , Google’s “20% time” policy encourages employees across all departments to spend one day per week exploring ideas outside their normal roles - this practice has spawned several successful products including Gmail & Google Maps .

A highly-effective tool to innovate collectively, innovation labs are used by corporations, NGO’s, and think tanks to tackle large, complex problems. Most innovation labs use an open innovation model, which is guided by a central question or theme. An example of an innovation lab is The Finance Innovation Lab in London, which aims to tackle questions relating finance to people and the planet.

Related Keywords: Incubator, Accelerator, User Centric Design Thinking, Open Collaboration, Prototype

How to Start an Innovation Lab

There is no one-size-fits-all answer to starting an innovation lab, as the approach will vary depending on the resources and constraints of the organization.

However, there are some key steps that all organizations should take:

  1. Define the purpose or goal of the innovation lab
  2. Assemble a diverse team with complementary skillsets
  3. Identify and assess potential risks and challenges
  4. Develop a clear plan for how the innovation lab will operate
  5. Set aside dedicated time and resources for the innovation lab to function