Don't Go On Your Own: Lessons From LoyaltyOne's Corporate Innovation Lab

Michael Cohen, General Manager for Zero Gravity Labs, the offsite innovation arm of LoyaltyOne, shared his biggest lessons in setting up and running an effective innovation lab during the Intrapreneurship Conference Toronto. The key is to actively collaborate with the business, have a clear governance model, a dedicated space, a shared language, and seek mentors both inside and outside of the organization. Cohen advises treating the lab like it's your own venture and approaching it with an owner mentality while creating a safe environment where failure is an option. Additionally, bringing internal stakeholders along instead of simply asking for forgiveness leads to invaluable trust.