How to set up an innovation lab: The definitive guide

Innovation labs help organizations generate new ideas and execute them. This article explains what innovation labs are and why they are important, particularly in staying relevant in the business. It also provides a guide on how to set up and maintain effective innovation labs. Before deciding to build one, businesses need to ask themselves essential questions such as the cost of launching and running a lab, whether it is necessary, and if it will solve any of the organization's main challenges. If a lab is necessary, building one involves five steps, including distinguishing the organization's goals and vision, choosing a team of dedicated, knowledgeable, and creative employees, deciding on innovation metrics for the lab, obtaining the funding required, and gathering ideas and integrating them into the business. However, to ensure its success, businesses should avoid overlooking ROI, omission of strategic alignment, poor project management and unrealistic expectations.