Innovation Labs are small and independent companies in big companies that help them by developing and implementing creative and innovative ideas. Usually research institutes are placed in the company so that innovation procedures are not interrupted.
But regarding Innovation Labs there are chosen other locations by purpose. Like this the people working in the labs can really focus on their innovations without being affected by the daily business.
Especially with a view to digitalization and fast moving economical changes, companies help themselves with innovation labs. Complex structures and a multileveled working processes make innvoation processes in a big company difficult. Innovation Labs have rather a startup-character and are able to react very fast to what happens at the market. Because of that a lot of big companies use such a strategie by dealing with the digital transformation. Innovation Labs are financially supported by their parent company.
- Chief Innovation Officer: What is an Innovation lab?
- Econsultancy: What is an innovation lab and how do they work?