Innovation labs: Are they actually useful?

After releasing his book ‘Innovation Lab Excellence: Digital Transformation from Within,’ fintech and innovation consultant Richard Turrin shares some industry insights on creating successful innovation labs.

Some institutions have launched fantastic innovation labs but have failed to launch successful innovations. Why do you think this is?

This is a chronic problem with innovation labs and is something insiders commonly call ‘innovation theater’ – where companies make a big show of innovation but are far less successful at producing results. These companies tend to get headlines for a series of breathtaking innovations that make competitors green with envy. But closer examination often reveals that their innovations are only skin-deep. These institutions make little headway in the implementation of the solutions that are flowing out of their innovation ecosystems.
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