It’s the worst kept secret in modern business. Innovation is critical for growth and financial success.
If you want to get ahead of the curve and beat your competitors, your business needs to make use of a tech innovation lab. A tech lab aims to boost the quality, quantity, and speed of technological innovation in your corporation.
Interested in learning more? Keep reading for 5 types of labs and how they work.
1. Disruptive Lab
Disruption is the process by which non-conventional practices replace outdated methods used by market incumbents.
Disruptive labs look to find these non-conventional practices to give their corporation the edge. A key part of this is anticipating disruption that may come from other sources. This allows their corporation to construct a creative business plan to ensure they can meet the needs of customers tomorrow.
They noticed a gap in the market for rapidly delivered chromatography supplies and exploited it with a fresh new approach.
2. Rapid Innovation Lab
By making their corporation more agile and dynamic, these labs enable faster responses to market shocks, competitors, and new opportunities. Products must be continually improved so the customer’s experience is always optimized, despite changing market conditions.
This process is achieved with a culture of continuous testing and development, with a maintained focus on the company’s goals.
3. Open Innovation Lab
Open innovation is the concept of sharing our knowledge and breakthroughs, rather than trying to keep them a secret. This is to promote greater overall growth and development.
Labs dedicated to this ethos have wide collaborations with start-ups and other partners. Information and ideas are shared with the goal of co-designing innovation. This approach is useful when coming up with initial ideas, when combining technologies in the development phase, and when sharing customer bases in the commercialization process.
4. Innovation Culture
It makes sure the company keeps developing and does not rest on its laurels, which is crucial in fast-paced markets.
Tech labs of this type aim to create a culture of innovation because it unlocks the creative intelligence of the corporation’s workforce. By engaging people in this way, the company finds crowdsourced solutions and new business branches are created.
5. Lab In Name Only
For a lab to be beneficial to a corporation, it does not actually have to function as a typical innovation lab. Some corporations will take one of the research and development groups and give it the title of “innovation lab”.
Morale is boosted because employees feel as though they have an important new role. This can indirectly create a culture of innovation in the same way as an entrepreneurship lab does.
You’ve Now Learned About the Basic Types of Labs
Corporations rely on their tech innovation labs to provide the dynamism and fresh thinking that they need to survive in modern business.
Now that you’ve learned about these different types of labs, why not check out the rest of our site for more great content? We’ve got tons of great information, so be sure to bookmark this page!
