Innovation labs within large companies have a spotty track record of lasting more than 24 months. What separates survivors from the teams that fold is an ability to align what they’re doing with problems and opportunities that matter to the organization. If you’ve been charged with setting up an innovation team, our one piece of advice is to start there.
“Our innovation lab built a good sandbox of technologies that are the future of this industry but the organization was too slow to adopt any of them.” – Head Of Innovation Lab, Financial Services
All organizations are slow, but while they may be slow to adopt solutions in one area they’re probably busy implementing things with urgency in another. If you’re in the slow camp, you’re either (1) working on something transformational with the support of a future focused leadership team or (2) you’re working on something nobody genuinely cares about. If you’re in the second camp, it’s time to reprioritise.
“The team had 15 priorities when I arrived. We picked five that had teams needing to implement urgently. We had a launch in 18 months. That impact fuels support and engagement on everything else.” Head Of Innovation, Consumer Goods
Start by understanding the organization’s priorities. Too many innovation labs start by ordering 3D printers and looking for startups to hang out with. The successful ones start by understanding the areas of the business that need help and align their efforts with what these areas need in order to move forward.
“We didn’t start with startups, we took time and seconded our team to live and work alongside the different functions within the bank. We learned exactly what each team needed and are now incubating startups that solve those problems so the solutions become bank ready.” Innovation Lab, Financial Services
Land quick wins. Understanding priorities can help you understand where the quick wins are. You’re going to need some of those in order to have enough momentum to carry you over the longer term. Have some stories to tell sooner rather than later.
Finally, realise that success in this role could look a lot more like “mission accomplished” than “job for life”. Successful innovation teams have a tendency to do themselves out of a job. Always look ahead to what a successful innovation lab will set you up to do next.