Innovation Labs: Not Just for Corporates, but essential for Small and Medium-Sized Businesses
Karl Allen-Muncey
Experienced Entrepreneur & Leader. Specialising in Marketing, Design Thinking, Brand, Product & Team Development, Innovator, Investor & Motorcyclist ???
Before I start, let's get a couple of things out of the way.
"Innovation" is bullsh*t
Obviously I say that tongue in cheek, as it's been in my job title for 10 years, But as a term, it doesn't mean anything until there is context assigned to it.
So Innovation to one person or company, may look completely different to someone else - Let's move forward on the basis or understanding that we've defined what Innovation means, and looks like to you. Secondly, when I use the term "Lab" - I'm really referring to a 'structure that allows for systematic identification of challenges, opportunities and initiatives" - not necessarily a physical location.
In todays landscape, change, and rising taxes seem to be the only constants - and to those ends innovation and adaptation continue to be the cornerstones of sustainable growth and success in running a business.
In my extensive journey working in this space for the last few years — from establishing Corporate Innovation Labs that have Millions of dollars in budgets to setting up and supporting civic & social Innovation labs across the country with very meager budgets— I have seen the powerful potential of innovation labs and their processes.
A potential that's accessible not just to corporate giants but to small and medium-sized business owner too.
To give you an idea of their versatility, I'm in the process of building 3 very different innovation labs for clients. One in the eCommerce, Warehousing, fulfilment and retail replenishment space - One for a client in the Motorcycle space, connecting stakeholders and projects together from across the industry, and another for an older, more traditional business looking to capitalize off of their successes of the past and build new products, processes and opportunities for the future - all very different, but all using a very similar set of processes and goals.
All of this to say, there is still very much a place for the innovation lab - or at least, a framework that allows for the systematic identification and testing of challenges and opportunities.
Innovation Labs: The Under-utilized Toolbox
Innovation labs function as a crucible where ideas are not just born but nurtured to maturity, using data and feedback as our guiding factors. Whether it is facilitating a new business idea to find its ground or aiding a traditional business to revitalize its operations, these labs have shown to be transformative spaces where creativity meets expertise. With a focused approach, an innovation lab can give birth to groundbreaking products and services, fine-tuned to meet specific market needs, even with limited resources.
Your Journey with Innovation
Embarking on this journey doesn't necessitate a complete overhaul of your existing systems. The whole point, is that we're trying to help companies innovate, and need to find principals and processes that work for the culture and methodologies already in place at that company, so that initiatives of your "lab" more likely to live on, have the best chances of success and be adopted. The methodologies that we apply, enable the development of solutions and prototypes in a structured yet flexible manner, allowing you to progressively validate your innovation vision with minimal disruptions and additional resources.
Innovation that integrates seamlessly with your existing structure, working collaboratively to enhance your business's innate strengths while introducing innovative solutions to existing challenges.
How I Navigate Innovation
Through my consulting structure Portal Labs Inc, I have channeled my extensive expertise into developing labs as a service for others. Our processes and tools stand as testimony to the attainability of innovation for businesses of all different shapes and sizes, offering the chance to tap into an expansive world of opportunities at a comfortable pace and a feasible budget.
Once we can understand what the context of innovation looks like we can associate challenges and opportunities to that context, and start moving towards the success criteria that connect to those factors.
领英推荐
Use Innovation as a Radar: Scanning the Environment that your business operates in.
Staying attuned to worldwide developments can offer a competitive edge, especially when it comes to maintaining momentum and growth. So adopting an innovation strategy as a service that keeps you aware and brings you insights and trends, provides not just competitive intelligence but assist in the development of actionable strategies based on current realities.
Benefits of Building Your Innovation Lab
Building your innovation lab steered by experienced hands can yield numerous benefits including:1. Staying Ahead of the Curve
An innovation lab ensures your business is never static, constantly adapting to not only keep up with the industry changes but to lead them. It offers the critical ability to foresee industry trends, allowing you to innovate proactively and stay relevant in a fast-evolving marketplace.
Why Now is the Right Time
In the wake of COVID, the effect that lockdowns had, and the threat of more of the same coming in our near future, the need for businesses to be resilient and adaptable has intensified.
Now is a moment ripe with opportunities to rethink, reevaluate, and reinvent business strategies to align with the emerging realities.
Through the lens of my English Football heritage, I bring the stadium philosophy of "Sing while you're winning" — a proactive approach to business, encouraging continuous innovation while in a position of strength. It’s about striking while the iron is hot, leveraging your current success and resources to build a sustainable future.
Innovation is a road best travelled in collaboration not a silo.
As I continue to foster success stories in this evolving space, I invite businesses to embrace the transformative potential of innovation labs.
Leveraging design-thinking tools, we facilitate the exploration and execution of dynamic strategies, helping your business not just stay afloat but sail ahead in vibrant and competitive waters.
Let’s seize the moment, building a future defined by innovation, resilience, and sustained growth.
You know how to get hold of me. If I can help you with anything Innovation, Marketing, Motorcycles or Business - Drop me a line.
k
Leadership Coach & Consultant | Helping You Build Powerful & Passionate Teams | Leadership Development | Culture | Executive Coaching
1 年Karl Allen-Muncey this is a great article and I would like to add onto it. 1. I recently walked a group of people through a 10min personal mind mapping exercise to help them solve a problem they are facing. This group deals with their problem every day and just by getting their ideas, thoughts and even feeling on paper they were able to clearly see what action step they needed to take to change their result. Innovation comes from not settling and asking challenging questions - we stop asking questions when we think we know all the answers. 2. From the Human Capital space that I play in, an innovation lab would be an extremely motivating exercise for teams to work through. The sense of striving for more adds to purpose at work, improving retention and employee satisfaction. Leaders tend to default to things like BBQs and Escapes Rooms as the only Team Building - An Innovation Lab would not only add value to a business but would also support tighter team bonds.