Since the turn of the millennium a boom has taken place regarding innovation labs in the industry. Every enterprise founded an innovation lab. Since then a lot has happened. The review is disillusioning. Read more about the balancing act between success and failure in innovation labs in this blog post.

In the recent decades a lot of innovation labs caught attention with startups, ideas and innovative approaches in the industry. Now is the time to reverberate and look at the stories of these innovation labs. And here the success stories are clearly outnumbered by failures and bankruptcies, because since 2000, 52 % of the newly founded innovation labs have merged with other labs, closed or gone bankrupt.

Factors for the success of innovation labs

Of course, as it is often the case in life, there is not one formula for success and innovations to go through the roof. If one wants to measure success and failure by 3 factors, these are the ones that ultimately make the difference:

1. People:

The acting people are the most important part regarding innovation. No matter how much money you put into an organisation, a start-up, a university or other projects, if you do not have the right people with the right mindset, the outcome will be bad. You certainly know examples for this.

2. Setting

An important part of innovation is the setting. Suppliers, consumers and competitors expedite innovation or are even responsible for its emergence.

3. Focus on the aim

Innovation has to make money as soon as possible. Everything else is called research.

What do you think about it? I would like to here about your opinion and experience! You can contact me by phone (+43 676 9560164), via e-mail (gerhard@pramhas.eu) or use the contact form.