Welcome to the world of Growth Labs, where organizations harness the power of collaboration, crowd intelligence, experimentation and design to drive innovations forward.
What is a growth Lab and why should you have one?
Let us explain in more detail what we mean with a Growth Lab. In simple terms, a growth lab is:
- A specific delivery model to realize your innovation initiatives.
- An inspirational physical (or virtual) place in your organization, in which to collaborate, ideate, and get your hands dirty.
- A place to explore, discover, validate, and build innovation opportunities for specific business needs and compelling use cases.
- An opportunity to experiment with internal innovation teams and carefully selected external partners.
- A strategic innovation hotbed that drives strategic growth initiatives, from cost reduction, new product development to enhancing user experience and business model transformation
- A formal collaboration space governed by an explicit contract between the innovation team and the business and guided by a supportive Growth Board
- A long-term, mandated commitment to innovation which safeguards sustainability and sufficiency of resources, including skilled staffing, adequate budget, and cutting-edge tools.
A Growth Lab is instrumental in the ideation and validation stages of your innovation process. It is a safe haven for innovators and allows innovations to be validated outside of the constraints of the business.
We already explained having a Growth Lab fast tracks your business’ growth. Here are the key considerations around creating a Growth Lab for your organization.
- Create a dedicated and secure space for experimentation, free from the constraints of corporate rules, regulations, controls, and procedures.
- Foster a distinct working environment that sets the Growth Lab apart from the rest of the organization, encouraging fresh perspectives and innovative thinking.
- Cultivate a unique culture and mindset within the Growth Lab, promoting creativity, risk-taking, and a pioneering spirit
- Embrace a multidisciplinary approach by assembling specialized teams within the Growth Lab, harnessing diverse expertise and perspectives for collaborative problem-solving.
- Empower employees to develop their skills as corporate innovators, providing opportunities for growth and learning within the dynamic environment of the Growth Lab
- Establish a powerful catalyst for driving change throughout your organization, utilizing the Growth Lab as a lever to introduce and implement transformative initiatives.
The Growth Lab is backed by the comprehensive innovation suite of our partner, Qmarkets.
Managing your innovation process as a core business process requires solid support with state-of-the-art systems. Qmarkets’ end-to-end innovation software fits the bill.
The Growth Lab Playbook
Create purpose-built environments which serve as catalysts for groundbreaking ideas.
KLM Technology Innovation
Setting up a new corporate technology innovation venturing organization called BlueLabs