Three Benefits of Starting an Innovation Lab
Innovation labs have been a buzzworthy feature of corporate operations for the past few years, but you don’t have to be a big global brand to see the benefits of starting one. Here are three ways the lab strategy can help businesses of all sizes.
At Mission Data, nothing excites us more than experimenting with emerging technology to discover the possible. To demonstrate our love for the “game” as well as stay competitive with leading market concepts, we decided to start Mission Data Labs last year. So far, our lab initiatives have enhanced our brand, brought new partners and clients, and fostered a culture of learning and creativity throughout the company.
Wondering how a lab can improve your business operations? Based on our own experiences, here are a few reasons why we believe any company can benefit from starting an innovation lab.
Become Better Guides for Clients and Prospects
Every time we begin a new Labs project, our team of technologists and executives generally start simple. The goal is to get a solid understanding of the fundamentals of emerging technologies such as augmented reality/virtual reality (AR/VR), the Internet of Things (IoT), iBeacons, machine learning, haptics, or voice interfaces.
By engaging with and experimenting with new tech hands-on, we are naturally deepening our skills and understanding so that we can guide clients through evolving technological landscapes with confidence.
When clients come to us with their visions for new products, we are able to show them potential new features and efficiencies, and offer our insight to separate myths from reality.
Foster Collaboration and Coopetition
One distinct trait of our tech industry is its culture of coopetition. Coopetition is when competitors collaborate to achieve mutually beneficial results. This strategy is arguably a core reason for the rise of Silicon Valley, and establishing an innovation lab supports this approach. On our blog, we publish notes from all of our Labs projects, whether a success or failure, so others can learn from our experiences. We don’t mind that our competitors see our failures or discover how pedestrian our projects can be.
Often, we look for opportunities to collaborate on lab projects with competitors, using our diverse perspectives and expertise to either create a new solution or show potential clients a bigger idea than any one company could produce alone. Coopetition also validates whether two firms can work together. In many ways, companies that prove they can partner can be a real point of interest for potential clients — sometimes it takes a mix of capabilities and joint solutions to turn a big idea into a reality.
Gauge Trends Better
Our clients are hearing how new technologies such as AI, IoT, and AR/VR are the future of digital solutions. However, they are often overwhelmed by the hype surrounding new tech. They ask us which trends are real versus not real. Are they already too late? Will they be too early? What should they plan for? With our Labs work, we have a better understanding of which tools, tech and methods have true business value and which are exaggerated. On the other hand, as engineers we sometimes see tech that isn’t hyped at all, but may be solid enough to use. In the end, we are able to show clients which aspects of emerging technologies would truly work with their product vision before we begin building.
These are just a few of the benefits we’ve experienced from starting our innovation lab, and we’ll keep sharing more as we continue our journey. You can check out some of the Lab projects we’ve done so far here.
About Mission Data
We’re designers, engineers, and strategists building innovative digital products that transform the way companies do business. Learn more: https://www.missiondata.com.
SXSW 2017 PanelPicker voting is live, and we would love for you to support our submission, “Innovation Labs: Our Journey Into Emerging Tech”. To vote, please click here — you can quickly create an account using your Facebook profile or by clicking ‘Create Account’ and entering your name, email address, and password. Voting ends September 2nd. We appreciate your time and support!
