Five Steps To Ensure Your Innovation Lab Isn't Innovation Theater

By the end of 2020, Apple, a company known for innovation, was worth more than the 30 largest publicly traded companies in Germany. Electric vehicle startup Rivian has risen to become the world's third most valuable automaker since its recent IPO, without having delivered a single car. Small businesses are being disrupted by digital companies like Amazon, direct sales companies and online delivery services. Clearly, innovation is a top priority for many companies when it comes to renewing their competitive advantages and creating future profitable growth. For this reason, more and more companies, large and small, are setting up dedicated innovation departments to develop future business opportunities for the company.