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

At the end of 2020, Apple, a company known for its innovations, was worth more than the 30 largest listed companies in Germany. Since its recent IPO, the electric vehicle startup Rivian has risen to become the third most valuable automaker in the world without having delivered a single car. Small businesses are being disrupted by digital companies such as Amazon, direct sales companies and online delivery services. It is obvious that 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 large and small companies are setting up special innovation departments to deal with the development of future business opportunities for the company.