Richard Turrin
Best selling author & Fintech, AI and innovation consultant
Some institutions have launched fantastic innovation labs but have failed to launch successful innovations. Why do you think this is?
This is a chronic problem with innovation labs and is something insiders commonly call ‘innovation theater’ – where companies make a big show of innovation but are far less successful at producing results. These companies tend to get headlines for a series of breathtaking innovations that make competitors green with envy. But closer examination often reveals that their innovations are only skin-deep. These institutions make little headway in the implementation of the solutions that are flowing out of their innovation ecosystems.
Innovation has real value, but it is often used by management as a potent tool to increase the perceived value of the company. This is why many companies inflate their latest achievements; it is a demonstration that they are poised for the future. Innovation pays, not just in the tangible new tech, but in terms of the opinion of the outside world. This is why ‘innovation theater’ is so prevalent.
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