Innovation Lab Excellence dives past the slick surface of espresso machines, youthful techies and creatively designed co-working spaces to examine, in detail, the conditions and practices necessary for a lab and innovation to initiate and thrive. This book goes behind the scenes of working innovation labs to distill a rigorous set of best practices. Apply these to unleash the innovation that will give your enterprise a digital competitive advantage. Written by an award-winning expert in financial technology and global manager of multiple labs, this book reveals:●How innovation labs went from exotic add-ons to must-haves, and the unique challenges they face;●How a detailed array of best practices will help your lab excel and be better focused to serve your business interests;●How a human-centric focus is the key to adopting new technology, and to gaining acceptance of both innovators and innovation;●Where you need to rethink what you know about adopting new technology. This guide pulls no punches. It offers expert analysis of the most typical problems—and their solutions—so that your innovation can transcend the hype and achieve tangible results. Innovation Lab Excellence is a must-read if you manage an innovation lab, work in one, or are a business manager engaged with one.About the AuthorRichard Turrin is an award-winning executive with more than 20 years of experience in fintech innovation. He is an independent Fintech and AI consultant, helping clients navigate the unchartered waters associated with the latest cognitive technologies. He previously headed fintech for IBM Cognitive Studios Singapore (IBM’s Innovation Lab) and worked for IBM China where he led his team to win the prestigious “Risk Technology Product of the Year” award for his unique hybrid-cloud solution to risk analytics.
- Richard Turrin delivers a deep, practical, sometimes cynical, perspective on innovation labs and digital transformation, more generally. This book is an excellent resource for corporate executives, students of innovation, educators, and tech enthusiasts. The book is efficiently organized around specific cases and best practices, many of which the authors learned from his own experience managing an innovation lab.
Despite being technical in nature, the book is an easy read and accessible to anyone regardless of a level of technical expertise. The chapter on best practices offers an intelligent discussion of pros and cons of specific approaches to managing an innovation lab. Having those arguments under your belt would definitely increase chances of success in managing a lab.
Chapter “Why do labs fail?” could be an eye-opener for those informed only by media stories about impressive achievements by innovation labs. The authors skillfully lifts the veil of glamour and digs into real issues that corporate executives face trying to adjust to the brave new digital world.
This is certainly a very useful book that delivers a great educational value for money.
- I am in exactly this business and I can tell you that the author is speaking from experience. Although of course some of my opinions differ, I respect everything I read in here and I highly recommend this book. Lots of food for thought, War stories, and good ideas. The key thing is that Innovation Labs can really get isolated from the main company that makes money and you need to do everything you can to build those connections.
- To my knowledge this is the first book ever written about operating innovation labs. Richard has gone through many years of experience to distill these helpful principles in a very readable way so that we don’t have to make the same mistakes and be able to hit the ground running. Definitely one of those “I wish I had this before I started” kind of books.
Some good companions to this that go a level deeper into potential frameworks to adopt:
• ‘The Corporate Startup’ by Tendayi Viki
• ‘Building a Growth Factory’ by Scott D. Anthony.
- This is an absolute essential read for anyone involved in innovation and digital transformation.
As often happens in new digital fields, it might be difficult sorting the multiple sources of knowledge you available online and navigating thru the stream to find the most useful ones.
I believe this was one of the rationale behind the book, Richard gives you directions, and builds up a system of ideas that grows on you like a handbook on how to handle the ship in the uncharted waters of innovation. I will definitely go back thru these pages when facing challenges in my job.
- Richard Turrin’s new book “Innovation Lab Excellence” is an eminently readable and digestible book of do’s and don’ts for the hands-on practitioner. On the basis of the inevitability of every financial service organization needing to establish its own innovation lab, Richard transforms his experience in that venue into a list of existential pitfalls and suggestions on how to avoid/circumvent them.
Some of the choices to be made include the ends towards which an innovation lab will work, its organizational fit, and which leadership model might best (or at least better) serve in such contexts.
I would categorize this book as narrowly focused yet conducive of broader thoughts and thinking. It conveys a high degree of business savvy and balances enthusiasm for the future with pragmatism needed for sustainable practice. I would agree with Richard that his book could well serve a handbook upon which to build a foundation while remaining flexible and expandable in the longer term.
With the greatest investment in any book being the time and mental effort spent reading and understanding it, I’d value-rate it at 5 of 5 stars for those with direct or adjacent intent in the area of focus, and nearly the same as a component for those interested in becoming better familiarized with the conditions and contortions fintech purveyors and providers, both in-house and external, currently need to endure and address.
- What do companies need for the future? Turrin has detailed a practical framework for corporate innovation. His examples illustrate sidestepping costly mistakes, springboarding great ideas with a future-oriented perspective and pulling together talent. He also discusses important issues and technologies which may affect how corporations view change and the impact their philosophy. I appreciate the mix of topics: thought-provoking.