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Innovation Lab with L Marks: Discover, Develop, Deploy

What is the Innovation Lab?

This award-winning programme uses the power of open innovation and collaboration to solve business challenges, generate efficiencies, design new product offerings, and improve customer experiences. Leveraging the new technologies and solutions being developed globally by the startup and scaleup community, we help businesses discover, develop and deploy these valuable advances through a rapid collaboration over 10 weeks.

 

Why do an Innovation Lab?

Facilitated collaboration with agile and innovative partners leads to tailored solutions for implementation into the business while also introducing new ways of working which, in turn, drives continuous innovation. With up to 10 startups working across four or five challenges identified with the client, the Lab makes a huge impact on organisations, not only because they involve several business units, but because they attract the attention of high numbers of employees. This impact is reflected in both the quality of the solutions produced and its success in galvanising the business behind innovation.

 

How does the Innovation Lab work?

We work with our clients to organise and facilitate a programme that meets the goals and strategic objectives of our clients. We put our innovation methodology at your disposal and work with you to customise it to the needs of your business. We also provide a multidisciplinary team to facilitate the journey from beginning to end.

Challenge identification: We work with our clients to articulate challenges and opportunities. We understand and categorise these challenges and opportunities and then provide a global scout for the best technological solutions to them.

Finding partners: Our scouting team uses our network and hundreds of community partners to identify start-ups and scale ups they determine are well placed to work alongside the client to develop and adapt their product to then deploy it in the market. The most impressive companies are invited to present their business at Pitch Day to compete for a place in the Innovation Lab itself.

Delivering value: Startups selected to join the Lab work closely with stakeholders from across the business, gaining an in-depth understanding of its current operations and innovation objectives. L Marks facilitates the delivery of the innovation initiatives in the Lab, working hand-in-hand with the startups, corporate stakeholders and external mentors from the L Marks network, to develop and deploy these valuable advances into the business through a rapid collaboration over 10 weeks. We can also provide other valuable resources to support the growth of the startups.

 

What does the gold standard look like?

In 2018, we were delighted to be chosen to partner with Lloyd’s, the world’s leading specialist insurance and reinsurance market, to create their vision for a new programme to deliver solutions to meet the unique and rapidly changing needs of the Lloyd’s market. The Lloyd’s Lab is now a thriving ecosystem of insurers, brokers, InsurTechs and mentors, as well as the key avenue for the creation of new concepts, ideas and products in the market.

A utility may use its lab to automate manual processes such as the fault detection of water pipes. A logistics company might use it to test out a business solution focusing on a fleet of robots within a warehouse facility, allowing to reduce operational costs.

The programmes have shown to be adaptable throughout a range of industries.

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