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The purpose of running multiple experiments in Hyatt's lab hotels is to find innovative solutions to recurring problems. A select number of its 488 global hotels have between 7 and 9 experiments running at the same time. Successful experiments then get implemented.
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On average, the world's most innovative companies use 3.6 different types of innovation in a single new product or service, whereas average innovators only use 1.8 types of innovation altogether. Combining the types makes moves harder to replicate by competitors. Hyatt uses ""lab hotels"" to find innovative solutions to recurring problems. A select number of its 488 global hotels have between 7 and 9 experiments running at the same time. Successful experiments then get implemented. Chicago restaurant Next makes money on customers' tabs paid in advance. To reserve a table, customers pay for their entire meal in advance. Next makes interest on those funds and dramatically decreases ""no shows."" Pricing also changes based on the time of the reservation rather than the quantity of food eaten, therefore maximizing margins. Natura, a Brazilian cosmetics company, has a modest R&D team but continually launches products on the cutting edge of "skin science" to the tune of $3.4 billion annuall...
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Stop wasting your time on brainstorming sessions that only improve upon existing offerings marginally. Based on exhaustive case studies and research o...
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