The Innovation Lab is an initiative by the Inter-American Development Bank, supported by the Italian Development Cooperation.

High impact innovations happen when a new process, product or service addresses people’s needs and aspirations. It can affect the way people live, work or even think. High impact innovations require not only a deep understanding of what these needs and solutions are, but also an understanding of how to implement and learn from them. The whole process requires innovation and a multidisciplinary approach because the needs and aspirations of people are never one-dimensional. More Innovation, More Competitiveness: innovation is also the key element of competitiveness that enables Latin American and Caribbean enterprises to successfully compete in global markets. New ideas lead to new products and processes that can create job opportunities and make development more inclusive.

How does it work?

• Intensive use of The Innovation Lab interactive platform
• Interaction among experts from different fields
• Innovations developed through crowdsourcing
• Contests of Problems followed by Contests of Solutions
• Visualization of solutions as they turn into reality
• Innovations lead to higher productivity levels, more competitiveness, job creation, and a more inclusive society.

The Innovation Lab is coordinated by the Competitiveness and Innovation Division of the Inter-American Development Bank through a Multidisciplinary Team. The Multidisciplinary team involves people from different areas of expertise from both within and outside the Inter-American Development Bank.