Innovation labs have been hip for the last decade or so yet the story is that they only last 3-5 years. 

Something is up here. 

It's not up to the innovation labs or teams to produce innovation. I know, it sounds like a paradox. What it should really be about is an innovation mindset. 

The difference is the output. Innovation is defined differently by every department in a company. 

Therefore sticking the responsibility of innovation for a whole company when every part of the company wants different outcomes is a tall order.

So with this mindset having an innovation mindset allows the team to be entrepreneurial and find growth opportunities for the business that's outside it's core revenue.