An Innovation Lab is a dedicated space where individuals and teams can collaborate to develop new ideas, products, or services. These labs often focus on creative problem-solving and experimentation, allowing participants to explore cutting-edge technologies and methodologies. They may be found in various sectors, including education, business, and healthcare, and often encourage a culture of creativity and risk-taking. Typically, an Innovation Lab is equipped with tools and resources such as prototyping equipment, software development kits, and brainstorming spaces. Many organizations, including startups and corporations, utilize these labs to foster innovation and stay competitive in their industries.