"The introduction of something new," or, "a new idea, method or advice." According to m-w.com, that's the definition of innovation – a word that's as prevalent in the credit union industry as deposits or members.

It often sounds like one of those overused workplace buzzwords, like "employee engagement" or "organizational culture." Something credit unions know they're supposed to invest in and achieve that doesn't come with its own how-to manual. There are an endless number of ways to approach innovation – and no set rules on what the outcome should be – so it's only natural for many credit unions to not know where to begin.

So what does innovation really mean? I asked myself this question last Wednesday during a two-hour drive from Los Angeles to Irvine, Calif., for CU Direct's Innovation Lab grand opening event (more on that later). Forty miles later, I concluded that the meaning may not be as important as the purpose. The activities associated with innovation can be any number of things, but the reason we innovate is to adapt and mold to external changes that impact us. It keeps us from getting stuck or falling behind. We may be running on a smooth, clear path alongside our peers one day with no obstacles in sight, but when the path starts to turn rough, we have no choice but to veer off into another direction. And we must be prepared for that moment.