This report summarizes the first cohort of Innovation Labs, focusing on three key areas: Investing in Natural Flood Management in Urban Areas in the UK (led by LSE); Methods to Quantify Flood Risk Reduction and Co-Benefits of NbS in the Netherlands(led by VU-IVM); Harnessing Insurance to Promote Nature-Based Solutions for Wildfire Risk Management (led by IIASA). Each Innovation Lab was structured to define a problem, canvas solutions, and discuss ideas among a group. The process involved defining and exploring the problem, identifying potential solutions or innovations, and developing a prototype business case. This business case was then critically stress-tested and questioned to identify potential knowledge gaps and barriers to implementation. The outcomes of this process were summarized in a scorecard-type report and disseminated to the identified audiences. The scorecard consisted of four sections: (1) Problem statement, current baseline, and innovation; (2) Implementation and execution; (3) Financing; and (4) Impact.