ProjectLab is a funding competition managed by the Innovation Lab that provides grants up to £5,000 per project for festivals to propose and implement innovation projects. The guidance document provides details on the eligibility and selection criteria for proposals, examples of eligible projects, timelines for three rounds of funding, and the process for submitting and selecting proposals. Festivals are encouraged to use available support mechanisms to develop strong proposals that will be assessed based on criteria like impact, innovation, and deliverability.