What is Binance lab?

Could you please elaborate on what Binance Lab is? I'm curious to know more about its purpose, its operations, and the role it plays within the broader Binance ecosystem. I've heard that it's somehow involved in fostering innovation and supporting early-stage blockchain projects, but I'd like to have a more comprehensive understanding of its mission and functions. Is there a specific methodology or approach that Binance Lab follows in identifying and nurturing promising projects? And how does it contribute to the growth and development of the blockchain and cryptocurrency industries?