Corporate Innovation: The New Mantra for Tomorrow’s Businesses

One of the reasons that make a brand so admirable is their commitment to foster the culture of
Innovation and change. Corporate Innovation has taken a new front in this Digital Age and is
gaining traction as innovation itself trends, becoming a standard value of forward-thinking
companies.

Corporate innovation helps the organizations to accelerate cultural change and develop
operational excellence in their innovation initiatives. It is the process wherein corporations
implement innovation opportunities into existing business models. It is crucial for established
companies which are trying to stay relevant on the face of disruption from up-and-coming start-
ups.

In recent years, a growing number of corporations like GE Garage, Stanley Ventures, Allianz
Digital Labs etc. have worked to preempt similar downfalls with intentional innovation plans.

DevX has organized India’s biggest Fintech Hackathon in 5 Cities in just 2.5 months for one of
India’s fastest growing bank. The Hackathon was exceptionally successful and has helped the
bank to identify new products of banking domain which they can integrate in their product line
to give better customer experience.  

Corporate Innovation is about “moving fast and learning things” to improve and grow the
business over the medium-to-short term. Every business should consider it is not only for
incremental growth, margin but to survive, adapt and thrive in this ever-changing business.
Thereby, it is becoming necessary for the corporations to rethink and reinvest their business
models, thus, incorporating internally generated success with externally generated innovation.