A new Applied Innovation Exchange has been opened by Capgemini in San Francisco. The exchange will focus on providing a space in which co-innovation with established high tech brands and start-ups can take place, with select venture capital and private equity funds made available to promising innovative propositions.
Being innovative remains a key aspect of the business environment, and the rapid development of the digital space – and the disruptive potential it opens up – is calling companies in many industries to step up their innovation game. The lifespan of an average company within the S&P 500 was 18 years in 2011; in 1935 it was still 90 years. To keep up with the pace, last year, companies globally invested $680 billion on innovation, much of which is moving closer to customer bases in China. Yet many innovation attempts are not successful, a recent PA Consulting article highlights that in the UK up to £64.7 billion per year is lost to failed innovation initiatives. To provide support to companies seeking to create innovative solutions and improve their competitiveness, a number of consulting firms have opened innovation labs in recent years. Examples include Accenture’s Innovation Centre in Dublin, Synechron’s digital innovation centre in Dubai and PwC’s working with Google Labs in Belfast.
In a bid to provide its support to the innovation activities of companies, Capgemini has also launched a number of innovation centres across the globe in recent years. Its offering is the Applied Innovation Exchange (AIE). This concept offers a space in which it is possible for participating businesses of any size to rapidly develop innovations, and thereby move from problem to solution through “compressing the cycle time from the discovery to deployment of innovation.” At these exchanges, businesses are provided with a location in which a range of experts are available for the rapid development of innovation, or to gain greater insight into current disruptive innovation market trends. There are currently nine such exchanges across the globe, some with specific focuses, such as the Munich Exchange – home to extensive automotive Applied Innovation specialties, or the Paris Exchange – where Oculus Rift innovation is taking place. Other exchanges are located in Lille, Toulouse, Utrecht, Mumbai, and Melbourne. An exchange is planned soon for London.
Capgemini’s most recent exchange is based in San Francisco. The exchange’s specialisation will be in ‘co-innovation with established hi tech brands and start-ups’. At this exchange, selected venture capital and private equity partners are available to support promising ideas, as well as to provide access to the wider sources of industry-specific innovation resident in Silicon Valley. The San Francisco exchange will provide a secure space to support organisations gain a better grip on and implement emerging technologies such as Internet of Things, Insights and Data, Cloud, CyberSecurity and Vanguard IT.
“Companies can no longer innovate in isolation, or be content with development and deployment cycles measured in years, or months. The risks of not acting or acting in yesterday’s innovation paradigms are far too great,” explains Lanny Cohen, Global Chief Technology Officer and member of the Group Executive Committee at Capgemini. “Given the fast pace of emerging technology introductions, and the way they are removing traditional barriers to market entry, it is the rapid application of innovation which promises sustainable value for the enterprise. By focusing on the discipline of Applied Innovation, we are providing organisations with a path to address one of the most strategic and important dynamics in the market today.”