The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
Early-stage startups seek partnerships and investments for different reasons. As a corporation, it is essential to understand these reasons before partnering. For instance, while one startup may be interested in partnering because of the availability of a vast distribution network, another may want to partner because of access to strategic patents or other IP assets.<\/p>\n\n\n\n The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
Early-stage startups seek partnerships and investments for different reasons. As a corporation, it is essential to understand these reasons before partnering. For instance, while one startup may be interested in partnering because of the availability of a vast distribution network, another may want to partner because of access to strategic patents or other IP assets.<\/p>\n\n\n\n The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
To accelerate corporate innovation, Mr. Sigal suggests that corporations should partner with startups with the aim of introducing startup DNA into the organization. To partner effectively with startups, he suggests two key areas corporations must pay attention to - funding dynamics and capital-efficient experiments.<\/p>\n\n\n\n Early-stage startups seek partnerships and investments for different reasons. As a corporation, it is essential to understand these reasons before partnering. For instance, while one startup may be interested in partnering because of the availability of a vast distribution network, another may want to partner because of access to strategic patents or other IP assets.<\/p>\n\n\n\n The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n Through this new entity and by creating an innovation council, Western Union is today one of the most advanced money transfer companies in the world, showcasing how effective digital transformation<\/a> can help any financial organization reinvent itself for the digital age.<\/p>\n\n\n\n In the last talk of the day, Sean Lindy, director of innovation and corporate acceleration at SVIC, took participants through the steps to integrating new technologies into mature companies.<\/p>\n\n\n\n A major challenge that mature organizations face in this area is maintaining a balance between running the existing business and pursuing new business through new technologies. Mr. Lindy offered a three-horizon approach to tackling this problem: <\/p>\n\n\n\n According to this framework, companies allocate technological resources in a 70:20:10 ratio, starting with horizon one through to horizon three. But as Mr. Lindy indicated, the return on these investments should follow a reverse ratio of 10:20:70, starting with horizon one through to horizon three. That is, a 10% investment in creating genuinely new business can result in a 70% ROI.<\/p>\n\n\n\n However, to successfully integrate new technologies across these three horizons, Mr. Lindy says, an organization should follow this five-step roadmap: <\/p>\n\n\n\n The importance for corporations of learning from external ideas as part of an immersion program is captured by Henry Chesbrough in his book Open Innovation. He writes, \u201cfirms can and should use external as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.\u201d Day 5 of the Navigating Fintech Disruption Program seeks to put this thinking into practice by connecting participants with some of the world\u2019s most innovative companies. As a result, senior executives came away with definitive steps, ideas and insights to follow to accelerate corporate innovation within their respective organizations.<\/p>\n\n\n\n The Navigating FinTech Disruption<\/a> executive immersion program is a five-day experience where business leaders learn about the latest trends in FinTech, directly from Silicon Valley insiders. Tailor-made for financial services executives, the program includes 5 days of insightful experiences with the most innovative Silicon Valley companies as well as presentations by experts to provide insights into the impact of technology innovations on finance.<\/p>\n","post_title":"Navigating Fintech Disruption: Day 5 - Accelerating Corporate Innovation","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"closed","post_password":"","post_name":"navigating-fintech-disruption-day-5-accelerating-corporate-innovation","to_ping":"","pinged":"","post_modified":"2020-02-21 11:36:01","post_modified_gmt":"2020-02-21 19:36:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/siliconvalley.center\/blog\/navigating-fintech-disruption-day-5-accelerating-corporate-innovation\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":false,"total_page":1},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_5"};
The difference between a mature corporation and a startup is that the former is focused on maintaining the status quo, while the latter is focused on disrupting the status quo. As such, each has vastly different priorities, culture, and DNA.<\/p>\n\n\n\n To accelerate corporate innovation, Mr. Sigal suggests that corporations should partner with startups with the aim of introducing startup DNA into the organization. To partner effectively with startups, he suggests two key areas corporations must pay attention to - funding dynamics and capital-efficient experiments.<\/p>\n\n\n\n Early-stage startups seek partnerships and investments for different reasons. As a corporation, it is essential to understand these reasons before partnering. For instance, while one startup may be interested in partnering because of the availability of a vast distribution network, another may want to partner because of access to strategic patents or other IP assets.<\/p>\n\n\n\n The second point Mr. Sigal covered is the need to utilize capital-efficient experiments while making early-stage investments in startups. That is, although a startup may be involved in very promising activities, it is essential to collaborate with the startup in conducting capital-efficient experiments to determine the commercial viability of the activities as well as whether they fit into the organization\u2019s broader vision and business model.<\/p>\n\n\n\n In the second session of the day, participants transferred to Western Union Digital<\/a>, where a senior executive was on hand to take them through how Western Union transformed its business through digital transformation.<\/p>\n\n\n\n Western Union is one of the oldest money transfer companies in the world. Over the years, it has had to reinvent itself several times to remain aligned with emerging technologies. Its current transformation has been its most formidable to date, the Western Union executive explained.<\/p>\n\n\n\n Why has this transformation been the most challenging? Because of the unprecedented digital transformation happening across the entire business and consumer spectrum.<\/p>\n\n\n\n For example, the meteoric rise in smartphone adoption has radically altered how consumers interact with financial services. For Western Union, this means contending with customers who are no longer willing to visit a physical outlet to send or collect money.<\/p>\n\n\n\n To meet this challenge, Western Union created an entirely new entity, Western Union Digital, whose sole mandate is to identify and capture opportunities emerging from a digitally transforming world.<\/p>\n\n\n\n
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\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
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Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
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Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
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Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
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Capital-efficient Experiments<\/h2>\n\n\n\n
Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
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Capital-efficient Experiments<\/h2>\n\n\n\n
Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
\n
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Funding Dynamics<\/h2>\n\n\n\n
Capital-efficient Experiments<\/h2>\n\n\n\n
Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
\n
Latest
Funding Dynamics<\/h2>\n\n\n\n
Capital-efficient Experiments<\/h2>\n\n\n\n
Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
Integration of New Technologies in Mature Companies<\/h2>\n\n\n\n
Day 5 Conclusion<\/h2>\n\n\n\n
\n\n\n\nNavigating FinTech Disruption Executive Immersion Program<\/h2>\n\n\n\n
\n
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Funding Dynamics<\/h2>\n\n\n\n
Capital-efficient Experiments<\/h2>\n\n\n\n
Digital Transformation Best Practices from Silicon Valley<\/h2>\n\n\n\n
