Innovation Labs: Innovate or Die
Cost of an Innovation Lab
One of the major roadblocks for many retailers is the cost of an in-house innovation lab. Amazon spent $9.5 billion on R&D in 2014, up from $6.5 billion in 2013, significantly beyond what most other retailers apply to new technologies. Amazon understands where the long-term advantage will come from. It's constantly coming up with creative ways to introduce new items and ideas into the market and finds out quickly if they matter to consumers. While this is clearly a large amount of money to apply toward innovation, it's been proven to differentiate the digital giants from the rest.
- Companies:
- Amazon.com
- Wal-Mart
- Places:
- United States
John Grech is currently the Head of Retail Partnerships at Loop Commerce leading sales, business development and growth for the company. Loop is powering GXM for leaders like Target, Neiman Marcus, Vera Bradley, Coach, Kate Spade Michael Kors, and others. Prior to Loop, he was Co-Founder of Iterate Studio, a venture designed to close the gap on how retailers and brands access early-stage startup innovation. Essentially, Walmart Labs for everyone else and delivered as a service.
