Innovation Labs: Innovate or Die
Partnering With a Third Party for Innovation
While the exorbitant R&D budgets of these retailers may seem daunting and unattainable, more nimble and modern retailers have been able to stay relevant in the R&D space using other means. Rather than invent, they buy, or in today's software-as-a-service (SaaS) world, they rent. It's faster. It's cheaper. It uses no mindshare to maintain. It can be executed with less overhead and allows them to remain focused on what they were born to do — serve the shopper and sell merchandise. They become customers of startup technology companies, which are inventing for them and solving digital problems in a very focused way.
- 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.
