How the Capital One Garage is incubating new products and ‘re-imagining the relationship with money’
It has been just over two years since Capital One, the $24 billion financial services giant, opened The Garage, an incubator that brings together cross-functional teams to create new products and services. The focus is on Capital One’s home lending and auto lending businesses, and Garage co-founder Gagan Kanjlia noted in a recent Innovation Leader Live call that a garage is not only where we keep our cars, but it’s also usually connected to the home.
Plus, it’s a place that often spawns startup companies — as was the case with Apple, Google, and Hewlett-Packard, the company at which Kanjlia began his career.
“We incubate and accelerate great products,” Kanjlia says. “But also we’re driving this broader business transformation, which is essential for larger companies like Capital One.”
Kanjlia joined Capital One in 2001, and later ran digital product development for Capital One 360 before helping launch the Garage in 2014. In August, not long after our call, Kanjlia left Capital One to take a new role as Global Head of Product, Design, and Channel Management at OnDeck, an online lending startup. Kanjlia says that the Garage will endure; he was looking for a new challenge in the startup world.