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.”