Coca-Cola has shut down its Founders program, which sought to work with entrepreneurs and invest in startups that would benefit the beverage giant in some way. The initiative was launched in 2013, and since then has backed eight companies. One possible cause? A back-to-basics focus on the core business.
Motivating and rewarding innovators is one of those topics that comes up frequently at Innovation Leader’s live events, in interviews, and in our regular conference calls with innovation execs. Innovation psychologist Dr. Amantha Imber addresses that topic in her new book “The Innovation Formula: The 14 Science-Based Keys for Creating a Culture Where Innovation Thrives.” We’ve got an excerpt.
“I’ve learned that culture and politics both will have big impacts on the course your innovation program follows. But most people don’t talk about them,” writes Sreten Gajic, a former new ventures executive at Assurant and Coca-Cola. Here’s his advice on how you can build structures that can get innovation to happen in any company.
VP of Innovation and Entrepreneurship David Butler talks about his work to combine entrepreneurial ideas and speed with Coca-Cola’s scale and brand power. Includes a half-hour of downloadable audio.
VP of innovation and entrepreneurship David Butler shares the experiments Coke is trying internally and externally as a way to “regenerate the culture” of the 150,000 employee company, including hackathons to improve its soda dispensers and conferences focused on learning from failure. Above, two employees present an idea at Coke’s first employee Startup Weekend, held in June 2013.
Companies like Campbell’s Soup, Coca-Cola, and Hasbro have started to organize hackathons as a way to get outsiders building prototypes of new products and services — some of which may help further the company’s strategy, or get a new kind of ecosystem going. Here’s advice on how to do it right, and some of the controversy that can arise.