Deep Dive: The Evolution of Corporate Innovation

Executive Summary

• The rapid development of new retail technologies across the online, mobile and in-store channels, along with disruption from startups, is dramatically shifting consumers’ expectations and behaviors.
• Industry leaders are realizing that partnerships with relevant startups and other players offer a range of benefits, including accelerating the speed of innovation, providing fresh sources of ideas and supporting the establishment of a culture of innovation.
• According to our findings, the top areas of focus for corporate innovation centers are mobile technology, data analytics, the Internet of Things (IoT), payment technologies, robotics, virtual and augmented reality, and 3D printing.
• Asia has become a major region in terms of innovation, spurred by government initiatives and the availability of talent. Key Asian innovation hubs include Singapore, Bangalore, Shanghai and Tokyo. Israel, long known as a hub
  of cybersecurity talent, has developed over recent years into one of the world’s top locations for retail tech innovation, too.