10 CORPORATES AND INNOVATION INNOVATE TO SUCCEED There are very few corporates who haven’t woken up to their need to innovate. Whether they’re an energy company wanting insights into customer behavior, a bank looking for a new business model to build customer loyalty, or a technology business like Intel or Cisco with a huge dependency on R&D, corporates are becoming acutely aware of the importance of innovation for survival. But it’s not just about survival. PwC’s 2016 Global Innovation 1000 study highlights that those companies allocating 25% or more of their R&D budgets to software offerings report faster revenue growth than those allocating a smaller portion. While enterprises recognize the need to be innovative, the reality of changing their culture and internal processes, carving out time for people to be innovative, and aligning various initiatives with the bottom line is often too challenging. “Innovation has enjoyed a big hype over the last few years. Companies start to understand innovation is much more than having ‘good ideas’; it is about culture, business processes, planning and strategy,” explains Jorge Rivero, Innovation Director at VINCI Energies, a Startupbootcamp partner for the Smart Transportation and Energy program in Berlin. Innovation is much more “ than having ‘good ideas’; it is about culture, business processes, planning and strategy.” Jorge Rivero, Innovation Director at VINCI Energies