Retail Lessons From Silicon Valley in Open Innovation
The Retail Week website reported that large retailers are increasingly aware that the only way to innovate at the pace today’s customer demands is to look outside their organizations. They are accepting that they must partner with or acquire start-ups, rather than trying to innovate internally or rely on their preferred supplier list. Several large retailers around the world have embraced open innovation: WalmartLabs has acquired 15 start-ups since 2011, and John Lewis’s JLabs invested in 10 start-ups last year alone.
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