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which phase of development – whether they ’ re just starting an innovation project or scaling up within the organisation .”
Innovation has its own centralised budget allocated that is ring-fenced , meaning other tech projects within the bank don ’ t eat into innovation . The bank ’ s innovation leads are connected to board members , ensuring that there ’ s corporate buy-in for major innovation projects . And the bank isn ’ t afraid of letting go where it needs to : take the example of Peaks , a retail investing app where Rabobank was an early-stage backer . Rabobank itself was not able to turn the company into a success and , recognising that there was a better place for Peaks , chose to sell its stake in the company to allow the fledgling fintech to fly .
“ With the challenges that we face in the world today , there ’ s always a need for innovation , so I don ’ t think we ’ ll ever slow down . We will always need innovation to continue making those energy and food transitions a success , so I don ’ t see a world where we will never need to innovate .
“ Of course , that doesn ’ t mean you can ’ t be sensible with what you spend and what you get out of that expenditure . We ’ re super-realistic . If we see that our innovation projects aren ’ t moving fast enough throughout the year or we ’ re not going to use up our allocated budget , we give it back to the organisation . We don ’ t need to use up our budget to show that we ’ re successful . But I think it would be naive to think you can just pause your innovation . I don ’ t think that ’ s an option in today ’ s world .”
Innovation is embedded in Rabobank ’ s DNA From Leurs ’ perspective , this cooperative mentality makes Rabobank ideal for outside partners to deal with – whether that ’ s startups , consultants , or innovation enthusiasts . That doesn ’ t mean that new relationships are always seamless , though . Any organisation of Rabobank ’ s size would find it difficult to integrate with young , agile entrepreneurs
– particularly those that are used to moving at pace , and less experienced in dealing with a heavily-regulated industry that has internal safeguard layers , protocols , and approval procedures .
“ We have had a number of successful collaborations , but we have also had some failures around collaborating with startups , too . We always start with good intentions , but , sometimes , it can be a difficult thing to marry the small with the big .”
Leurs believes that innovation is baked into Rabobank ’ s DNA . It ’ s an integral part of the way it does business . “ I honestly think that the cooperative culture in the organisation translates into our people being willing to work with teams , to help each other get results . That , in the end , is what you need to get great innovation and great new ideas .”
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