Japanese telecom NTT is the latest multi-billion dollar company to embrace Silicon Valley with the opening of a new Innovation Institute there. In doing so, it’s following companies like Samsung, Huawei, and Comcast in mimicking the local startup culture in an effort to build creative new applications.
One of the reasons that innovation centers have become all the rage these days is that few really large organizations are well-equipped to keep up with the pace of innovation happening in the startup world. Given the amount of bureaucracy that creeps in, not to mention the need to justify each decision based on a P&L sheet, it can be difficult to drive imaginative new development in that environment.
As a result, these companies are building outposts that recruit local talent and carry the same general ethos as their Silicon Valley brethren: Small teams, agile development, minimum viable product, all that…
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