the new face of r&d dc week
TRANSCRIPT
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Starting Up Lean at Capital One
Angie Shelton, @nolagalDCWEEK 2012
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My life resembles a pot of Gumbo…
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CAPITAL ONE LABS IS A PASSIONATE TEAM OF ENTREPRENEURS WHO ARE REIMAGINING THE WAY MORE THAN 60 MILLION PEOPLE INTERACT WITH THEIR MONEY.
@capitalonelabs
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Capital One is no stranger to disruptive innovation.
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New entrants moving at digital speed are expanding what it means to be a bank.
…forcing us to raise our game.
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What does it take to build
innovative digital products
inside a large bank?
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Location, Location, Location!
SF & DC
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Hire top talent.
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Create a collaborative, fun environment.
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Tap into customers’ rewards currency and allow people to "pay with points" on your own site or app.
Allow customers to self identify and grant permissions to third parties.
Open your platform.
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Let the magic happen!
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Every great story has a protagonist.
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33% of reward points go unused
“ “I don’t have enough points for cool rewards”a
“ “I never think to use my rewards points”a
“ “Its hard to use my reward points”a
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“We need an App that allows people to buy cool stuff instantly with their
rewards ”
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“I would use that”
We showed a bunch of people, and they thought it was cool too.
“There should totally be an app for that!”
“That looks cool”
“When get IGet it?!”
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So, we built an app for that...
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Discovery Conversion Redemption
It looks something like this.
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Whoa Nelly! You want to do WHAT!??
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Big Company Benefit: Built in beta testers!
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The Beta testers used the app, and gave us a lots of great feedback
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We advanced to the next board...
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Some things we learned along the way:
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Keep teams small.
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Establish that your intent is to FAILas quickly and as cheaply as possible.
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Get out of the building
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Avoid over promoting your early work.
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Negotiate business terms for failure. Not success.
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Act like you are on a start-up budget.
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Start with a customer insight Keep your team small Invite Failure Be your own Guerilla research firm Don’t over promote your early work Act like you are on a Start-up budget
Think Big. Build Small. Scale Fast.
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Thank You
@CapitalOneLabs @nolagal