Fear of Disruption Driving Firms to Invest in Ideas
The fear of tech disruption is making firms from many industries invest in the search for ideas. There is also news that SEBI is finalising rules to allow e-commerce platforms, such as Flipkart, to sell financial products online.
Economic Times reports that financial services firm Edelweiss is tapping engineering students for innovative technologies and has created an internal board that is evaluating ideas such as peer-to-peer lending to avoid being disrupted.
The fear of technological disruption has reached the boards of large companies, which are now trying to join the startup boom, either through funding or collaborations. Edelweiss is open to trying both, the company's technology chief told ET, as not all innovative ideas can come from inside.
"We have a programme called Edelweiss Springboard. We go to engineering colleges and ask students to come up with innovative ideas for our business using few technologies. If the idea has potential, we will mentor the shortlisted teams in implementing their ideas and reward the successful ones," Kalpana Maniar, president and chief information officer of Edelweiss Financial Services, said in an interview.