Creativity and innovation are not just about what goes on inside the organisation, says Regina Sullivan, EVP, Global Business Services, Fidelity Investments, it is vital to also look outside.
Most people see Fidelity Investments as a financial services company, which it is, but it invests almost $3bn a year on technology.
“We do that to keep the systems running, but also to innovate and to create new things for our customers,” says Sullivan. “Today over 25pc of our workforce is in technology.”
When it comes to innovation, Sullivan says it is vital for established organisations to look out as well as within.
“You have to do both, so it’s what we do and how we do it that matters. We look to academia, we look to our competitors, we look to those things that are external disrupters,” she says.
“We are a company that has been in business quite a long time, and you have these smaller, nimbler competitors who are doing interesting things. So we watch and we see, because of course we also want to be ahead of them,” Sullivan added.
“If you don’t compete and you don’t look outside, then you are going to struggle in your company, so we are very focused on making sure we do. We have alliances with universities and academia, industry, many great groups.
“And we also set things up internally, so we have a whole focused team on innovation. We have Fidelity Labs, which is a separate group of people outside the business units. So it’s really important to understand what’s going on in order to understand how you can serve your customers.”
Watch the full interview with Sullivan on open innovation and creativity, and on diversity, here:
Regina Sullivan will be a panelist at the Innovation Ireland Forum on 24 October in the Guinness Storehouse in Dublin