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Corporate legal and compliance (L&C) teams are usually considered the very antithesis of corporate innovation. The perennial “no” amidst a wide-eyed crowd enthusiastic with the prospect of shaking up the status quo and creating something new.
It is not without reason.
Established organisations have all implemented systems, processes and recruited people to keep the business afloat and keep it delivering on a repeatable and scaleable business model.
For organisations in industries such as healthcare and financial services, this goes one step further to ensuring that the delivery of this business model does not contravene any governing regulation.
While startups can often avoid the attention of regulators while they are small but as they find traction, grow and become more profitable, is is far more likely that they will capture the attention of regulators, as UBER and Airbnb discovered during their growth curve. The cost can often be hundreds of thousands if not millions of dollars in penalties, reputational damage, loss of business and worst of all a suspension or revocation of license to operate.
So how then do organisations with regulators watching over their every move run experiments to test new ideas, a process fundamental to the science of innovation?
Listen to this episode to find out!