How Companies can Accelerate Innovation

For companies looking to accelerate innovation, why not open up a competition for smaller companies to bring ideas, new technology, and entrepreneurship to offer solutions for business problems at your company? This is exactly what Citi did.

I recently had the opportunity to present Cooleaf as part Citi’s Smarter Worklife Tech Innovation challenge. Here is the summary of the challenge from Citi.

“Digital Innovations are affecting every part of Citi’s business including its internal operations. 

Smarter Worklife Challenge enabled by Digital Acceleration within Citi Fintech invited selected technology companies to a crowd-sourcing initiative to identify innovative human resources technologies to improve “Employee Journey”. 

We received 133 submissions from 21 countries, out of which selected 19 Finalists presented their solutions to Citi Leadership at a Demo Day in NYC on February 11, 2016.”

Cooleaf was one of the finalists to present in NYC near Citi’s headquarters. Each company had 8 minutes to present and there was a strong emphasis on sharing a live product demo. The attendees of the event were a combination of Citi executives along with other executives from Citi partners such as PwC who were interested in what solutions would be presented.

We were assigned two RMs (Relationship Managers) that were subject matters experts at Citi that helped give guidance on our presentation and how best to align Cooleaf’s solution to solve specific problems that would most likely result in interest from Citi’s leadership team to do a pilot.

Here is a video of my presentation.

Citi has a huge volunteer and community service program where hundreds of events are organized each year around the world. The challenge for Citi is to maximize awareness about these events for employees to engage in them. There is also a challenge in managing the logistics of employees registering and communications for each local event. We found that much of the logistics are done manually and Cooleaf could add significant value by automating internal processes for Citi while also helping to maximize awareness and engagement into the existing programs that Citi has invested in.

Our proposed pilot for Citi was to create a branded web and mobile employee community platform that is part of the employee on-boarding process. When a new employee joins the company, they would quickly have access to many types of employee resource groups inside Citi to build connections with other employees based on common interest and to also be plugged into the many volunteer and community service opportunities that Citi sponsors.

I’m very proud to say that Cooleaf was one of the eight companies chosen to participate in a pilot with Citi but also one of the three companies selected to receive a cash award!

These types of events are great to help promote innovation. The large company wins by having many smaller companies compete to offer the most innovative solution to a business problem while the smaller companies have an opportunity to then work with a large customer that they most likely would not have had. In addition, there is a great PR opportunity.

I hope to see more of these types of events in the future and would be happy to share more details with anyone interested in hosting this type of event for their company.

Finding Your Core as a Startup Company

Cooleaf is constantly evolving. We are learning everyday from customers. I truly believe in that as part of survival. I also believe there should be fundamental principles at your core as a company that guide you. These principles can be difficult to learn and I think we are just now starting to really understand them. I think you really don’t know what you stand for until you have stood for a little while. Because then you get tested, rejected, and ignored. That’s when you really see what you believe in.

Here is our story at Cooleaf to finding our core.

The initial product launch for Cooleaf was a web app. that allowed consumers to pick and choose fitness classes from health clubs and studios without having to be a member of the gym. Our idea was to give people more flexibility, get a discount, and earn rewards for signing up for healthy classes. We got some traction but it wasn’t sustainable.

We found that what we thought was our target market, active people who liked getting fit, actually didn’t really need our product because they already felt good about the gym or studio they were in. They were fine with their current routine. We weren’t solving a critical problem for them. There was also a segment of the market that did like trying new things and not being locked down into a membership but at the same time they were getting e-mails from Groupon and Living Social with deep discounts that we couldn’t offer.

We started evolving into the corporate space by allowing the HR Director for example to offer all their employees a corporate discount to the Cooleaf partner network based on a corporate rate we negotiated with health clubs and studios. We started to get more traction because the communication was going through a trusted source, being the company a person works for. We found this as a much more efficient marketing strategy for acquiring new users to our platform. However, it still didn’t change the fact that we were not solving a problem for people.

Around the same time as we were starting to work with employers for distributing the ‘corporate perk’ we called it, or employee discounts, we started organizing group events open to anyone to join. The first one we did was a IMG_0304kickboxing class at Atlanta Kick back in April of 2012. We promoted the event to our user base where we charged $5 for the class and then set up a happy hour afterwards. We figured we might as well have fun with this. People started showing up and bringing their friends. I remember thinking, ‘where did these people come from?’. It was a cool feeling to see people showing up to our event and having a good time.

We found that doing things as a group made more sense for people to try something new. Even if the class wasn’t great, at least they were with friends to have a good time. It became more about having a fun or good experience as opposed to just a fitness session. We got feedback that people liked the idea of being able to meet others who also shared their passion.

As we continued with the group events, we started testing the idea of setting up group events that are private to the employees of a company. This meant for example, bringing in a chef to do a cooking demo at a company’s office, onsite yoga classes, or taking groups of employees to rock climbing outings. We found that employees loved it and employers were willing to pay for it. Based on the traction we were getting, we started focusing on offering awesome group experiences for employees at our employer clients.

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Typically the conversation with an employer client would start around offering a wellness program that their employees would actually want to participate in because it was based on fun activities that employees gave feedback on that they wanted to do. We  would also get feedback from company leaders that they would use our program as part of their new employee onboarding process to get new hires introduced into the organization and start meeting others. The idea of organizing awesome group outings become much more about team building and making the company a better place to work rather than trying to improve the health of employees. People getting healthy was more of a byproduct of what we did.

We believe the best way to have a strong, innovative culture for a company is by creating an environment that fosters employees to have authentic relationships with one another. We help make this happen for a company by organizing fun group activities that allow employees to connect with other employees based on common interest and having fun.

By no means do we have it all figured out. We’re not even close. We are still constantly evolving how we position ourselves and what we can offer to maximize the value to a customer based on understanding and solving their problems. From all of this customer discovery and self discovery, we have come to put a stake in the ground on the following core guiding principles.

  • Enabling people to connect with others through fun, active experiences resulting in authentic relationships based on common interests, goals, and affiliations.
  • Creating more fun, collaborative, authentic, and positive cultures in organizations through engaging experiences for people.