The FT explores the innovation theatre and inherent conflict of banks replicating each other (in the way only non-innovative institutions can) by creating labs, hubs, and accelerators for start-ups to set up shop. The quid pro quo was clear: the start-ups received office space; the banks got the ideas.
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The financial sector has seen enough innovation theatre
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What’s worse, almost every bank got into the game, replicating each other in the way only non-innovative institutions can. Whether the offering was a lab, a hub, an accelerator or an incubator, the formula seemed identical. Start-ups would be invited to work in shared office spaces or, very occasionally, in dedicated souped-up zones within banks themselves, all paid for by the banks. The sponsor’s own innovation specialists would then mentor the start-ups, with the goal of investing or buying up the good ones. The quid pro quo was clear: the start-ups received office space; the banks got the ideas.
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