Legal & General discusses innovation and solving ‘Harry Potter problems’
(Norwich, UK, 13/12/2019)
In the latest issues of Business Chief Europe Magazine, Maarten Ectors, Chief Innovation Officer at Legal & General (L&G) discusses the unique approach to innovation and problem solving being employed by his Future Ventures team, which sits within the wider L&G organisation.
Ectors and and the group of innovators he collaborates with, seek out and solve those most critical of business problems – and they answer them in weeks. Ectors has termed such challenges ‘Harry Potter problems’, the type of issues, he tells the publications, that “businesses and organisations have tried, and failed, to solve and don’t know who to turn to for a solution. The only course of action left is to go to the innovator that might hold a magic wand in the shape of new technologies or business approaches to solve the problems faster, cheaper and more effectively than anyone else. We’re that innovator.”
Ectors joined L&G in 2017, installing an innovative, startup mentality that has already brought much success. He and his team use the ‘Harry Potter problem’ model to identify the key ‘problems’ for L&G, and seek out opportunities to scale them up. “I see innovation as something that you inject, and it spreads like a virus,” he explains. “It shouldn’t be bound by a team. It’s a way of creating a movement where everyone in the organisations comes together – moving quickly is always best if everyone looks at the same problem from different perspectives and meets at the final solution. We are bringing people together in the organisation to come up with the best possible solutions faster and more cheaply than anyone else.
To discover the full story, click here to read the magazine.