In light of London Tech Week, we hosted an evening of drinks, canapes and insights that brought together leaders from the retail, consumer, and technology sectors. The event, co-hosted with Expand North Star, was two-fold:
A dynamic panel discussion on corporate innovation with industry experts, Clare Forbes, Director of Technology at Fortnum & Mason, Farrukh Hassain, Investment Director at Sony Innovation Fund, Omar Hassan, Managing Director of Global Growth Hub, moderated by Dani, head of Growth & Marketing at True.
A Scale-Up Pitch competition from four stand-out companies in our ecosystem - Quin, Quorso, C2FO and Duel - for the chance to win a trip to Dubai for Expand North Star in October, with flights, accommodation and a booth at the corporate innovation arena.
Our panel of industry leaders delved into how heritage brands can balance tradition with technology, the biggest challenges and opportunities in today's global market, and the future trends set to revolutionise retail and consumer tech. They also shared invaluable advice on overcoming barriers to innovation and the role of regional hubs in fostering cutting-edge advancements. On the latter point, we heard first-hand how this is working in the region from Peter Brady from Dubai World Trade Centre and Khawla Alsuwaidi from the Dubai Chamber.
Here are our key takeaways:
Embracing Heritage and Innovation
Clare (Fortnum & Mason), shared her approach to balancing technological advancements with maintaining the traditional aspects of a heritage brand. Fortnum & Mason leverages technology to enhance the customer experience without compromising its rich legacy. Clare emphasised, “Tech, when done well, is an enabler for business,” highlighting the importance of integrating technology to meet evolving business needs while preserving brand authenticity.
Navigating Global Challenges and Opportunities
Omar, (Global Growth Hub and MENA Technology Fund), discussed the biggest challenges and opportunities in corporate innovation today. He highlighted the need for companies to understand and adapt to changing consumer preferences, leveraging data to drive innovation. Omar pointed out that the rapid advancements in technology present both opportunities and challenges for businesses aiming to stay competitive in a global market.
Integrating Agility in Corporate Structures
Farrukh, (Sony Innovation Fund), shared valuable insights on balancing innovation with core business operations. He emphasised the importance of integrating startup-like agility within corporate structures through strategic partnerships and cross-departmental collaboration. Farrukh’s advice underscores the need for corporations to remain adaptable and foster a culture of innovation.
Future Trends in Retail and Consumer Tech
Looking ahead, the panellists predicted (no surprise here) that the next big wave of innovation would centre around artificial intelligence, sustainability, and personalised consumer experiences. Businesses must stay agile, continuously seek improvement, and keep consumers at the heart of their innovation efforts. Omar emphasised the importance of personalisation and sustainability, predicting these trends will shape the future of corporate innovation.
Overcoming Barriers to Innovation
The discussion also touched on overcoming common barriers to innovation within large corporations. Clare highlighted the significance of open and honest conversations and breaking down silos to drive innovation. Omar added that fostering a culture of continuous learning and experimentation is crucial for overcoming resistance and encouraging collaboration across departments.
The Role of Regional Hubs
The panel also explored the role of regional hubs in fostering innovation. Omar highlighted Dubai’s growth as a hub for innovation and technology, attributing it to supportive government policies and a vibrant entrepreneurial ecosystem. Farrukh discussed the unique challenges and opportunities for startups in the MENA region, encouraging businesses to leverage regional opportunities while being mindful of cultural differences.
Final Words of Wisdom
The panellists concluded with advice for companies embarking on their innovation journey. They unanimously emphasised the importance of embracing a culture of continuous learning and experimentation. Businesses should be bold, take calculated risks, and always prioritise the consumer in their innovation strategies.
The event culminated in a rapid pitch competition from Quin, Quorso, C2FO and Duel - all companies that are demonstrating innovative solutions to the current challenges retailers are facing.
A huge congratulations to C2FO who was selected as our winner by the panel of judges and was awarded with free tickets to attend Expand North Star in Dubai in October, along with a booth in the corporate innovation arena.
As we look forward to the Expand North Star conference in Dubai, we are excited to continue exploring the future of corporate innovation in the region and beyond. Interested in hearing more? Get in touch: hello@true.global.
