Why the financial system needs an innovation lab

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The ILF is a big fan of the Finance Innovation Lab which recently received a funding award by Friends Provident Foundation and Joseph Rowntree Charitable Trust (JRCT) for its incredible work in injecting new values and innovation into the financial system. Over the last six years, The Finance Innovation Lab has successfully run a number of incubators such as UnLtd Futures and Campaign Lab and collaborated with important partners including business coaches, Shirlaws, Tim Jackson of the University of Surrey, Nesta and the New Economy Organisers Network (NEON).

“The challenges we face today are so complex – there has just got to be another way that tackles the roots of these problems.”

The Finance Innovation Lab was founded in 2008 by former employes of WWF-UK and ICAEW with the aim to empower positive disruptors in the financial system, connect people who are changing the system, and develop them as leaders and help them scale their work. The organisation is built upon the following five very important reasons, which are still hugely relevant to the financial system today:

  1. 1. Dealing with the complexity requires a systems approach to change
  2. 2. Shifting purpose, values and culture takes time
  3. 3. Demonstrating ‘the new’ needs safe space for experimentation
  4. 4. Changing power dynamics requires collaborative communities
  5. 5. Inspiring new narratives through collective intelligence and insight

Besides having a look at their website and the full article published by NESTA, the ILF recommends to have a glance at their inspiring video “Transforming Finance” which was launched last year and based on several years of research:

Original article published at NESTA on the 25th of February 2015, Read the full article here

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