Goldman Sachs’ internal idea factory hatched a plan for the Google of Wall Street, and it’s now looking for the next big thing to disrupt the bank.
Goldman selected a project called Neon, a firm-wide search engine built by the compliance division to find data, conduct surveillance, and detect pattern anomalies. This idea was one of eight winners selected out of about 1,000 submissions for the incubator’s inaugural class. Large and complex data sets can by queried by this project.
A future use of this project may be for investment bankers to search for a client’s name (e.g., a big technology company) to get a complete list of colleagues talking to the company on other projects across the bank, learn what meetings are planned, and see which pitch decks or presentations had been prepared in the past.
GS Accelerate launched last March as a way to breathe life into ideas otherwise struggling to get off the ground. Goldman’s decision to start an internal incubator surprised some people because of the firm’s reputation for letting ideas bubble up from the business units.
Goldman Sachs’ has set up with additional funding and freed from day-to-day jobs. Goldman is now focusing applicants on three broad areas: improving client experience and engagement, growing the franchise with durable revenue streams, and investing in efficiency.
Chief strategy officer Stephanie Cohen and her team will work with leaders across Goldman to review submissions and select teams of two to six people to participate in the incubator.
Employees get 5 weeks to submit their application, with the announcement of the winners scheduled for August or September. That should leave enough time to alert bosses and move employees from day-to-day responsibilities into new roles overseeing their projects by year end.
2.specific funding and a two-years testing time.
GS have set an incubation funding for this groups. The investments are made by the firm and must meet return targets, with a goal of getting the projects off the ground and out of the program in two years.
2.Talent recruitment
Elsewhere, internal incubators have developed a reputation as a recruitment and retention tool, with a mixed record of success in developing new technologies.
Besides，Goldman has started hiring for engineers whose job will be solely focused on helping the projects under the GS Accelerate umbrella.
1.Google Area 120
Area 120 focuses on projects which, though ambitious, feel classically Google-esque. Staffers accepted into the program permanently depart their old jobs and work out of one of Area 120’s three office locations–San Francisco, Palo Alto, and New York City–and receive enough financial support to begin turning their brainchildren into real businesses, including the ability to staff up with recruits from within Google or outside the company.
2.JPMorgan Chase’s In-Residence program
The project brings startup “residents” from the outside in and gives them access to its facilities, systems and expertise while JPM gets a front row seat to the latest in innovation and potential partnerships in the future.
3.Microsoft garage
The Garage is Microsoft’s official outlet for experimental projects from small teams across the company to test a hypothesis, receive early customer feedback, and determine product market fit. It provides spaces for hacking and making for all employees and interns.
4.Amazon Launchpad
Amazon Launchpad provides education, merchandising, and global infrastructure to entrepreneurs and startup companies to sell and deliver innovative products to millions of Amazon customers.
5.Facebook first official internal incubator: LDN_LAB
The company announced LDN_LAB back in December 2017 when it opened its new HQ in the U.K. capital. The incubator launched three 12-week courses throughout 2018. Each three-month program focused on helping startups grow their business, with the first intake aimed specifically at those using technology to build communities.
