Innovation Tap

By Fay Pantry, Talent Partner at Capital On Tap

At Capital on Tap we are always encouraging everyone to think creatively, problem solve and pilot new ideas. But twice a year, something a little bit special happens, something we like to call Innovation Tap (innovative name right?).

We pick 2 days of the year where, anyone in the business is invited to pitch their ideas of ways in which they can impact the direction of the business to a panel of judges (3 Senior Managers). These ideas could be anything, from how we can improve customer experience, ways to drive further growth and revenue or methods to simplify our teams’ way of working.

After all the pitches have been presented, the panel of judges select the best ideas to be piloted or prototyped. The successful ideas are selected to proceed based on their potential impact/ viability (and coolness).

What happens with all these cool ideas?

The selected ideas fall into 2 paths:

Pilot: Those that can be piloted and tested immediately without developer resources. The idea owner can begin formulating the scope, next steps and objectives for rolling out the idea straight after the judging stage. A senior manager will be assigned to help the owner get access to the resources and knowledge needed to do so, and the owner will have a one month check-in with the judging panel to follow up on the pilot’s initial results.

OR

Prototype: Ideas for development during a hackathon. The idea owner can recruit their team from within the business to help them, whether it be a business analyst, a developer or someone else from across the business (the people team have yet to be recruited – their loss if you ask me). We then hold a hackathon over the course of 2 days.

I hear you ask, why?

An excuse to have pizza and a party of course! Nooooo, we don’t need an excuse for food and a good time at Capital on Tap. We have three main goals for The Innovation Tap:

1. Knowledge sharing: Letting people from different functions, backgrounds and perspectives share their knowledge of the opportunities and risks we face as a company.

2. A greenhouse for new ideas: Providing the time and resources to let the best ideas flourish.

3. Ownership and impact: Allowing anyone with a good idea to impact the direction of the company.

Our company values matter

Our core values are exceptionally important to us and we only want to run with initiatives that embody our three company values, this one definitely does that!

  • Just Pilot: This is the whole idea behind the innovation tap, we want to try new ideas, ask questions and figure out what works best for the business.
  • Deliver It, Simple: The Innovation Tap allows people to take ownership of an idea from concept to delivery and create simple, effective, innovative ideas to drive our business forward.
  • Be a Buddy: The Innovation Tap is all about collaboration, it’s about asking for and receiving help from people from all areas of the business, it’s about working together to get stuff done.

What’s up for grabs?

Yup you heard it here first, as well as the knowledge that your idea could be making a great impact within the business, there are actual prizes up for grabs and they’re pretty damn good.

Our hackathon winner, chosen after the two day hackathon, secures themselves and their hackathon team a fancy dinner! Whilst the overall Innovation Tap winner, determined after 4-6 months of the idea being implemented, wins £3,000 towards a holiday of their choice. Considering I didn’t suggest any ideas this time around, it’s looking highly unlikely that I’ll be getting £3K for my dream holiday to South Africa anytime soon. Oh well, there’s always next year.

If you’re interested in finding out more about open job roles here at Capital on Tap and potentially becoming part of a winning hackathon team, please get in touch! https://boards.greenhouse.io/capitalontap

Check out my upcoming post to find out more about our winners and their great ideas from H1 Innovation Tap.