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How Stockland Built an Innovation Culture

Monday, 26 Sep 2016

IA

New hub, internal champions and data analytics.

Property developer Stockland has revealed the early results from its creation of an internal innovation hub and ‘Innovation Champions’ to seed innovation culture in the business.

The company, which is known for building everything from shopping malls to office and apartment blocks, created a company-wide innovation program called Ideas@Stockland in August last year.

The aim was to “encourage and foster commercialisation of innovation” and to be prepared for the impact of digital disruption in the property industry.

“Our ability to develop products that meet anticipated future customer and societal demands is crucial to the sustainability of our business, particularly in light of Australia’s ageing population and changing demographics,” Stockland said in its annual report, released this week.

“Rapid technology advancements and other converging mega trends are changing consumer behaviour. We are focused on creating opportunities from these changes.

“To that end, we are introducing support and tools for our employees to foster innovation and make it easy to implement ideas quickly.”

Ideas@Stockland was created in August 2015 and built up over the next few months. A bit less than a year in, the initiative has seen a positive response.

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