The paper “ Entrepreneurship and Innovation in AXA Group and Qaboos University ” is a spectacular example of a case study on management. There are several characteristics that facilitate the innovation process at the French multinational company AXA. AXA has an innovation center in Silicon Valley where the company hopes that the gold rush-infused entrepreneurial culture of the Valley will impact positively on its innovative efforts. AXA insurance company is also investing heavily in order to facilitate innovation. Innovation is at the core of AXA's corporate culture. Innovation finds expressions within the support provided to startups by creating an ecosystem of structures that are specifically dedicated to investment as well as innovation (Storey & Kahn, 2010).
The company has an emerging trend detector known as AXA Lab to be on the lookout of emerging customer needs. The company recognizes the changing trends in customers’ needs and the dynamism in the competitive business world. Innovation cannot happen without enough resources allocated to innovation efforts. AXA has a venture capital fund known as AXA Strategic Venture (ASV). This fund is specifically set aside to facilitate any innovation efforts within the company.
Many startups have suffered setbacks due to inadequate funding and AXA recognizes the need of having a special kitty of funds directed towards facilitating innovation. The kitty has about £ 200 Million venture capital targeted at evaluating emerging strategic innovations connected to insurance, financial technology, asset management, as well as healthcare service industries. AXA Strategic Ventures is described by the company as dedicated to improving customer experience and fostering entrepreneurial discovery (Ross, 2016). Despite having its headquarters in Paris, the venture has offices in New York, Zurich, London, Berlin, Hong Kong, and San Francisco.
The establishment of ASV resonates with an important trend in insurance technology that involves investments in startups.
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