W3: FNB CodeFest: Fostering Corporate Innovation Through In-House Hackathons

Question 1

FNB Codefest

Answer 1

An in-house hackathon aimed at fostering corporate innovation and intrapreneurship. It was launched in 2015 by Peter Alkem.a It serves as a platform for employees to collaborate and create innovative solutions for the bank. By leveraging agile principles and cross-functional teamwork, CodeFest has grown into a six-day event that has become central to FNB’s innovation strategy

Question 2

FNB

Answer 2

Part of the FirstRand Group and is one of South Africa’s “Big Four” banks. It focuses heavily on innovation-driven growth, hosting competitions and events to encourage employee-driven ideas. CodeFest is one of the key initiatives aimed at promoting intrapreneurshop and ensuring the bank remains competitive in the evolving financial services landscape

Question 3

Day 0

Answer 3

Teams pitch their ideas to a panel of FNB executives. This ensured that ideas aligned with corporate objectives and addressed customer needs

Question 4

“Disrupt or be disrupted”

Answer 4

A concept that became a central part of business strategy, warning organisations of the risks of failing to adapt and self-disrupt regularly

Question 5

Self-disruption

Answer 5

Must be intentional and strategic. Companies that encourage intrapreneurshop and allow employees to explore disruptive ideas are more likely to stay competitive. Alkema emphasised Kodak as an example of when a company fails to self-disrupt