Insurer AXA & ICT Provider Swisscom Build Intrapreneurship Project Rent’n’Share

How would you describe Rent’n’Share in a few words?

At Rent’n’Share we want our customers to enjoy freedom by offering a car subscription model. The freedom to enjoy all advantages of their own car without having to actually buy or lease one. The freedom to drive a convertible in summer and a 4×4 SUV in winter. And the freedom to share your car, if you’d like to. With us, getting a car is simple, easy & flexible.

What inspired you to create the project?

It all started a couple of months ago. Mobility is an important topic for AXA. So, we discussed the future of mobility with Swisscom, our IT partner, and came up with the concept for Rent’n’Share. It was clear, that both partners could bring in their expertise: Swisscom contributes ICT knowledge and car connectivity systems while AXA provides know-how on insurance and fleet management. Once the idea was outlined and a basic business model was created, we had the opportunity to join Kickstart Accelerator (KSAcc) – we were very lucky. In this program, we were forced to create something tangible instead of presentation slides.

Karsten, you’re an Innovation Manager at AXA – from your perspective, what can you tell us about the collaboration with Swisscom? When did your companies decide to join forces and what did and does the process look like?

AXA and Swisscom have a long relationship and trust each other. However, what happened with Rent’n’Share was something totally different. To get both companies to agree on acting as a startup is amazing – but a big challenge at the same time. Unlike our “real” startup peers at KSAcc, we first got to know each other, learned about our motivations and strengths. We had to find a common language and understand what Rent’n’Share is supposed to be. What helped us was the implementation of SCRUM. We worked in one-week sprints and very clearly defined stories and acceptance criteria. So, for the first few weeks, we spoke a lot about each other’s roles and our expectations. I’m happy to say that we joined KSAcc as AXA & Swisscom and will finish it as Rent’n’Share.

Does this entail Rent’n’Share operating independently of AXA and Swisscom?

Not yet – but that’s one option we will discuss. A benefit of operating independently would be that Rent’n’Share will not be affected by corporate rules and regulations (like CI/CD). The corporate framework can already be frightening with only one company – with two large parents, it can be very difficult.

As you mentioned, Rent’n’Share is currently taking part in KSAcc. What are some of your learning points until now and what do you expect in regards to the outcome?

We learned a lot from KSAcc’s team, all the experts, mentors and – of course –  our peers. The access to this knowledge helped us create a brand story, clarify our go-to-market approach and rethink a couple of ideas, we had in our minds. What’s still amazes me is the speed with which all of this happened. Both AXA and Swisscom never had an MVP live in just 6 weeks. We learned that if you focus on one goal only, you can achieve it in an incredibly short amount of time.

Many companies are struggling when it comes corporate innovation. Intrapreneurship is only one solution to tackle this challenge, and, as you say, can achieve a lot in a little time. Why did you opt for this method instead of Open Innovation measures, for example?

Open Innovation is actually a very important cornerstone of our innovation strategy. However, for Rent’n’Share we decided to go with intrapreneurship for a couple of reasons. The go-to market is crucial for Rent’n’Share and we believe that the market power of Swisscom and AXA combined allows us to go faster and further than it would possible with a junior partner. Plus, we already have most of the required skills in the team – for instance, all AXAnauts (AXA’s Innovation Management Team, Ed.) working on Rent’n’Share have already realized intrapreneurial projects.

On a European level, in what ways do you think corporates and startups should work together?

Startups can help corporates to do things, that corporates alone cannot achieve. A startup not only brings fresh ideas and a whole different approach into the corporate world – it can also provide IT without legacy restraints. Additionally, it can act unbiased on the market because it doesn’t have a decade-old brand which would be put at risk.

On the contrary, startups can learn how to handle operative issues and how to mitigate risks. So, I think it’s a win-win for both to work together – and I hope that this will increase on a European level.

What’s one piece of advice you can give to fellow corporates in terms of innovation?

Don’t spent months discussing risks and possible ways of doing it – just do it.

However, the biggest learning is not to split resources. Put people on one topic with full engagement and they can perform. Corporates often believe in 40% of this and 60% of that. This won’t work. If people have a second project in mind, they cannot use their brain and energy to 100%. Plus, planning always overlaps. It’s an illusion that you can work on Project A on Monday and Project B on Tuesday. I guarantee that something will happen on Project B on Monday and all your planning is gone.

Lastly, what’s next for Rent’n’Share?

When KSAcc is over, we will define how to continue with Rent’n’Share. Based on experiences and feedback we will work on our brand story (the final project might have a different name, look, and feel). We will work on the sales strategy and discuss how Rent’n’Share will look like in the future. This might be with an additional ally from the car industry, if useful.

While we could ignore some of the corporate governance guidelines during KSAcc, we will have to take care of them now – putting Rent’n’Share on solid ground for next steps.

 

 

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