Cryptocurrency exchange Coinbase has announced a new approach to innovation. According to the plan, 10% of the company’s resources will be spent on supporting “breakthrough innovative ideas”.
Coinbase’s Chief Product Officer Surojit Chatterjee in a blog post talked about a new “Project 10%” plan that will change the operating philosophy of the exchange. Chatterjee noted:
The 10% Project describes the philosophy of our resource allocation. So, 70% of our time will be devoted to basic work, the main functions of the platform. Another 20% of our resources will be devoted to the development of strategic products and solutions. And 10% will be given to innovative experiments. ”
Among the “breakthrough innovations”, the site’s management sees developments that allow “functionally change” the work of users, metrics or platform capabilities. At the same time, some of these investments will be unsuccessful, but this is normal, Chatterjee emphasized:
“If all such innovations succeed, then we are thinking too small. Let some of them fail, but those that succeed will be very significant and fundamentally advance the cryptocurrency industry. Our most successful products started out as disruptive innovations. ”
As part of the new philosophy, Coinbase management encouraged all employees to share their ideas.
As a reminder, Coinbase was directly listed on the Nasdaq on April 14. According to the results of the first day of trading, the company’s capitalization amounted to $ 85.7 billion.
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