Javelin Inc raised $1.5 million in a new funding round led by Mark Suster and Upfront Ventures. The New York-based firm wants to teach big corporations how to innovate and stay lean at the same time, according to VentureBeat.
Other investors in the round are Eric Ries of Lean Startup, 500 Startups, and some angel investors, the report added.
According to The Wall Street Journal (WSJ), Javelin trains big firms to gather ideas from their employees and test them first in a small group before scaling it up. This method helps companies save on innovation costs. The firm now has built software that help automate the process. If the idea is successful, it is then adopted by the enterprise, the report explained.
So, far, Javelin has already several big firms to innovate like a startup. Among their clients are American Express, News Corp, and United States Postal Service, the report detailed.
The people behind Javelin are Trevor Owens, Grace Ng, and Obie Fernandez, WSJ reported.
Join the Conversation