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MS Garage is a wonderful initiative, and an idea I think more organisations should look into. In my experience working with many large companies, innovation and creativity are often stifled, which could instead lead to amazing results if they were allowed to flourish.
I personally think that existing hierarchies and silos within organisations are a great shame, and one of the key reasons for employee dissatisfaction and sometimes even resentment. It's such a simple problem to fix, as Microsoft has demonstrated, and provides great benefits to both employers and employees.
So, having said all of that, I'll be very interested to learn more about your idea, and how you would want to implement it.