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Are you an established company seeking to leverage external ideas and technologies to enhance your innovation capabilities?
Looking to get access to cutting edge technologies
Startup scouting, Spin-off scouting, Evaluation processes, Demo days
Of co-development and pilot implementation
Open Innovation is a business paradigm that encourages companies to go beyond their internal resources and tap into external ideas to advance their technology and innovations. The term was coined by Henry Chesbrough, a professor at the University of California, Berkeley, and it fundamentally shifts the traditional, closed model of innovation, where companies rely solely on their internal research and development (R&D) departments.
By integrating external insights and expertise, this collaborative strategy helps organizations:
Access to External Expertise
By utilizing external research and development resources, companies can access cutting-edge technologies and innovative solutions without bearing the full cost of R&D.
Reducing Time to Market
Integrating external innovations can significantly reduce the time required to bring new products or services to market.
Strategic Alliances
Companies can form alliances or joint ventures to co-develop and bring innovations to market, leveraging combined resources and capabilities.
Licensing
Firms can license technologies or products from others.
Corporate Venturing
Investing in startups to gain early access to emerging technologies and business models.
Real-World Testing
Pilot implementations offer real-world testing environments, providing valuable data on product performance, usability, and market acceptance.
Risk Mitigation
Identifying potential technical issues early on reduces the risk of project failure and helps avoid costly mistakes later in the development process.
Customer Feedback
Gathering direct feedback from users during pilot phases helps refine products to better meet market needs and preferences.
Encouraging Openness
Fostering a corporate culture that values openness, collaboration, and external input is crucial.
Rewarding Innovation
Creating incentive structures to reward employees for their contributions to innovation encourages ongoing participation and engagement.
The aim of this phase is to gain understanding of the industry context and entreprise’s specific challenges. Then, this phase includes the scouting of ideas/solutions that can address these challenges.
The aim of this phase is to identify ideas’ pivot options that could lead to better alignment with your organisation’s strategy. Based on the pivoting, the teams design their solution and the expected outcomes.
This last phase includes the technical development and pilot deployment of the solutions. Selected teams (usually 3-5 teams) develop a working prototype or minimum viable product (MVP) that showcases the core functionality of their solution and demonstrates the feasibility.
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