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Successful Collaboration with Start-ups Needs Right Answer at Each Stage
Successful Collaboration with Start-ups Needs Right Answer at Each Stage

January 17, 2023

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Successful Collaboration with Start-ups Needs Right Answer at Each Stage

Open innovation implementation is always a task for the organization. Though a lot has been said about the implementation process of open innovation programs, that is more holistic and lacks the intricacies involved in this process. Since we have key questions that organizations should ask at every stage before they move ahead with the open innovation program or expect impactful results from the same.

Stage 1: Evaluate Internal Readiness

Key questions:

  • Is there companywide awareness on open innovation?
  • Do we need open innovation? Why?
  • Are we OK to extend innovation to external parties?
  • Are we clear on what areas we are willing to collaborate for open innovation and what will remain closed?

Stage 2: Mandate / Establishing Strategic Purpose

Key questions:

  • Is the management convinced about open innovation and have approved?
  • Is there a mandate for indulging in open innovation?
  • What is/are the problem statement(s)?
  • What do we wish to achieve from the intended open innovation program?
  • Are there any concern areas that needs improvement?

Stage 3: Identifying Resources and Assets

Key questions:

  • What should be the composition of our internal team?
  • Should we have a cross functional team?
  • Who should be the leader?
  • What are the skillsets we need in the team for our open innovation program?
  • What is the budget?
  • What are the infrastructure requirements for this program?

Stage 4: Identify Partners / Establish Communication Channels

Key questions:

  • What are we looking for in a partner? Skills? Expertise? Technology?
    Start up or Peer?
  • What is the business model? One on one? Consortium?
  • Who can help us identify the right partner?
  • How do we evaluate the partner for appropriateness?

Stage 5: Establish Objectives, T&C, Outcomes

Key questions:

  • What are the objectives and clear cut goals?
  • What are the intermediary milestones?
  • What are the measurement criteria for review?
  • What should be the t&c of agreement with the partner?
  • Who should own the IP?
  • What the sources of funding?
  • What is the external support required from the ecosystem?

Stage 6: Commence Execution; Review at Intervals

Key questions:

  • What the roles and responsibilities of each partner
  • Are the milestones being met?
  • Is the program progressing towards the outcome or any course correction required?
  • Is the value generated commensurate to the cost-time-effort investment
  • Are the expected ROI on track?

Stage 7: Closure

Key questions :

  • Has the outcome been achieved?
  • Has everything been documented, and logs made?
  • Has there been any overrun or deviations? What is the impact?
  • Is there a possible extension / continuation for the program?
  • What is the next step?

Getting answers to the above questions can not only help in ensuring the success of the open innovation programs but also help in better planning and execution of the program.

 


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