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Understanding the Intricacies of Open Innovation – Corporate Perspective
Understanding the Intricacies of Open Innovation – Corporate Perspective

November 10, 2022

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Understanding the Intricacies of Open Innovation – Corporate Perspective

 

Most Indian and global corporations now prioritise open innovation. The importance of open innovation cannot be underrated anymore. To understand and brainstorm this topic more, NASSCOM organised a roundtable at the 2022 NASSCOM Product Conclave in Bangalore, which was attended by eminent industry experts.

Open innovation is a collaboration model, and hence it requires equal efforts from all the stakeholders. The experts at the roundtable pondered the success factors, issues, and challenges they face in the implementation of open innovation in their organisations. The following are the key takeaways from the roundtable discussion:

Addressing Open Innovation Challenges – Start-ups:

  • Ownership of intellectual property (IP) leads to numerous disputes between the two parties (corporations and start-ups), necessitating an initial agreement and expectation setting
  • Lack of visibility of Indian start-ups in the global arena More global platforms need to be organised to showcase India's start-ups through hackathons, challenges, etc.
  • Mentoring early-stage Indian start-ups in pitching and presenting to corporates is necessary for effective collaboration and business understanding
  • Focus more on solving use cases that just building a new feature / technology. Use case-based solution allows it to be easily understood and adopted by corporations.

openinnovaion2

Corporates Responsibilities:

  • Corporates commitment towards start-ups by giving them adequate chances to prove their worth. Small pilots / PoC can help significantly boost their confidence.
  • Commitment from the leadership towards open innovation. Companies like Maruti have shown that success metrics get better when their top leadership gets involved with start-ups
  • Sharing open innovation success stories with the external world as it will help in motivating the newer corporates to adopt open innovation adopt as well as it will help in refining the current practices adopted by different organizations

 

Ecosystem Responsibilities and Support:

  • Creation of open innovation advisory groups that could help in exchanging idea and best practises for executing open innovation models
  • Creation of a standard catalogue of best practises or a playbook for easy reference for organisations that want to implement open innovation

Open innovation is a collaboration model, and its 100% potential cannot be achieved until all stakeholders come together and work collectively. Sharing, learning, and working together is the key mantra of open innovation success.   


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