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Open Innovation: 21 approaches for a successful collaboration program - A CXO Roundtable Insights  (1/2)
Open Innovation: 21 approaches for a successful collaboration program - A CXO Roundtable Insights (1/2)

November 23, 2022

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Open Innovation: 21 approaches for a successful collaboration program

  A CXO Roundtable Insights  (1/2)

In our previous blog, we discussed some key findings of an expert roundtable attended by representatives from the global GCC and Indian MNCs. The focus of that roundtable was on addressing open innovation challenges and the roles and responsibilities of ecosystem stakeholders.

To take the open innovation chapter forward, NASSCOM organised another roundtable to hear the perspective of CXOs in the industry. The roundtable was attended by CXOs and leaders from various organizations.  Below are some of the key highlights of the roundtable:

Organizational approach towards open innovation:

  1. Use Case Awareness: Awareness of the use case or problem statement and then approaching partners to help

 

  1. Participation: Participation in various forums to look at the new start-ups and their pitches, understand what could be absorbed, and then go back to the management.

 

  1. Product Adjacency: Some organizations think that through open innovation they want to improve their adjacent product, not their core product.

 

  1. Align with Strategy: The alignment of objectives with corporate strategy is very important as it will lead to the expected outcome. Doing an activity for the sake of doing it may not help the organization's goal.

 

  1. Commercialization: Whether the desired outcome can be commercialised or not

 

  1. Synergy: The synergy of working with the business and product teams is important so that all can work together towards the desired goal.

 

  1. Showcasing successful proof of concept (PoC): Certain organisations have done PoC with start-ups. The positive outcome aided them in establishing business trust in this programme and obtaining appropriate funding from management.

 

  1. Centre of Excellence (CoE): Building and establishing a centre of excellence that focuses on the organization's objectives as well as the key technologies they want to work on is required once management is convinced of the open innovation program.

 

  1. Collaboration with Accelerators: Accelerators are emerging as the most common partner for collaboration in open innovation. Depending on the type of start-ups with which you want to collaborate, the accelerator could be in India or globally.

 

  1. Common Platform: Some organizations have a common platform where they put up business challenges.

 

 

  1. Inviting Start-ups: inviting start-ups to present and showcase their product and capability helped understand whether it could help solve the organization’s challenge.

 

  1. In-house Ideation: Setting up a programme for in-house idea building and ideas that can be industrialized

 

  1. Academia interaction: Collaboration with academia aided companies in understanding technologies and building capabilities around them. Setting up labs in different academic institutions and working directly with students and processors

 

  1. Customer Co-innovation: inviting clients or customers to brainstorm on areas where they can co-create and then scouting for the partner to move forward

 

  1. Keeping eyes and ears open: Keeping a check on what’s happening in the start-up ecosystem by participating in start-up events, forums, etc.

 

  1. Learning and maturing with time: Because there is no standard process for open innovation as of yet, many organizations are learning and maturing in their approaches to collaborative models. It’s like learning from mistakes and successes.

 

  1. Collaborating with mature start-ups: Safe bets are always good; it matters more when the organization wants to reduce the failure risk as much as possible. Many corporates takes the approach of collaborating with funded (Seed, Pre Series A, Series and above) start-ups to be on a safer side.

 

  1. Defining collaboration criteria beforehand: Certain corporates pre-define that for certain problem statement I would only collaborate with this set of start-ups etc. Eg: if the technology is nascent collaboration with early-stage start-up can help.

 

  1. Checklist Mantra: A defined checklist covering every minor detail regarding engaging with the partner and start-up to avoid last-minute issues and bottlenecks.

 

  1. Absorb collaborative partner slowly: Partnering with start-ups is not easy, and corporations need to give time to the start-ups to understand the organization and not jump into solution building.

 

  1. Management Mandate: Corporate entities also have a mandate for collaboration (with academia, start-ups, etc.) to drive innovation in the organization.

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