Open Innovation Advisory
Some of the reasons why corporate embrace Open Innovation.
- Develop a new product
- Protect market share
- Expand market horizon
- Retain more staff
- Improve operational efficiency, thus profit
- Increased market recognition
To achieve Business Strategy, innovation strategy must be created that aligns and augments the overall business strategy in a medium to long term, just like functional departments such as marketing, operations, HR, finance, etc. also undertake. Availability of innovative products, management sponsor, and bringing in the money on the table, are the first starting points, but not the sufficient ones. What is paramount to success, is an Innovation System. It helps not only in creation of value, but helps also to sustain the benefits over a longer period.
Innovation strategy for someone else, may not fit for another organization just as it is. Analysis of business’s competitive and technological environment, external challenges and opportunities and elicitation of distinct value for the business (or business unit) are important to make the Innovation Strategy successful.
Open2Innovation gets into the consultative mode with the corporate. Engagement shapes up in creation of Innovation System consisting of advisory on best practices, institutionalise innovation within, and facilitate collaboration with startups to leverage technology, undertake strategic investment or to acquire.
We shall be happy to answer, engage and work together with you. Have queries?