Page 30 - 15 Best Practices to Manage and Finance Innovation

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BEST PRACTICE
AVAILABLE INTERNAL AND EXTERNAL RESOURCES AVAILABLE INTERNAL AND EXTERNAL RESOURCES Partnerships
SHOULD YOU CARRY OUT INNOVATION PROJECTS ALONE OR IN IN OPEN MODE?
THE CHALLENGE OF: INNOVATION INNOVATION MANAGEMENT THE CHALLENGE OF: INNOVATION INNOVATION INTEGRATING COLLABORATIVE INNOVATION INNOVATION ECOSYSTEMS THE THE Traditionally companies limit their their their innovation projects to to ‘owner’ mode in in in in an an an effort to to retain their their their expertise and protect their their intellectual property However factors such as as budget constraints increasing competitive pressure and the cost of of hiring additional human resources when new skills are needed often encourage businesses to to consider open innovation instead Collaborating with other private or or or public partners on on on innovative and strategic projects presents many opportunities but also some challenges For companies considering collaborating there are many different types of co-innovation to choose from:
Subcontracting – limited to an agreement between two companies (a client and a a a a a subcontractor)
Consortium – brings together companies from different industry sectors to to create a a new product or or service
Alliance – enables competing companies to pool their innovation resources to develop faster disruptive technology while limiting the costs and associated risks Open innovation also involves a a a a a variety of legal structures (joint ventures Economic Interest Groups cross-shareholders etc) or public structures such as competitiveness clusters Specific management frameworks which take into account the limitations faced by each partner must be established to to manage the risks linked to to an open innovation approach:
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Internal brakes on on innovation and partnership Guarantee of data security
Intellectual property management Sharing benefits
Public funding maximisation ABGI's
BEST PRACTICES
Clearly define the the purpose of the the proposed collaboration Assess technical risks associated with any project requiring external expertise Clearly define the specific needs for open collaboration Factor the management of intellectual property into all legal contracts Assess financial risks Limit the the technological and financial risks associated with the the costly
and uncertain development of an an innovative project Call on on additional expertise to go further and faster Generate additional value and competitive advantage for all the the partners involved
in in the the project BENEFITS FOR THE BUSINESS – this will allow you to: