Introduction The Ages of Open [...]
Open innovation means making use of ideas from outside your own organisation. It means accepting that ‘not all the smart people work for you’. However, it does not mean delegating responsibility for innovation or being passive in the face of change. On the contrary, those firms which have embraced open innovation effectively have well-considered internal and external activities and mechanisms that are specifically intended to facilitate innovative collaboration with other organisations, including innovative startups. This report, produced by Mind the Bridge (MTB) and Nesta as part of the Startup Europe Partnership project, provides an overview of some of these activities.
Our data show that Spain (as most of the Southern and Eastern countries) suffers a chronic situation of relative undercapitalization compared to the other European regions. Unfortunately, there is only medicine to treat such disease: pour more capital. Move the investment bar from hundreds of millions to billions.
Innovation is key to sustained corporate success. Innovative firms grow twice as fast, both in employment and sales, compared to firms that fail to innovate. However, European and Italian companies invest less on innovation than their international competitors. Startup-corporate collaboration could help corporates to innovate and grow as well as help startups to get customers and turn into larger entities.