Open Innovation has been a fast growing trend in the last few years, in particular with its focus on corporate collaboration with startups and scaleups. This is now visible in every industry, where the rate of innovation is accelerating, and technological advancement is driven by multiple organizations, often lean and fast-moving startups. making it more difficult to keep the pace of innovation internally. Nonetheless, corporates can leverage the speed of the startups, and take advantage of their knowledge to complement their internal R&D processes.
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.