Open Innovation is Booming.
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.
This report provides an overview of some of these activities.
It outlines how the ‘Corporate Startup Stars’ – the firms judged to be the best in the world at working with startups – approach open innovation and startup collaboration. It also touches upon trends that we have observed in their open innovation activities, such as a shift in focus from very early stage startups to later stage ones (scaleups), or the evolution of corporate accelerators into venture builders and startup studios, and the broader adoption of the Venture Client model with the deployment of more resources for supporting corporate divisions and business units in working with startups.
The Corporate Startup Stars awards Mind the Bridge and ICC (International Chambers of Commerce) organize annually are intended to recognise and celebrate open innovation with startups, and to inspire others to follow suit.
In the same way, we hope that this report will not only celebrate the best practices that we observe, but help other firms make their innovation journey go faster. The analysis that follows is based on the data gathered for the Corporate Startup Stars Award 2020, where the information has been directly provided by the participating corporates.
by Alberto Onetti, Chairman, Mind the Bridge
by Marco Marinucci, CEO, Mind the Bridge