What is Open Innovation?
Open Innovation is a concept that encourages the use of external resources, usually startups, in a creative and innovative process, usually with the aim of creating a product or service.
The objective of these Open innovation strategies is to open up to innovative initiatives in the business domain through various actors: startups, partner companies, institutions, etc.
Open innovation actions can take several forms: collaboration, investment, or the development of an ecosystem.
Open innovation also involves changing the culture within the company, improving processes, and getting employees acculturated.
Discover our consulting missions to facilitate employee acculturation and collaboration.
What are the challenges of open innovation today?
The state of play suggests that large groups are lagging behind in their innovation processes:
9 out of 10 companies believe that they innovate too slowly
8 out of 10 open innovation initiatives fail
Open innovation is therefore a solution that enables large groups to innovate more quickly and effectively. However, open innovation processes involve risks, particularly in the choice of start-up for the partnership or collaboration. The challenge for a large group is to minimise this risk.
To facilitate this choice, the Klein Blue platform offers a database of thousands of startups in France, Europe and around the world in the sectors of fintech, insurtech, health, proptech, retailtech, etc.
The database provides access to the most detailed information on the market for each startup in just a few clicks: description of their offer, key clients and partners, fundraising, level of maturity, latest investments and collaborations.
It is also possible to create a mapping and compare hundreds of startups on maturity criteria.
What is open innovation for?
Large groups are therefore thinking about how to implement Open Innovation actions and make them bear fruit, in order to innovate more quickly. As it is difficult for a corporate to innovate alone, it will turn more easily to other players such as a startup to strengthen its Open Innovation strategy. This will allow it to:
access a new pool of ideas to remain competitive
expand its offer and innovate without having to mobilise internal resources (HR costs, R&D costs)
enter a new market more quickly to conquer it
gain visibility (company, products, services)
Who are the actors of Open Innovation?
Institutions: various institutions are at the heart of the Open Innovation process: academic institutions (universities, research centres) and institutions specialising in innovation such as competitiveness clusters, which enable synergies to be created between large groups and start-ups.
Large groups: they create innovation departments, which are the driving force behind Open Innovation in the organisation (acculturation of employees, industrialisation of POCs - Proof of Concept - with startups), as well as CVCs, and innovative ecosystems.
Startups: they seek to develop business and strategic partnerships with large groups to benefit from their support, financial resources, and to boost their development on the market.
Ecosystem: many structures make the ecosystem dynamic: incubators, accelerators, hubs, incubators, startup studios, local initiatives, events, etc. They may or may not be attached to large groups.
Discover the Klein Blue Open Innovation Platform. Accelerate your innovation process!
Many companies are now convinced by our platform which allows them to accelerate their Open Innovation dynamics and to remain competitive thanks to numerous functionalities. Discover our tool to :
Easily source and benchmark the startups that interest you,
Detect innovation trends in your sector,
Observe the strategy of your competitors,
Collaborate and manage your startup relationships internally,
Stay connected to the ecosystem and don't miss any important events