The world is changing at an ever-increasing pace. This creates uncertainty, but also offers opportunities for organizations that can quickly adapt to the new reality. Innovation is essential, provided it is implemented decisively.
This is according to the Deloitte Supervisory Board Survey, “Innovation plays a crucial role.”
This study, conducted by the renowned accounting firm, examines the role of Supervisory Board members in innovation and widely endorses the importance of an “open innovation” approach.
“Due to shorter product life cycles and the growing need for specialized knowledge, partnerships are the future.”
The study shows that collaboration with SMEs and other parties is considered crucial by the Supervisory Boards of large companies.
This open innovation approach is also important for SMEs. Collaborating with fellow SMEs, larger corporations, and knowledge institutions allows for better and faster innovation.
For example, AM Coatings worked closely with chemical company Nuplex to develop its antimicrobial coating technology for production. This not only resulted in a faster market introduction but also in lower production costs.
Collaborating on innovation, however, isn’t easy. It raises important new issues that require you, as an entrepreneur, to make decisions: How do I handle confidentiality and intellectual property (IP)? Should contracts be signed, and if so, what should they cover, and when? And how do I ensure the collaboration is effective and doesn’t get bogged down in endless discussions?
This makes many SME entrepreneurs hesitate, especially when it comes to collaborating with large companies that have their own lawyers, innovation managers, and significantly more money and power.
This is unfortunate, because numerous studies have shown that “open innovation” leads to more successful and faster innovation, especially for SMEs with limited in-house development capacity.
Consularis with extensive experience in innovation and collaboration can help you get started with open innovation. Because innovation involves exploring new, uncharted territory, it’s beneficial to have an experienced colleague
to brainstorm with.
Moreover, the Consularis strengthens the open innovation approach because, as a relative outsider, they have different insights and know other parties with whom they can potentially collaborate.
