4 Steps from the Startup-Enterprise Collaboration Playbook that will catapult you to the Next Level

“What got you here, won’t get you there.” - Marshall Goldsmith.

This is undeniable for growing companies - If businesses continue to do what they have done in the past, they cannot grow any further. They will lose out to competition, new nimble disruptive startups emerging in the market and eventually lose out on customers

Innovation, thus, is not a choice but a necessity to become future-ready.

As ironic as it may sound, during the last 6 months, the biggest driver of innovation within business worldwide, has been COVID-19 and not their CTOs. The grim economic situation has left even large corporates with no choice but to adopt out of the box solutions such as Open Innovation. With revenues drying up, companies have had to preserve their cash reserves and make the best use of the available resources.

Why Open Innovation? Open innovation enables companies to go beyond the enterprise boundaries and capitalize on the right solutions, resources and products in the market. Open innovation provides companies access to tap into an unlimited number of disruptive ideas & resources and enables them to go to market faster in a cost effective manner. How can Companies foster a culture of innovation? – by following the steps mentioned in the Open Innovation Playbook below:

1. See the Big Picture and identify the key touch-points

First of all, we need to have a holistic view of the company, across various lines of business, and carefully identify the touch-points which need innovation. These touch-points may not always be directly connected to your core business, but may be linked to the peripheral functions, and that’s alright.

2. Separate the Noise and Create an Innovation Mindset

When you talk about innovation within your company, everything seems to be some form of innovation. People tend to associate any process improvement as innovation. There is a need to separate the noise, and focus on your core business, and define what is Innovation from your business’ perspective. Innovation is a mindset and it is the responsibility of the management to develop that mindset within the teams and individuals within the business.

3. Identify the Key Priorities for your company

It is important for you to identify the key priorities of your business. It is quite natural to think that everything is a priority, but if you try hard, you may be able to pick out a small number of priorities (under 10) which you can focus your energies on.

4. Clearly Define Ownership

Set up a steering committee consisting of executive sponsors who are from both technology and business, who will set the objectives and measure performance. Without clear ownership, the innovation strategy is bound to fail.

Once these four steps have been completed, you may pick up one or two innovation projects without making a huge upfront investment and see how it works.

An outcome-based approach to innovation is suitable especially when you are budget-constrained. There are many startups out there, who are doing amazing work in their respective niches, and looking for business opportunities. You can explore these opportunities to find a good-fit and work with these startups to create a win-win scenario.

Tough times call for drastic measures. By implementing the 4 steps from the Innovation Playbook as described above, businesses are able to tide over the crisis as well as speed up their growth in favorable conditions.