Co-Innovation As A Type Of Innovation
One of the areas that is overlooked by most organizations is the opportunity for a new type of innovation: co-innovation. Co-Innovation is different from what most organizations call joint R&D, joint ventures (JV) or customer driven innovation.
What is co-innovation?
Co-innovation is where two organizations come together in a 50/50 contribution of resources with the relationship having the following charactersics:
- Each party has IP (intellectual property) to contribute
- The two parties have an agreed upon area of strong mutual interest
- There is agreement on the target (who is the market for the innovation, what is the innovation and how we go about creating and launching the innovation).
- Neither of the organizations can deliver the innovation alone thus a mutual dependency.
- The partners agree to deliver a real innovation to the market is an aggressive timeline (e.g. 24 months) where the innovation will have real and meaningful impact to both organizations
To lean how to setup co-innovation relationships, the lessons learned from having run +30 of these relationships and the pitfalls to avoid, listen to the podcast.