How to not go it alone when it comes to transforming ideas into innovations

 

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.

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