Open innovation has radical approach where companies open up to other collaborators outside the company such as the customers, the suppliers as well as even the competitors. Such a program turns the orthodox model of innovation upside down where businesses pursue all their ideas within their organizations. The corporate benefits provided by open innovation include availability of new ideas, new skills, reduction of costs, and the increase of efficiency. Besides, open innovation may enhance corporate culture through collaboration and creativity, as shown in How Corporate Accelerators Are Influencing Innovation.
By the time an enterprise is interested in carrying out an open innovation program, an enterprise can achieve this through corporate startup accelerator and the venture client which comes as manifestations of corporate entrepreneurship whereby the start ups are invited to address the innovation challenges of the company. The selection of the program will be based on which type of startups they would like to attract and it would be rather depending on stage they have reached, the strategy of the business, the purpose of the acceleration group.
Access to Innovative Ideas
When an organization collaborates with startups, it combines capabilities that enable the companies to fill the gap and repackage their portfolio; and the entrepreneurs to reach suppliers, channels, and corporate capabilities and ultimately monopolize their market. There are a number of valuable advantages of open innovation to businesses. To start with, it may guide firms to tap new concepts, skills, and technology not available within the firm.
Allowing outside parties to collaborate with them in the process of generating their innovations, the companies will decide to use the experience, as well as the creativity of the entrepreneur to resolve internal issues with their processes or quickly respond to the new opportunities within the business. Secondly, open innovation may as well enhance efficiency because organizations are able to collaborate in innovation projects and share capabilities to tamper and develop new products or services that meet problems and needs of the users.
Improved Access to Talent
Thirdly, the benefit of the open innovation programs is that companies are able to be aware of the novel information and discoveries in a certain industry. Acceleration programs in corporations affect the culture of the organization wholesomely, and thus they not only need to have such aspects as their processes change and adjust.
Their engagement with startups but they deliver changes that are as diverse as operations, agility, allowance of failure, and flexibility. According to this perspective, the diversity in the workforce can be reflected through corporate accelerators that enable enterprises to partner with external collaborators, who can be diverse in terms of experience and abilities. Such forms of programs enable firms to recognize intrapreneurs in their departments and utilize.
Enhanced Brand Visibility and Reputation
Them to spearhead new ventures by employing their skills. Corporate startup accelerators aim at co-creation of solutions and responses to challenges of innovation with the parent company of the program. The company sponsors the pool of experimentation resources so that entrepreneurs can make work on the innovation projects. Traditional accelerators involve themselves in accelerating new startups, assist them in locating their workspace, and in granting initial seed capital with which they can experience the viability of their ideas and business model. Corporate accelerators have.
The potential to enable organization to have an internal culture of innovation and create new solutions to fulfill the requirements of the organization. The mentors are one of the key resources of corporate accelerators. These characters assist the startups in building value propositions, and they also assist the company to make a climate in which communication can enable the best development of the program and hence the answer to the challenge of innovation. The professionals will assist them to apply the exercises in practice and provide them with details on the measures.
Conclusion
That may be taken to enhance the results achieved. Those who join an accelerator as an entrepreneur will get an ample list of contacts to go and maybe mentored, but also they will be in a position to present in front of the investors. Also, the corporate accelerators could assist the businesses in identifying and establishing relations with the relevant external partners, and this could contribute to developing innovation and creativity. Open innovation can at times be a complex process to firms. There are a number of best practices that the companies should embrace in order to emerge successfully.
Firstly, they will have to create the culture of innovations during which it will be understood that in many cases, the best ideas may come outside of the organization. Second, they need to find and get in touch with external entrepreneurs who can also contribute new ideas and solutions. Lastly, they should also come up with total visibility of the procedures of developing and implementing new ideas and solutions. Spain has taken first place in innovative and entrepreneurial varieties and is now a breeding room of startups. Startup accelerators are an important part in the new business environment.