In an era of increasing disruption, there’s no denying that innovation is vital. While new business models are putting pressure on leaders to act, they often find it difficult to simultaneously reinvent their legacy systems and invest in new products and services. One of the ways of walking this tightrope is to embrace collaborative innovation models such as open innovation. By tapping into sources of external innovation from start-ups, entrepreneurs, academic institutions and research labs, enterprises can both transform their core as well as establish new business models to pivot to new ventures.
Some of the open innovation trends to watch out for in 2020 include:
OPEN TO OPEN INNOVATION
There is more appetite now among Indian organizations to engage with start-ups. In 2020, this openness to open innovation will increase further among Indian corporates across industries such as manufacturing, retail, pharmaceutical, oil and gas, healthcare, telecom and media.
This story is from the March - April 2020 edition of Entrepreneur magazine.
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This story is from the March - April 2020 edition of Entrepreneur magazine.
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