Rodrigo García de la Cruz (CEO of Finnovating) had the amazing opportunity of participating with…
Open innovation is a way of creating new features and products using outside collaboration and resources. Open innovation platforms facilitate this collaboration and allow access for innovators to a wide range of thought leadership, knowledge, ideas, and previous work by others to build into their next innovation initiative.
Many companies with a clear vision of what their product or service is or could be often looking for smaller entities that have similar technology setups. If able, larger companies will even buy up the smaller ones to get a steady supply of their new and required technology. By exchanging information on an open platform, companies can look for and find the resources they need to develop their new products and features.
What are Open Innovation Platforms?
Open innovation is not an easy model to adopt, especially for established companies that now have the resources to close off their innovation models in order to maximize their brand identity and sales profits. But many new startups are embracing a more open model when developing their new products, features, and concepts.
The need for outside collaboration and resources is more important now than ever, and therefore, many startups have entered a frenzy of collaboration, causing competition between companies that now have many options to innovate thanks to many different other entities. With competition heating up and the methods by which companies can find each other improving, investors need to stay ahead of the trends and utilize platforms to find effective collaborators.
Competition for providing these platforms in which companies can find innovation partners has also intensified, making it still more difficult for companies to know if they’ve truly found a worthy innovation partner or not. With so many choices and willing partners now at corporate leaders’ fingertips, the marketplace for this innovation platform service has grown along with the collaboration needs of many startups, particularly in the FinTech industry.
How to Accelerate Open Innovation by Finding the Right Collaboration Partners
A large challenge for any company employing an open innovation model by choice or necessity is finding collaborators that fit in with their technology and vision for their company and their next innovation initiative. Finding willing partners to collaborate and share ideas, technology, and even workers is often very difficult since competition can get in the way, as well as conflicting personal issues between the leaders of companies. However, if companies can align and show each other how collaboration can be beneficial to both, most corporate leaders will jump at the chance to further innovate and refine their products.
The first step leading to a mutually profitable collaboration is finding the right partner in the first place. If you lead a company, unless you make a special effort to collaborate with a few individual companies in your network, professional, personal, or otherwise, you will need to sift through many possible allies in order to find ones that will truly work for innovation in your business and marketplace.
These days, many corporate leaders are turning to an open innovation platform in one form or another to quickly find like-minded and mutually beneficial partners for their next initiative. As more businesses in all sectors begin to shift from closed to open innovation emphases, the need for quickly finding collaborators to share resources with is becoming more important.
While many FinTech startups enter the market with a brand-new, disruptive concept and product, they often need a little extra, a new feature or product, that differentiates them from their competition. By aligning themselves with other like-minded companies, they can add those extras and build their own unique brand identity by offering their users a little bit more than their competition. And that’s where investors can make a difference and make money.
Investors looking to help startups differentiate themselves and make more money can help facilitate the kind of open innovation that helps these companies thrive, particularly in the FinTech industry, where users are constantly demanding more and more accessibility and functionality from their various financial applications and systems.
But, again, a large barrier for investors to overcome in order to get in on the ground floor of a successful company is finding the right company to invest in. The Finnovating platform offers a directory of up-and-coming Fintech companies rising and looking for collaborators and investors organized by country so that investors can find promising, innovative, collaborative companies in the Fintech sector who are actively looking for collaborators and investors. The platform includes contact information and a brief description of each company and what they’re looking for at a given moment.
Another important factor in using an open innovation platform is trusting that all information is up-to-date and correct. Startups in any industry change quickly and need to pivot often. The Finnovating platform is constantly updated so you can rely on its information.