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What works: industry sectors and types of innovation tools used

Having a clear innovation strategy starts with a corporation’s team of experts and their industry knowledge. Depending on the industry the corporation is engaged in, it is in their best interest to focus on the appropriate tools and accelerators that will quickly reach their innovation objectives. UBI Global has extensive experience in matching industry sector focused startups with the corporations who can best benefit from their innovations.

 

Successful corporate venture programs have a clear strategy on why they are engaging in external innovation efforts. These companies have conducted extensive evaluation on their strengths and weaknesses and used this information to create a strategic guide of what, how and when. This article gives an exploration of three very different industry types and the innovation tools they employ to find the next big thing.

 

Automotive

Automotive companies are seeking innovation in adjacent industries; for example, intuitive cars, data analytics, etc.

Innovation tools: Accelerators and incubators, innovation labs

 

Technology

These corporations tend to focus on core business such as mobile, big data, cloud solutions, security, etc.

Innovation tools: Accelerators and incubators, innovation labs

 

Consumer Goods

Corporations engaged in the consumer goods industry also look for core business innovation in new products and services, new retail formats and new marketing avenues.

Innovation tools: Accelerators and incubators, innovation labs

 

What is an innovation lab?

An innovation lab is a workspace designed to nurture creativity. Teams of innovators from the company itself join with startup personnel for intense projects to quickly develop prototype products and services, coming up with viable innovations that can be taken to market immediately after the lab period is over.

 

What other venturing tools are there for corporations to consider?

  • Hackathons – intense collaboration between software developers and technology focused industries.
  • Scouting/Mentoring – competition events or meetings between corporations and startups.
  • Corporate-university partnerships – corporate R&D meets university research for a discussion of innovative ideas.
  • Strategic partnerships – Supplier style startup/corporate relationship.
  • Acquisitions/Licensing – The purchase of a startup and/or their designs and developments by the corporation.

 

Without question, the largest tools being used by corporations to seek out innovation and growth are accelerators and incubators. Though the tools and methods used by corporations to discover new ideas, designs and markets are very diverse, the majority of focus continues to be on fostering relationships with startup companies. Employing accelerators or incubators to compliment and encourage internal R&D functions is the smart way for corporations to be on top of their market. UBI Global makes it easy to find a partner, either in the industry or adjacent, that creates a synergy of innovation with corporations they work with.

 

Source: https://www.bcgperspectives.com/content/articles/innovation-growth-corporate-venturing-shifts-gears-how-largest-companies-apply-tools-innovation/

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