Sourcing Innovation for Product Development
Innovation is a key focus for businesses looking to stay competitive. Why? Because a company and its legions of executives, managers, and even researchers sometimes run out of ideas.
A fresh perspective is needed. This is especially true when it comes to managing- and reimagining– its current offerings.
Products and services must stay in step with consumer demands, and companies must foresee and stay ahead of disruptions.
This often means recruiting outside help. Activate Product Development by turning to business incubators and their startups to address this approach.
In Case Study #6 in our latest report, Activate Product Development, we discuss how both Coca-Cola and Telefónica both looked outwards to source innovative ideas and fortify their business prognoses.
Overall, the report provides a thought-provoking look at how large organizations are embracing young, innovative startups through impactful collaborations in order to support key needs.
Uncovering New Ideas- And Markets
Most corporations do not know who the players are in their local innovation ecosystem. They often do not know how to become part of the innovation ecosystem.
Because of these challenges, it becomes easy to feel “stuck” and panic-stricken when searching for startups to help with brainstorming, co-creation, and product development.
Developing new products with internal efforts no longer gives corporations the means to stay at the forefront of the market. External product development through a business incubation program and the right client startup is the new corporate venture innovation strategy.
Coca-Cola regularly collaborates with the startup community to develop new ventures as a team. This type of co-creation helped it fix a widespread problem in its supply chain: how to ensure its products were refreshed on store shelves around the world. It discovered just the team to tackle this puzzle.
Every big, established company struggles when it comes to leveraging new, disruptive technologies and/or business models to drive growth. Most struggle with the speed and flexibility they need to integrate new solutions without disrupting their core.
-David Butler, Coca-Cola’s VP of Innovation
Similarly, one of the largest private telecom corporations in the world, Telefónica was struggling to convince retail stores to upgrade their current broadband deals. They turned to a startup’s new marketing application to complement their offer.
Both Coca-Cola and Telefónica turned to collaboration with startups to activate their product development. We think that’s smart!
Download our latest report for more insights into how corporations turn to the innovation ecosystem for inspiration and more: Activate Product Development.
Solving the Puzzle with Impactful Collaborations
Interest from corporations into the world of business incubators and accelerators- and their associated startups- is evident. Corporations want to be innovative and want to locate those startups that can fit with their own visions. This desire is taken to the next level by obtaining a map of the global innovation ecosystem- and an experienced, well-connected guide.
Sitting in a unique position as being part-research and consulting firm, part-association, and part venture capital-matchmaker, UBI Global helps corporations connect with on-target incubators and startups in the worldwide innovation ecosystem.
UBI Global’s member network of more than 1200 business incubators and accelerators from over 90 different countries represents over 20,000 startups worldwide.
Keeping its pulse on the global innovation landscape is made easier with its international events, insights, tools, consulting, and more!
With the latest installment of our Insight Series, we share our knowledge and offer practical advice and encouragement to those corporations looking to get innovative.
Download for free: Activate Product Development.
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