THE IMPORTANCE OF THE RIGHT ECOSYSTEM IN INNOVATION

Leveraging the right ecosystem can make your innovation development process highly efficient. It also saves both time and money and provides better results. Consider creating an ecosystem to drive innovation as one of the most crucial strategies. Businesses, where innovation departments fail to create and leverage a defined network of resources, find themselves struggling with their technology scouting, adoption and assessment processes.

 

Right Resource At The Right Time

Without the right ecosystem exclusive for innovation, businesses struggle to leverage the right resources when they need them the most. If you don’t have specialists in your network or institutional collaborations to connect with specialists in a given field you’ll have to start your search from scratch every time you need their services. It could delay the innovation process, and you also run the risk of higher spending. Therefore, you must create an extensive and balanced network that comprises universities, startups, partners, VCs, experts, and even customers.

 

Finding A Matching Solution Early

The innovation and technology landscape is changing at an incredible pace. If you are spontaneous and search for solutions and ideas on the internet or wait for others to tell you about them, you might miss the boat. Having the right ecosystem comprising incubators, startups, universities and event organizers from where you can get access to information about novel solutions first-hand while still being conceptualized will place you ahead of the competition. Don’t hesitate in creating innovation labs and giving free access to select startups. Allocating a budget for partnering with universities and hosting events to attract experts in the field of corporate technologies will help you expand your ecosystem.

 

Expanding Your Horizons

Innovative solutions are not source bound. It means you can find them anywhere. A limited network means limiting your capabilities of finding matching solutions. Creating and leveraging the right ecosystem involves developing an extensive network of multiple stakeholders. You must create a dedicated and curated network of innovation professionals, startups, corporate technology event organizers, Venture capitalists, accelerators, and even your existing customers.

 

Don’t Undermine The Power Of Internal Networking!

Conventional businesses rely primarily on external sources. And while they spend to create an innovation ecosystem outside their organization, they fail to include internal stakeholders. It can be detrimental to innovation growth. An effective ecosystem must comprise internal stakeholders from across various business units and departments. The members within the organization are in a better position to understand technology in practical terms as it would impact them the most. You must host regular meetings and joint events to create an internal ecosystem/network led by the innovation department. It will make both scouting and adoption a whole lot smoother. 

The importance of the right ecosystem in innovation is second to none. Building a network from scratch is not easy. Actively developing the network and leveraging the right platforms and techniques will help you gradually create that right ecosystem. You can leverage it to overcome several innovation challenges.

Get the Mastering Technology Scouting Guide

Get the Mastering Technology Scouting Guide

Innovation runs fast. Every year thousands of new solutions come to light. Nevertheless, it is acceptable to spend months in finding a unique technology solution matching a company's needs and even years in achieving the adoption of the technology. But with the large pool of technologies available on the market, why does it need such an enormous amount of time to find matching solutions? Download the Mastering Technology Scouting Guide - and we will show you how to boost your innovation process.