What´s Open innovation?
Nowadays, companies can not trust their entire innovation strategy in their internal R & D departments. Many of the innovation comes from startups, which are much more agile when it comes to taking products or services to market. Open innovation is about implementing collaboration frameworks with startups to capitalize on their innovation.
How large should my company be to carry out open innovation plans?
There is no minimum or maximum size, only the innovation need of the company, whether or not it has an R & D department. There are ways to get started at a very low cost, such as a scouting service to find out what startups are doing in a certain sector.
How much time does it take to implement open innovation actions?
The time frame will depend on the degree of involvement the company has with the startups. It can go from a few months in case the company seeks only to act as a client of the selected startups because their services or products can improve their efficiency. And it can be between 2-5 years for cases of creating a corporate accelerator or investing in startups in the initial phases.
What are the first steps to develop an Open Innovation plan?
First of all, an analysis phase is necessary to identify objectives, resources, time frame … This will allow designing a tailored plan and maximizing the benefits of the plan. The biggest danger is to start without a clear objective because it can trigger high costs. If we want to implement a corporate accelerator for our vertical, for instance, we must be clear that we will have to invest for a minimum period of 2 to 4 years, otherwise the benefits will never be seen.
Should my company have a space dedicated to startups?
It is not necessary, depending on the objectives and the chosen model will be advisable but in many cases it is advisable to outsource the relationship with startups so as not to create conflicts in the company daily operations.
Should the company allocate a team exclusively to the tasks of Open Innovation?
Each plan is customized based on the needs and resources of each company. During the study and formulation of the Open Innovation Plan, we identify which resources are both tangible and intangible. The workers who can play a key role are identified and get involved. It is not necessary an exclusive dedication, depending on the model it may be sufficient that they allocate a few hours each week. An example is the Hackatons or Challenges in which teams of workers and non-workers are formed and presented with challenges of the company, for a week or 3 days work side by side to solve them. Workers provide knowledge of the business model and operation of the company while external bring freshness and new ideas.
What is Tech for Equity?
It´s a new investment model, in which the asset that is invested is work and resources, instead of money. Bloomium contributes technological development (Tech) in exchange for Equity. From a PoC to an MVP; apps, IoT, Augmented Reality, AI … any technological need the startup has. We are totally involved as one of the team in order for the project to take off.
What happens if we don’t need technology?
If you already have a technological profile in your team but you have needs in other areas, Bloomium can contribute those resources through the Work For Equity model. Analogous to Tech For Equity, we can be your Digital Marketing partner, Finance and Legal partner or workspace partner.
What if we just need money?
If you have a consolidated team fully dedicated to the project, with a proven business model, you have sales already and you are setting up an investment round to scale, Bloomium also has a fund to invest money in innovative projects with high growth potential.
What if I don’t want to give equity?
No problem. We have a network of Key Partners specialized in each of the key areas to grow a startup. We can start as suppliers and over time, if there is a mutual interest, we can negociate the entry as partners.
What startups does Bloomium invest?
We invest in digital startups from any sector, with innovative business models that brilliantly solve a problem, with high growth potential and with a dedicated, passionate and highly talented team.
What stage does Bloomium invest in?
We prefer to enter the initial phases of the project (Idea – Seed – Early Stage) because then is when we can contribute the most value with the Tech For Equity model and our Bloomium Boost program.