Useful knowledge today is widely distributed and companies have started to look for other ways to increase the efficiency and effectiveness of their innovation processes. Nowadays companies no longer work on closed innovation processes, they are moving towards a more open way of innovating. This is the so called open innovation.
Henry Chesbrough, professor at UC Berkeley’s Haas Business School, defines it as
“the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.”
Why do big companies want to work with startups? Why should startups work with big companies?
Startups can be an interesting source of innovation for big companies, providing new approaches, reducing costs, accelerating time to market, increasing differentiation and creating new revenue streams. On the other hand, with this connection, startups can find a sustainable way to grow.
Open Innovation will be one of the themes under discussion at Scaleup For Europe, the international EBAN Congress, taking place this month in Porto.
We are also glad to announce that we are promoting business meetings between big companies and startups, so bilateral opportunities can be explored. Follow us because more information will be released soon.
If you want to participate in Scaleup For Europe, don’t forget to take advantage of the Early Bird Discount ending 16 May and register now.
