State of Open Innovation in India-Fostering Growth through Collaboration

Overview

Report tries to understand the current state of open innovation in India and how stakeholders are working together to build underlying frameworks for the success of open innovation initiatives. It also covers the gaps, needs and business imperatives of open innovation and tries to understand why it’s important for India. This report will also act as a guidebook for corporates to understand the intricacies involved in setting up their open innovation programs. Successful case studies have also been included to showcase the impact created by these different models of open innovation.

Available in Soft Copy Only

Key Findings

Diverse Open Innovation Ecosystem in India

500+ collaborative programs led by stakeholders like academia, investors, corporate and government
Open innovation matrix: Adopting in-house innovation to external collaboration; corporates adopting multiple ways to build business strength
Diverse interlinkages and collaboration among all stakeholders; key behind open innovation growth

Need and Benefits of Open Innovation

Strong need: Industry stimulant for complex businesses; fulfilling process gaps
Benefits for all stakeholders through accelerated innovation, GTM, scaling, access to technology and more
Process, productivity, product, technology, and thinking are the key attributes for open innovation

Best Practices for Impact Open Innovation

Ensure organization readiness: Strategic mandate à defining objective engagement terms à the right partner
Process of open innovation implementation: Internal evaluation, establishment of purpose, execution, and closure
Key tasks in open innovation stages: Evangelizing àpartnership à measuring outcome

Recommendations

Single platform for all innovation programs and repository of start ups
Establishment of more ecosystem enablers & creation of open innovation marketplace
Incentivizing Open Innovation Programs; joint open innovation programs for partnering with other Countries

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State of Open Innovation in India-Fostering Growth through Collaboration