Cooperating with other participants during innovation projects is one of the best ways to achieve successful results.
There are many ways how very promising ideas can be developed, for example in the form of start-ups. Among other possibilities are spin-offs or licensing, which offer broad possibilities for further development of ideas. At last you can think about other players in the chain (for instance, suppliers) who can exert influence on innovation processes.
That means that inside of the company a certain reappraisal should be done about the way people look at the company as well as at its external position and relations. This means that participation of other parties can have many advantages. You can also think about cooperation with other companies from your sector, suppliers, universities and, of course, not to forget, with the final customer.
The business model plays a crucial role. How and when extern knowledge is used greatly depends on the business model, which describes how value of new innovations is to be created: what elements should be kept internally and what should be supplied from external sources.
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