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Editor's Note: Take a look at our featured best practice, Digital Transformation Strategy (145-slide PowerPoint presentation). Digital Transformation is being embraced by organizations across most industries, as the role of technology shifts from being a business enabler to a business driver. This has only been accelerated by the COVID-19 global pandemic. Thus, to remain competitive and outcompete in today's fast paced, [read more]
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The necessity to accelerate Innovation is not unique to a particular industry. Incumbent companies in numerous industries are thoroughly cognizant of the competitive risks presented by the inadequacies of their Innovation chains. They are also aware of the capabilities of startups in quickly utilizing technologies.
This realization has given birth to the concept of Open Corporate Accelerators (OCA), which involves less investment than the conventional Corporate Accelerator model.
Traditional Corporate Accelerators are usually started by a solitary company for its own gain. In contrast, OCAs accept several sponsors and can entice a wider collection of more developed startups.
OCAs may comprise of academia, corporate sponsors, Original Equipment Manufacturers (OEMs), suppliers, and companies from various industries.
An OCA differs from a traditional CA in 4 key aspects:
Sponsors can follow 3 best practices to capitalize on the Innovation prospects presented in the OCA model.
OCA also diminishes the ambiguities associated with collaborations involving early-stage startups with unproven solutions; and it produces more successful implementations in less time.
Similar to conventional Corporate Accelerators, Open Corporate Accelerators also follow a 3-phase approach.
Let us delve a little deeper into the phases.
Pairing startup technologies to BU requirements is a significant challenge in phase 1 of the OCA process.
This can be accomplished by holding recurring events dedicated to certain technologies, during the course of which startups interact with relevant BUs.
Major challenge of the 2nd phase of OCA process is demonstrating that a startup’s solution can fulfil requirements of the sponsor precisely. Startups discover that fulfilling sponsors’ development conditions is a demanding issue, particularly with regard to quality and time expectancies.
Such hurdles can be overcome by making startups and BUs design and handle Proof of Concept (POC) projects conjointly.
Upscaling the solution is the defining challenge of the 3rd and final phase. Startups normally have many projects and are under great stress to marshal and schedule the resources needed to attain scale.
POC projects help quickly decide whether a solution is effective or not. Changeover from solution adaptation to assimilation is achieved effectively by ensuring that the startup’s solution and team are well entrenched within the sponsor organization.
Interested in learning more about Open Corporate Accelerator (OCA)? You can download an editable PowerPoint on Open Corporate Accelerator (OCA) here on the Flevy documents marketplace.
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