The Key Success Factors to successful execution of Open Innovation ecosystem projects
Open Innovation (OI) ecosystem projects are complicated and demanding. Ecosystem partners have multiple roles and different internal drivers and objectives. Typically innovation projects involve high technological and commercial risks, which increase the level of complexity. Furthermore, there may be competing ecosystem projects either running parallel or about to be initiated. These characteristics require special measures and actions when leading and managing OI ecosystem projects.
Spinverse has developed a maturity model for Open Innovation Key Success Factors where we concluded with 6 factors that lead to successful execution of the projects. These key success factors are:
- Top management engagement
- Portfolio management
- Partner search
- Collaborative attitude
How does the maturity model work in practice? In one of our cases, a large industrial company, we made an assessment for their R&D organization. We found out their main strengths and development areas. Based on those we provided the company with a maturity profile covering all 6 key success factors and they found out that they needed to improve the way they search for and collaborate with partners. In addition, they learned that they must develop a faster commercialization capability. We set up development workshops to address needed areas for the company. This assessment model provides a company-wide framework to take OI ecosystem capability to the next level.
The assessment consists of in-depth interviews on all 6 key topics. The interviewees are selected from different functions and positions in order to provide multiple views. We assess and analyse the interview inputs and conclude an assessment report with the maturity profile and recommendations for development actions.
Do you think you your R&D&I projects would benefit from the assessment? Contact us to learn how we can assess your R&D&I projects and let us help you with the successful execution of your OI ecosystem projects. You can also read more on successful OI ecosystem projects.