Thanks to its agile and rigorous processes, and to an effective mix of human and financial capital, the startup studio model is the ideal solution to help enterprises meet their open innovation objectives.
Typically, an enterprise faces the following hurdles in order to try and innovate:
- Competing priorities, as the current business, with its objectives and targets, inevitably takes over, leaving little room to innovation;
- Lack of internal processes and tools to manage and coordinate any innovation effort;
- Sourcing and retaining the right talent to develop and implement its innovation strategy;
- The effort needed to Integrate new solutions, which have been independently developed outside the company.
Inevitably, these hurdles end up delaying the innovation agenda, leading to increased cost, loss of competitiveness and, above all, missed opportunities and loss of income.
Most open innovation programs are not well suited to overcome these hurdles because they focus almost exclusively on idea generation and on identifying existing companies, hoping that someone else may already have found the solution to a certain business pain.
The startup studio model overturns the innovation approach, starting not from an idea generation exercise but from a precise business pain, which gets analyzed and solved in line with the business expectations.
Startup Bakery agrees with the industry partner a milestone-based stemming process. At the end of the process, the industry partner will acquire and integrate the newly formed startup, which can immediately add value to the partner’s business because it was built for that purpose from the outset.