The benefits of collaboration are multifold. Firstly, the Journal of Innovation and Entrepreneurship states collaboration can increase a company’s return on investment by 3.95 times compared to companies that do not collaborate.
Collaboration can also reduce risk, since each party reduces their investment. In turn, this increases the chances of establishing sustainable economic activity.
Furthermore, beneficial partnerships can lead to more resilient organisations. Management capabilities can increase, creating a significant competitive advantage. This is particularly true in specialized industries requiring extensive knowledge.
Finally, collaboration may allow businesses to develop new products and services that they could not create singlehandedly. Combined knowledge, resources, and expertise can deliver results quicker, expand markets, and minimise problems.
Importance of Collaboration in Rapid Innovation
It is essential that organisations innovate rapidly. Customer demands change continually, as do environmental, social, and governance requirements.
Consequently, businesses need to innovate rapidly just to maintain their current market position. However, maintaining market share isn’t sufficient today. The market is too volatile for any organisation to depend on what’s always worked for them. Companies need accelerated innovation to create new products and services which can make them leaders within an industry.
Nonetheless, organisations may struggle even when they commit to accelerated innovation. They may not have the capacity, talent, or resources to manage rapid innovation singlehandedly. Undoubtedly, rapid innovation is a challenging task that demands expertise, knowledge, and proven procedures. Without these components, businesses may waste valuable time and resources, rather than moving towards their goals.
Fortunately, it is possible to tackle these issues when business leaders look at innovation in a new light. Instead of struggling to innovate within their traditional tech silo, they can reach beyond their walls and collaborate. Collaboration can provide expertise, the talent to develop appropriate products and services, and even access to solutions that already solve business challenges. This is especially true in cutting-edge areas such as ambient computing.
EarlyBirds is your ideal partner if your organisation wants access to global innovation resources. We help organisations pinpoint potential global solutions, find appropriate partners, and guide them towards the best possible ways to modernise their technology. EarlyBirds can also help you reach Net Zero goals, including CO2 challenges. We can also help your organisation realize a Zero Trust cybersecurity architecture.
We offer four pathways towards successful innovation and the following benefits:
- Reduced cost of innovation
- Quick increases in innovation capability, when required
- Connections to the best Subject Matter Experts and innovators available
- Simple process
EarlyBirds Innovation Ecosystem
Our award-winning Innovation Ecosystem earned us the title of Global Open Innovation Platform of the Year 2023. It allows both innovation and strategic thinking in all areas of a business, whatever the technical or business challenge or potential opportunity your organisation wants to explore.
We unite Innovators, Early Adopters, and Subject Matter Experts (SMEs) to fuel rapid innovative adoption and business evolution. Early Adopters are leaders eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
Our Ecosystem has a data pool of over 4.9 million global innovations across many industries with solutions that may already address your organisation’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.
The EarlyBirds platform also contains a gigantic pool of data on industry and innovation news that can help participants better understand the broad range of subjects related to strategy, innovation, and collaboration.
EarlyBirds Innovation Ecosystem Maps
EarlyBirds innovation ecosystem maps plot value chains, technology specializations, and specific topics. These maps provide companies with an easy way to keep themselves updated on the various trends in these thematic areas.
In turn, businesses can seize opportunities, solve business to technical problems, and identify potential innovators for beneficial partnerships. Maps are individualized for each organisation and specifically designed with organisational goals in mind.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required. It is designed to speed up the process of technological innovation for the organisation as a service.
The Explorer program includes several features including quarterly and monthly innovation days; regular webinars to help stimulate innovation in the organisation; a focus on types of innovations; a platform enterprise license; and a nominated SME for the business.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
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EarlyBirds can help your organisation access global innovation resources. We’ve helped those in the Public Sector, Food Industry, Retail, Healthcare, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, and many other industries. Recently, we created cross-industry opportunities.
Let us guide you towards appropriate partnerships that can reduce risk, amplify resources, solve problems, and spur innovation. Organisations can register independently at https://earlybirds.io/. Alternatively, those unsure of which option is best suited to their needs can schedule a consultation. We use an individualized approach to ensure you find the best possible solutions.