The struggle to commercialize innovations through traditional methods has never been greater. In 2023, venture funding hit its lowest level since 2018. Over the past five years, funding dropped 38% annually. That’s very bad news for entrepreneurs hoping to find money to commercialize innovations. Regrettably, that trend will probably continue due to the current state of the global economy.
To commercialize innovations, entrepreneurs must produce, distribute, market, and support their product or service. It’s a costly course of action, but at the very essence of long-term success for innovators. Since venture funding is scarce, entrepreneurs need a new way to connect with those that could be interested in what they’re offering.
Luckily, many businesses are looking for groundbreaking solutions to solve challenging problems. The question, is how do entrepreneurs let these organisations know what they have and can they partner with them? Is this the best way to commercialize innovations as we move forward?
The Power of an Innovation Ecosystem
Innovation ecosystems have become a primary driver for change during the past fifteen years. While many exist, not all are effective or fruitful for entrepreneurs. That’s because many are focused on big business, not creators.
However, a good innovation ecosystem depends on inventiveness. Business cannot find what it needs if innovators don’t create it. Consequently, an innovation ecosystem must be collaborative.
Rubens stated “A vital innovation ecosystem is characterized by a continual realignment of synergistic relationships that promote harmonious growth of the system in agile responsiveness to changing internal and external forces.”
The key point here is that the business and the innovator must connect, collaborate, and adjust their relationship in response to change. It must be mutually beneficial, sustained, and supported.
Choosing the Right Open Innovation Platform
Entrepreneurs wanting to commercialize innovations must choose the right open innovation platform. It should offer connections to many businesses around the globe and opportunities, whether you are an entrepreneur, startup, scaleup or mature organisation.
Undoubtedly many innovation platforms exist, but many are more interested in corporations than entrepreneurs and technologically innovative firms. Luckily, EarlyBirds’ mission specifically aims to connect creators with business.
Our award-winning Innovation Ecosystem earned us the title of Global Open Innovation Platform of the Year 2023 and 2024. Clearly, our method works for entrepreneurs and those in need on innovations.
Immediate Market Exposure to Commercialize Innovations
After choosing a specific product or service to market, all innovators need market exposure. Fortunately, the EarlyBirds innovation ecosystem automatically exposes your products and services to potential customers.
The EarlyBirds system also helps innovative companies connect with Subject Matter Experts. These SMEs serve as consultants. They collaborate with innovative companies to ensure what they offer meets a company’s specific needs. They also guide early adopters to the best-suited innovators.
Additional Benefits for Innovators
Besides increasing the odds of connecting with companies that need what you offer, becoming part of the EarlyBirds Global Open Innovation Platform offers additional benefits.
First, it provides one of the best ways to garner feedback, insights, and validation from early adopters and industry experts.
Second, innovators can list their products and services, especially for initial sale such as trial, pilot, and proof of concepts.
Finally, it helps innovators commercialize innovative solutions through strategic guidance, access to various kinds of resources, and helpful industry networks.
Increase Your Reach Through Cross-Industry Innovation
All too often, entrepreneurs limit their reach to a specific industry. However, what your business offers could be highly beneficial to other industries too. Fortunately, our ecosystem currently includes many industries and your solution could reach organisations you’ve never considered.
Once you are part of the ecosystem, you may be included in our ecosystem maps if you are a startup, scaleup, or mature company involved in specific themes and sub-themes.
Additionally, businesses may discover what you have to offer through our Explorer Program, which provides innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required. These businesses are highly motivated and looking for accelerated innovation.
Our Challenger Program aligns relevant innovators with specific organisational, technical, and risk requirements of those companies looking for innovations. It is run by an EarlyBirds Subject Matter Expert who identifies and curates suitable choices for further evaluation. The SME drafts a roadmap of next steps, POC, trial, or implementation through the chosen innovator.
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EarlyBirds can help your organisation connect with business to create viable revenue streams. We’ve helped those in the Public Sector, Food Industry, Retail, Healthcare, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, and many other industries. We have also helped innovators through cross-industry collaborations.
Let us guide you towards appropriate partnerships that can fund your progress and spur further innovation. Innovators can sign up and list their products and services at https://earlybirds.io/. EarlyBirds invites you to list one product and service for free as a registered user. Reasonable monthly and annual plans are also available if you want to list additional products and services.