How to approach your open innovation strategy

Open innovation is not just about collaborations between large companies and startups, but about leveraging partnerships at different points in the innovation process. B2Bs should consider open innovation strategies to expand potential collaborations and boost innovation agendas. A proper innovation strategy requires understanding your own business strengths and weaknesses, identifying the right questions to ask potential partners, and employing a flexible plan that can adapt to changing circumstances. Customization is key, as every partnership should be unique to maximize success. Innovation strategies also help address potential future obstacles and pivot around challenges based on validated facts. Overall, innovation strategies are necessary to stay up-to-date in a rapidly evolving market and unlock the power of collaboration.