Last week, I had the opportunity to host a table at a Luxembourg Open Innovation Club (LOIC) event, where I shared my experience on driving innovation through startup collaboration. LOIC brings together corporates, startups, and research partners to foster open innovation across sectors in Luxembourg.
The session began with Peter Räke from Encevo Group, who provided valuable insights into decision-making strategies—specifically, when to build, buy, or collaborate. This set the stage for breakout discussions on four key partnership types: networks, calls for projects/research, startup collaboration, and corporate venturing.
At my table, I focused on the unique dynamics of working with startups:
How corporates can effectively engage with early-stage companies to accelerate innovation and bring fresh perspectives.
The importance of building trust, setting clear expectations, and creating win-win scenarios for both startups and established organizations.
Real-world challenges, such as aligning timelines and managing risk, and how to overcome them through transparent communication and agile processes.
We also discussed how leveraging networks like the Enterprise Europe Network (EEN) can enhance technology sourcing and partnership opportunities.
My main takeaway: open innovation thrives on diverse perspectives and strong partnerships. By working closely with startups, corporates can stay agile, experiment with new ideas, and drive meaningful business transformation.
If you’re interested in learning more about open innovation or how to foster successful startup collaborations, feel free to reach out!
