Most organisations seeking growth will already be investing in steady, vital work of internal R&D and continuous improvement, which are the backbone of iterating on your existing products and services. Open Innovation offers several alternative approaches for companies to grow. Navigating these options can feel overwhelming. The key to success is matching the right methodology approach to your specific context, while keeping in view the resources you are prepared to commit, as well as the specificity of the innovation challenge that you’re working on. Let’s explore some of the more common innovation methods clients have been deploying.
Technology Scouting & IP Licensing is your ‘express lane’ to a solution. This approach is perfect when you have a very specific technical need and you know the solution likely already exists out there. It’s a helpful way to save time and resources of building a solution from scratch—and avoid re-inventing the wheel—though it does involve negotiating for access which is ideal when information asymmetry works in your favour; when you know better than the licensor how to create value with the IP.
For those bigger, fuzzier questions about the future of your industry, Corporate Venture Capital (CVC) acts like a telescope. By making small investments in a portfolio of startups, you get a continual window into emerging trends without having to bet your entire company. It provides real options for deeper partnerships down the line.
When you have a crystal-clear problem and are open to different ways to solve it, a Prize-Led Challenge provides relatively low cost access to a wide pool of global experts. You define the finish line, and then invite thinkers from every field to run the race in their own way. It’s powerful because you don’t need to have all the expertise in-house; you just need to fully express the problem statement and articulate the goal compellingly.
To energise a broad group around a theme and uncover unexpected solutions, Hackathons are very helpful, whether participants are from the different business units of the same organisation, or enrolled externally. Its attracts diverse problem-solvers, raises their awareness of the defined challenge as you may choose to frame it, as well as the tools you may offer them to work with. Much of the value for hackathons actually rest in the pre-work before the event, and the post-event follow-through to support implementation. A well-defined challenge and a clear plan to refine the best value propositions are what turn a fun event into a genuine pipeline for innovation.
Some challenges are simply too big for any one company to tackle alone. This is where Innovation CoLabs shine. If you’re looking to solve a complex, ecosystem-wide problem—like shaping new industry standards or addressing a social issue—a CoLab brings key stakeholders together to co-create. It requires strong leadership to ground participants in a common purpose, a collaborative spirit, and a willingness to open up influence for shared benefit.
Once promising concepts are defined, Design Sprints help to accelerate product-market fit. This method is highly specific and intensely focused, perfect for a team that needs to quickly test an idea with real users before committing to a full-scale build. It’s a resource-efficient way to validate that you’re on the right track, saving you from costly wrong turns later.
When exploration turns into conviction, Corporate Venture Building is your tool. This is for when you’re sure you want to own a new, disruptive business and are willing to dedicate a dedicated team and significant resources to make it happen. The key is giving this new venture the space to operate freely, away from the well-meaning processes of your core business that may not always be compatible with the growth of a nascent venture.
The real art of innovation leadership lies in carefully orchestrating the mix of approaches you can deploy. By understanding the unique strengths of each approach, you can move from a scattered strategy to a purposeful portfolio, ready to tackle any challenge that comes your way.
Visit our client stories for some examples of Global Challenges, Hackathons, Design Sprints, and Colabs led by Eden.