Two or more large companies can also collaborate on innovation.
An example of this is an alliance formed by Philips NV, the global technology company based in the Netherlands, and salesforce.com to create clinical applications available through a digital health platform.
Naturally, any new method of operation requires careful planning. Cultural differences, technological risks and security concerns can stop organizations from realizing their full potential.
"Open Innovation" is a major undertaking but, done right, it has the potential to lead to success.
Part of the process involves collaborating with "bridgemakers" who can bring real knowledge from startups and the university community.
They can act as an intermediary to help connect an organization with the appropriate partner.
They can also be a buffer between partners with conflicting cultures, provide support in mitigating risk, and assist in deploying technologies.
Third-party "bridgemakers", if qualified, are uniquely positioned to assist companies throughout the process－from discovery through deployment.
Accenture Plc, the multinational management consulting, technology services and outsourcing company, uses the principles of "Open Innovation" to help clients lower their risk and improve success.
For example, Accenture helped Grupo Globo maximize its potential by identifying the emerging technologies and market trends most likely to change the game for its business, and the media industry, during the next five to 10 years.
Accenture then designed a forward-looking technology blueprint to drive Grupo Globo's business strategy.
Ultimately, Accenture helped shift the mindset of the company and proved that working with startups could lead to tangible outcomes.
The author, Jitendra Kavathekar, is leader of Accenture Open Innovation with Accenture's Global R&D organization.
