天美传媒

As the world moves toward economic recession, getting innovation right 鈥� staying ahead of competitors while avoiding unproductive ideas 鈥� seems more important than ever. But how to do it?

天美传媒 teamed up with Gellify, a platform for B2B innovation, and Spanish infrastructure and renewable energy company Acciona, to hold its 8^th Open Innovation Conference online this week.

In addition to professor Julia Prats and Josemaria Siota of 天美传媒, conference speakers were: Telmo P茅rez, Chief Innovation Officer at Acciona; Philip Wockatz, Volvo鈥檚 Director of Open Innovation; Itxaso de Palacio, Director of Investment at venture capital fund Notion; Giancarlo Savini, Manager of Shell Ventures; Paula Bl谩zquez, Head of Investments at Banc Sabadell unit InnoCells; and Diego Fern谩ndez, CEO, Iberia, of Gellify.

As Prats noted, 鈥渃orporate venturing 2.0鈥� is emerging, as established companies refine the ways they engage with startups. 鈥淚t鈥檚 changing from exactly how things were before,鈥� she said.

While there鈥檚 no single recipe for getting it right, here are some of the conclusions:

• There may be strength in numbers. For small or medium-sized firms, forming 鈥渃orporate squads鈥� together with other companies may be useful in order to approach startups or innovation projects together. 鈥淚 think this collaboration model is amazing,鈥� says Gellify鈥檚 Fern谩ndez.
• Find the right way to work with funds. Working with venture capital funds can help companies increase their access to different regions and startups, while also providing a filter for deals and likely a first round of funding. But it also adds another layer to the process, and can be expensive.
• Look at fewer projects, well filtered. There are lots of projects out there 鈥� but most are probably of little interest to your business. Focus on a select number of events or formats to scout deals. Notion鈥檚 de Palacio prefers formats in which she can make a quick pre-selection of only the pitches of companies she鈥檚 truly potentially interested in.
• Think holistically. Now more than ever, when many businesses will struggle after COVID-19, it鈥檚 important to ensure that individual innovations fit into the whole of your company, thinking holistically on many different levels.

For example, while Banc Sabadell has different corporate venturing tools, Bl谩zquez says coordination is key. 鈥淵ou have to make sure you have a holistic approach in terms of innovation.鈥�

鈥淲e like to look for things that we are missing,鈥� says Acciona鈥檚 Perez. Since Acciona has its roots in traditional industries, that means seeking out more disruptive industries or novel digital capabilities.

• Focus on integration. A startup may be doing great things, but if you don鈥檛 integrate it into your business model in the right way, it won鈥檛 contribute the way you had hoped. For Volvo鈥檚 Wockatz, that means starting with clear procedures 鈥� on legal, IT, procurement, etc. 鈥� that everyone follows. 鈥淚t鈥檚 not based on one superhero in the organization. It鈥檚 based on a structure,鈥� Wockatz says. Volvo also goes through a three-step process 鈥� the third step being the actual agreement 鈥� with startups to ensure that the fit is right.