Today’s innovators are under immense pressure from all directions as change is happening much faster than ever before. Digital transformation and the recent crisis have created technology and capability gaps in organizations and have rendered the traditional silo-based “do-it-yourself” (DIY) innovation model obsolete. As a result, many innovators are facing challenges that they can no longer solve on their own.
Co-innovation addresses these issues in a novel way. It helps innovators to solve their challenges and accelerate their innovation process by augmenting the internal innovation capabilities—company-led—with external capabilities—netword-led—of innovation partners in a trusted ecosystem. Co-innovation is imperative to the success of innovators in today’s digital world as it helps them to quickly and cost-effectively fill the gaps in the discovery, incubation, and acceleration phases of innovation from idea generation and invention all the way to successful commercialization.