Feb 5

A Charter for Open Innovation

Here as promised are a draft list of Open Innovation Principles. I’ve framed these around the type of Open Innovations that CoCatalyst, my company offers so they will need some adaption to other Open Innovators. It would be great to get your feedback on this Charter.

The CoCatalyst Charter for Open Innovation

The purpose of this charter

Open Innovation offers a way for companies to identify faster, lower cost and more impactful business growth solutions with potentially more certain outcomes than can be obtained through traditional innovation models. Whilst Open Innovation offers big benefits, in our experience there are a number of concerns people have with this approach. What we seek to do is to work hand in hand with our clients to overcome these issues and ensure they get the most from Open Innovation.

The purpose of this charter is to spell out how we do this.

The way we work

Helping you succeed
We are experienced in the area of Open Innovation and we can help you through the entire process, engaging at both strategic and tactical levels as required. We will work closely with you to identify what a successful outcome would be for you and agree the steps needed to achieve it.

Operating fairly
We will not undertake work where a conflict of interest exists. We make sure dealings with third parties (e.g. solution providers or seekers) are fair and even handed because we want to make sure that both our reputation and your reputation are protected.

Communication
We will keep you informed of progress through regular updates.
In our experience, we have found that up-front dialogue, clearly setting expectations and continued two-way communication are essential to building enduring and trusting relationships. Our Open Innovation process applies this principle throughout the activity programme and with all parties.

You are in control
We operate a stepped Open Innovation process and you have the opportunity to redirect or stop particular activities at any point.
We will not make any commitments on your behalf without your formal agreement.

Delivering what we promise
We will meet the timeliness and quality commitments we have made and ensure there are no surprise fees either from Cocatalyst or Associated Agents.

Assuring Confidentiality
We will take your needs or technologies and turn them into a form which allows us to share them at the most appropriate level of confidentially. We will agree with you how much or how little you want us to share with potential solution providers or seekers. We will agree with you which industries and experts to approach and more importantly those not to approach. We are happy to sign your non-disclosure agreement.

Providing relevant and credible Information
Our process is designed to focus research on finding high quality contacts by targeting potentially strong solution areas and linking to industries where appropriate capabilities or needs already exist. We understand that your time is valuable so we focus on ensuring that the information we provide is relevant and based on solid evidence.

Delivering the benefits into your business
When we have identified promising solutions and potential partners, we will help you to understand the best way to integrate these with your current business and systems.

In later posts I’ll go into a bit more detail behind why I’ve chosen these principles. Hopefully, in future, this Charter might┬ámake a small contribution┬áto trust building in Open Innovation.

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