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collaborative-innovation

Collaborative Innovation as Ultimate Driver of Growth

January 20, 2016 • Emerging Ideas, Entrepreneurship, Europe's recovery is possible. This is how…, INNOVATION

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By Mark Esposito and Terence Tse

Entrepreneurship is the key to economic growth, and right now, Europe’s economy difficulties need solutions. This article discusses the challenges that businesses, particularly those in the Eurozone, face in a collaborative innovation partnership, and how to overcome these challenges in order to form the most beneficial partnership.

 

The idea of collaborative innovation in Europe takes its cue from the World Economic Forum’s long-term studies on entrepreneurship and drivers of entrepreneurship. Europe in particular has been a region of interest for increasing entrepreneurship-based activities because the continent has experienced significant difficulty in getting out of the financial downturn that began in 2008. Whereas the US has slowly but surely been improving its unemployment rate and productivity, countries in the Eurozone have struggled, especially countries such as Italy and Greece, where the threat of slipping back into recession looms continually.

As entrepreneurship has long been regarded as a path for economic growth, entrepreneurship has been proposed as a specific course of action to address Europe’s economic woes. Fostering entrepreneurship in Europe for the most part is particularly ideal as the continent has the elements necessary policy-wise and resource-wise for creating innovative new businesses that can offer the potential for new markets and new products and services. At the same time, however, issues specific to Europe such as restrictive regulatory frameworks and lack of access to capital have also stifled entrepreneurial activity. Entrepreneurship as a concept cannot thrive on its own; it is similar to a plant seed that must have the right factors in order to bloom.



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5 Responses to Collaborative Innovation as Ultimate Driver of Growth

  1. […] Entrepreneurship is the key to economic growth, and right now, Europe’s economy difficulties need solutions. This article discusses the challenges that businesses, particularly those in the Eurozone, face in a collaborative innovation partnership, and how to overcome these challenges in order to form the most beneficial partnership.  […]

  2. Dear Mark, and Dear Terence,
    I strongly agree your 5 topics.
    Collaborative innovation is a very difficult subject to cope with. And it is a quite new subject for industries.
    In the past, big companies organised themselves in order to create innovation internally. Actually they discover that they need another way to work if they would like to continue to get more Innovation and continue to growth.
    As you already said in your article, from the last 15 years, we can see emerging big programs from big companies, in order to help startups, coaching them, financing them sometimes …
    Nevertheless, from my point of view, I would like to insist on the main challenge so many times underestimated ! The trust !
    How 2 entities can build something and help both?
    How matching their present needs and their needs into 3 years ? How to assure that thanks to the fact the situation will change, the 2 entities will still being aligned?
    To much time some issues are coming from this topic.. . How to keep being aligned? How to act in order to respect development of the other stakeholder?
    It is part of the business and more about Human being values. ..
    Gaëlle

  3. […] Collaborative innovation is the partnership between a young, entrepreneurial firm on the move and an established, large corporation. The goal of these partnerships is to commercialise new ideas and technology, with the intent of promoting economic growth and improving regional competitiveness. The idea behind collaborative innovation is that the partnerships are mutually beneficial: entrepreneurial firms gain assistance in scaling up – access to markets and capital – while established firms enhance their competitiveness by adding or expanding their businesses through technology and market innovations gained from collaborative innovation.  […]

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