Today’s innovators are under immense pressure from all directions as change is happening much faster than ever before. Digital transformation has created capability and resource gaps in organizations and has rendered the traditional silo-based “do-it-yourself” (DIY) innovation model obsolete.
Co-innovation addresses these issues in a novel way. It accelerates collaborative innovation by augmenting the internal innovation capabilities with external capabilities of innovation partners in an ecosystem. Co-innovation is imperative to the success of innovators in today’s digital world as it expedites innovation, reduces costs, mitigates risks, and improves the likelihood of achieving desired business outcomes by filling the gaps in the discovery, incubation, and acceleration phases of innovation from invention all the way to successful commercialization.