{"id":4569,"date":"2020-03-30T15:52:15","date_gmt":"2020-03-30T14:52:15","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=4569"},"modified":"2020-04-03T09:00:36","modified_gmt":"2020-04-03T08:00:36","slug":"when-worlds-collide-understanding-innovation-motivation","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/when-worlds-collide-understanding-innovation-motivation\/4569\/","title":{"rendered":"When worlds collide: understanding innovation motivation"},"content":{"rendered":"

As part two of an article series<\/a> by Elena Bou, Innovation Director, EIT InnoEnergy<\/a>, Bou explores the philosophy of open-innovation that underpins good collaboration.<\/h2>\n

The first step in an energy company collaborating with a start-up is to ask itself a simple question: why?<\/p>\n

In part one of this series, we answered that from a wide-angle perspective \u2013 because the industry needs to innovate to keep up with the pace of change, and collaboration with start-ups appears the quickest, surest way to do so.<\/p>\n

But that is not the \u2018why\u2019 I am talking about now. Here, I am talking about why a specific company might have chosen to collaborate with start-ups in the context of its own corporate goals and strategy. I am talking about motivation.<\/p>\n

Haven’t read part one yet? Click here<\/a> to read part one of this article series.<\/em><\/strong><\/p>\n

Everyone else is doing it<\/h3>\n

So what? One of the risks we are seeing is that companies fear they won\u2019t be seen as cutting-edge if they don\u2019t work with start-ups (which is testament to how effective and widespread open innovation has become). Perhaps they fear competitors will snatch up the best talent, or that shareholders will grumble.<\/p>\n

The result of such bad-faith motivation is usually a cosmetic implementation made with an eye on the brand rather than expected technological development. There is nothing wrong with companies looking to market themselves, but don\u2019t expect open innovation as a PR exercise to deliver anything more than PR coverage.<\/p>\n

What does a good motivation look like then? Every company will be different, but here are three main goals we see in the energy sector.<\/p>\n

One: To absorb the start-up magic<\/h4>\n

The stereotype of corporate culture as staid and slow can be a little unfair, but few corporate behemoths can match the energy, drive and sheer excitement of a young start-up. One reason to collaborate with start-ups is to expose teams from large companies to more flexible and disruptive environments, new ways of thinking, new businesses and new technologies.<\/p>\n

The hope is that some of that start-up magic will rub-off on teams through contact, fostering entrepreneurialism, creativity and innovation that individuals can bring to their day-to-day roles and helping rejuvenate the corporate culture.<\/p>\n

Two: To solve a specific problem<\/h4>\n

Perhaps an energy company is looking to consolidate or maintain its market position and has identified specific problems that hinder that. For example, it may have identified that it is slow to launch new products to market, and is losing ground versus competitors as a result.<\/p>\n

Working alongside a start-up with a leaner development process can accelerate the co-creation of new solutions and slash time to market. This approach also shares the burden of risk, which is attractive for company and start-up alike.<\/p>\n

Three: To expand (or to reinvent)<\/h4>\n

Other companies may harbour ambitions to enter new markets and identify start-up partners as the best way to do so. The right collaborator can offer access to disruptive technologies and new business models in exchange for financial and operational heft \u2013 see how Shell has sidestepped into e-mobility through its acquisition of EV charging infrastructure specialist, New Motion.<\/p>\n

This can also be a way to gain exposure to and learn about a new market with limited risk.<\/p>\n

Getting on the same page<\/h3>\n

Of course, these motivations will only lead to effective collaborations if they are shared with the start-up \u2013 or at least complementary to their own. If an energy company wants to absorb some of the entrepreneurial magic, then a start-up which prefers an arm\u2019s length partner is a poor fit. Likewise, energy companies should be wary of leaning on start-ups to enter certain markets if the start-up\u2019s own aspirations (and therefore resources) ultimately lie elsewhere.<\/p>\n

And remember the little things too: \u2018short term\u2019 means something very different to a large company than it does to a start-up, for example. Getting \u2013 and staying \u2013 on the same page is vital, both in terms of motivations and expectations.<\/p>\n

Next up: the \u2018how\u2019 of energy company\/start-up collaboration\u2026how different motivations will imply different ways of implementation, strategic impact and organisational fit.<\/p>\n

Want to continue reading? Click to read part one<\/a>,\u00a0three<\/a> and four<\/a>.<\/strong><\/p>\n

About the author\"\"<\/h3>\n

Elena Bou is the Innovation Director of EIT InnoEnergy. Bou also belongs to the executive board of the company, which she has been involved with since 2007.<\/p>\n

Prior to her work on the founding team of EIT InnoEnergy, Bou worked in the field of management consulting, giving her the opportunity to manage and develop many European multinational projects.<\/p>\n

Elena Bou<\/strong>
\nGuest Contributor<\/strong>
\nInnovation Director<\/strong>
\nEIT InnoEnergy<\/strong>
\n
@thisiselenabou<\/strong><\/a><\/p>\n

Please note: This article was written by guest contributor, Elena Bou.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As part two of an article series by Elena Bou, Innovation Director, EIT InnoEnergy, Bou explores the philosophy of open-innovation that underpins good collaboration. The first step in an energy company collaborating with a start-up is to ask itself a simple question: why? 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