Thought leaders debated on whether addressing challenges through open innovation is necessary or simply a buzzing trend in the business world. As with all evolving mindsets, risks exist; however, open innovation presents serious opportunities to both large and small companies. The exchange of knowledge between scientific players, public institutions and business partners, for example, decreases investment costs in research and development, while increasing potential for differentiation in the market. Furthermore, open innovation has the potential to reduce the uncertainty that exists when a company invests internally in research and development. This is because the external knowledge pool is often greater and more developed.
Bureaucratic corporate culture has been characterized as a resistor or an opponent to startups, which is why the incorporation of startups into corporate business models has raised problems and questions. At the Oppino-led round-table talk, experts led the conversation on innovation adoption programs and change management.
The world’s innovation ecosystem as a whole is growing one, and Spain is no bystander in the evolution. Growing players like Wayra, Insur-Space by MAPFRE and Start4Big in Barcelona have stood their ground in filling the gap in market space. With an increasing dedication and widening knowledge of innovation, experts in the round-table reflected not only on a company's potential to include startups in their business models, but went so far as to discuss the potential to collaborate with competitors.