Collaborative innovation typically involves several key steps: 1. Identifying Partners: Finding the right strategic partners who have complementary skills and resources. 2. Setting Objectives: Defining clear goals and expectations for the collaboration. 3. Sharing Resources: Pooling together knowledge, technologies, and funds. 4. Joint Development: Working together on the development process. 5. Market Introduction: Launching and marketing the new product or service collaboratively. 6. Feedback and Iteration: Continuously improving based on customer feedback and market performance.