Identify Needs: Determine the specific areas where external innovation can add value to your business, such as new technologies, market insights, or product enhancements.
Find Partners: Identify potential partners who can provide the expertise, resources, or technologies you need. This could include startups, research institutions, or even
competitors.
Establish Agreements: Develop clear agreements that outline the terms of the partnership, including intellectual property rights, responsibilities, and financial arrangements.
Collaborate and Co-Create: Work closely with your partners to co-develop new products, services, or technologies. Foster open communication and a collaborative mindset.
Monitor and Evaluate: Continuously monitor the progress of your collaborations and evaluate their impact on your business. Make adjustments as needed to maximize the benefits of the partnerships.