Examples of open innovation can be hard to come by. Companies often consider opening up to be dangerous, however, based on our experience, we at SOSA think it’s quite the opposite. When companies open up to innovation it can be extremely rewarding for all involved parties. Those exporting innovation find new ways of making meaningful impact with maximum returns. On the other hand, those importing it gain access to novel solutions in a quick, effective and risk free manner.
To demonstrate these effects, we’ll cover two success stories that show how companies benefited through open innovation, from both sides of the spectrum.
DSV & Water.IO
DSV supplies transport and logistics services globally. One of their more specialized services is pharmaceuticals delivery. However, new more stringent regulations regarding controlled environment monitoring and track & trace took effect recently, which made the delivery of pharmaceuticals more challenging.
DSV turned to SOSA for help in finding innovative solutions to optimize pharmaceuticals delivery. In an extensive demo day hosted by SOSA for exactly this purpose, DSV met Water.IO. A relatively younger and smaller company that offers innovative IoT smart packaging solutions for consumer packaged goods (CPG).
To help push this collaboration, two departments teamed up at DSV – innovation and pharmaceuticals. Working together, they managed to both ensure buy-in at DSV, and help Water.IO customize their product to fit their specific application.
As a result, a solid business case was built that made sense for both companies. This led to the launch of a successful pilot with one of DSV’s largest clients. In turn, this provided concrete validation of the solution, paving the way for a more significant and mutually beneficial partnership.
Advanced Energy & Correlor
The Jerusalem-based company Correlor Data Science Intelligence, specializes in predictive analytics for industrial companies using machine learning. After receiving a grant from the Bird Foundation, an organization promoting collaboration between U.S. and Israeli companies, they partnered with Colorado-based power solutions firm Advanced Energy.
Their collaboration led to the successful joint development of a Connected Power (IIoT) Data System with analytic and machine learning applications, specialized for the market verticals of semiconductor and thin-film manufacturers. This greatly helped Advanced Energy, a company based on innovation holding 212 patents and having more than 200 product offerings.
The Role of Open Innovation
These two stories provide a small glimpse into what open innovation is all about. It is a practice that can bring together companies of completely different sizes, backgrounds, and activities, to engage in joint innovation towards a common goal. We’d venture to argue that open innovation is the realization that technology should be boundless in helping as many people as possible, all the while benefiting its original creators.
At SOSA, we’ve made it our job to empower organizations into coming to this realization, supporting them in every step of the process. To quote Steve Jobs: “Innovation is the ability to see change as an opportunity – not a threat.”
Learn more about SOSA’s innovation programs, and how to integrate and scale innovation within your organization.