Read the first of the CBI’s Big Fish Little Fish best practice guidance to help your business, large or small, navigate successful innovation partnerships.
The CBI created Big Fish Little Fish to help larger firms (big fish) and smaller firms (little fish) identify the blockers to successful innovation partnerships, and to bring businesses together to try and identify some solutions.
Innovation is increasingly a team effort with companies seeking partners to help create and exploit the latest technologies and innovations at a speed and scale not achievable on their own.
Through partnerships, smaller firms can access:
- The infrastructure to scale quickly
- New markets
- Strategic or technical insight
- A broader expertise base.
Larger firms can also benefit from:
- New ideas
- Opening of new doors with existing customers
- Exciting development opportunities for employees
- Technologies and talent that would be slower and more costly to develop in house.
This collaborative approach to innovation is not always easy. And when you dig a little deeper, it is a clash of company culture that prevents some of these partnerships from reaching their full potential. As a result, the UK could be missing out on the next world-leading innovation
But for every major barrier to success business leaders identified an innovation catalyst; steps that can be taken to avoid points of friction, helping both parties collaborate more effectively.
Barrier #1 Shiny things distract from strategy
Innovation Catalyst: To be a good partner, first get your house in order
Barrier #2: Hesitancy based on assumptions and baggage
Innovation Catalyst: Focus on transparency and trust
Barrier #3 Process trumps progress
Innovation Catalyst: Embrace the need for speed
Improving partnerships between large and small firms is part of CBI’s desire to create a dynamic, competitive, future focused economy, driven by innovation, that will support UK prosperity over the coming decade.
The CBI set out its vision for how this will be achieved in Seize the Moment empowering business to be at the forefront of positive change.
What's next?
Read the next installments in the Big Fish Little Fish mini-guide series.
Learn how your business can remove old barriers to new ideas.
Discover the routes to successful M&A here.
Delivered in partnership with Kainos
At Kainos, innovation comes first. We reimagine how organisations operate, using the very latest technology and the curiosity, enthusiasm and talent of our incredible people to deliver game-changing results.
Hear from Paul Batterham at Kainos on the benefits of innovation partnerships with startups such as loyalBe
What can you do?
- Share this article with your networks and include your own story with #PartnerToProgress @cbitweets
- Reflect on your own approach to partnerships and consider if there are changes you can make
- Get in touch to help shape the next phase of CBI’s campaign to help businesses innovate through partnership
- Join CBI as a member along with 190,000 businesses to benefit from networks, practical support and insight and to ensure your voice is heard and to on the issues that matter to your business.
