Open Innovation - The Catalyst for Transforming India’s Technology Ecosystem

The report in partnership with Avasant delves into the implementation and success of Open Innovation initiatives in India and draws a parallel with the global ecosystem. It covers important aspects of successful collaborations between stakeholders, measurable impact metrics, case studies and charts a roadmap for India to be amongst the top ten Globally innovative countries by 2030.

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Key Findings

More than 80% of corporations experienced improvements in their revenue, efficiency, or cost optimization efforts
Within three years of their establishment, over 80% of startups documented growth in revenue and valuation.

Open innovation leads to a 1.25X times higher likelihood of introducing pioneering products or services within corporate environments
Adopting open innovation can enable startups to decrease their time to market by as much as 70%.

Compared to other ecosystem stakeholders, academia provides more than a 30% advantage in terms of resources for innovation, encompassing knowledge, networks, skills, and more.
Startups that form partnerships with academia experience a 50% faster scaling rate, while corporates engaging in collaborations with academia can expedite product development by 20%.

Existing metrics are extensive but underestimate open innovation that are intangible and miss out on long-term effects.
Using the Net Promoter Score (NPS) can be an effective way to gauge stakeholder experience

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Open Innovation - The Catalyst for Transforming India’s Technology Ecosystem

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07, November 2023