OpenAxel, a research project funded by the European Union to look at corporate–startup engagement (CSE), has found that while almost all the targeted survey respondents “have carefully analysed their needs for open innovation” there has been relatively little strategic planning involved.
OpenAxel conducted field research through in-person interviews with corporate and Europe-based acceleration managers, and via two surveys, to about 120 entities with 50% response rate.
Almost all (97%) of the European corporations have looked at open innovation, with current actions about improving internal processes, such as simplification or fast track procurement (54%).
However, OpenAxel warned: “Too many respondents admitted that they have started CSE without attentive strategic planning of performance indicators (57%), and without the involvement of their leaders (46%). For almost half (48%) of European corporations, CSE still appears to be a quick-fix of innovation needs, rather than a long-term solution to strategy problems.”