Nowadays most of the companies have been implementing digital changes in their business, as it is essential to stay competitive. Innovations apply to every industry, even the ones that may seem very conservative like for example banks. Several years ago, the first internet bank had been established and suddenly the way the banks work nowadays changed completely. Innovation and digitalization changed the whole industry. Many companies in order to introduce that kind of changes turn to external R&D centers.
As UNESCO Institute of Statistics reports, the global spending on R&D has reached lately a record high of almost 1.7 trillion USD. The countries that note the highest rate of GDP invest both in business sector and in public, pledging to increase the spending continuously as a part of the Sustainable Development Goals (SDGs). Different industries approach designing and developing new products and services in different ways, yet it is always a net sum of what they can do alone/in-house and what they need to partner for. The decision to “make” or “buy” is always there when the company looks at the go-to-market lead time, skills and resources to be engaged.
The Big Ones seek external partnerships for their reasons – maybe outside-in innovation, agility, specific skills. The smaller ones seek support across the board: skills, frameworks, resources, all that as an amendment to their own business and market knowledge. In both cases it is the co-creation that brings best results. It is the co-creation that ensures required bundle of skills and capabilities for the service and product functionalities matching the consumer demands in the desired right moment.