Innovation Speed Dating PDF Print E-mail
Thoughts - on Innovation

Well, Venture2 has found an interesting format to Open Innovation: Speed Dating.

Here is a excerpt from their recent newsletter:

Venture2 offers a unique approach to open innovation called Innovation Speed Dating(sm) with special appeal for the entrepreneurs who create innovation and the large companies seeking innovation.  Recently, Venture2 organized just such an event for innovation leader Procter & Gamble - with incredible results for the attendees.

What is Innovation Speed Dating?  It has a format similar to real speed dating: rapid-paced introductory sessions, followed by more in-depth sessions with selected parties of interest.  Except instead of trying to match romantic partners, these events bring together large companies, or a large company and ‘ecosystem’ partners, (the innovation seekers) to meet with a group of entrepreneurs (the innovation providers) to see what opportunities exist and what business relationships might develop.

One caveat though, it’s not just about bringing together people from these two groups to see what happens.  One of the most important elements to successful Innovation Speed Dating is the extensive scouting and pre-screening process that takes place before event.  This is done based on the large companies ‘wants list’ along with an understanding of the consumer market and the opportunities for innovation with the goal of maximizing the chances of great "matches" being made during the event.

These events have several advantages over traditional technology scouting and other transaction-based approaches to open innovation.

  • Selected entrepreneurs gain direct access to decision makers from large companies, or a large company and their ‘ecosystem’ partners, in a valuable new format.
  • Large companies, or a large company and their ‘ecosystem’ partners have the opportunity to see a group of highly qualified entrepreneurs and pre-screened innovations in a highly focused and time-efficient manner.
  • The most important difference is that Innovation Speed Dating events help build relationships between entrepreneurs and large companies.
 
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