Corporate innovation models have operated on a spectrum of open to closed innovation.
The most pure closed innovation models focus on intrapreneurship; idealing, building and taking to market solutions that have been created entirely in-house.
At the other end of the scale is open innovation; looking entirely outside of the organisation to attract market-leading ideas that can either be acquired or shaped through investment by the corporation.
We believe the time has come for a third track of innovation, one that is focused on scalable social impact solutions, fuelled by a collaborative relationship between different stakeholders, leveraging data as the key mutual innovation asset.
Co-creation involves building solutions that address a specific city challenge, with the solution architecture being constructed from assets (data, technology, channels) from partners (cities, corporates, scaleups). We ideate the solution, develop that architecture and take the solution to its first POC.
When multiple parties are involved, an effective framework is required to structure partnerships and share resources fairly, whilst ensuring flexibility for organic innovation to thrive. This is established prior to developing partners. The absence of a clear framework has proven to be an impediment to successful co-creation.