More often than not, when most people think of innovation they think in terms of something that is to be done individually. They think of innovation as a concept that is to be followed by just one person, or one organization, which solely relies on their creative and analytical abilities to do something that has never been done before.
Their rationale behind thinking so can be best described as consensus leading to convergence.
In other words, what they think is that if too many creative, analytical, critical minds are working together to come up with something different, they are likely to find themselves in a very small space where they are bound with various limits.
However, to think of innovation as a singular path is an outdated viewpoint.
The present and the future are all very much in favor of collaborative innovative projects. And considering the vast number of benefits you reap from collaborating to come up with something unique, it makes complete sense why collaborative innovation is the golden rule of the present times.
Collaboration across Generations:
To understand why collaborative innovative projects yield better results, think of a startup company that has just laid its basic foundations. It will take them some time, not to mention a lot of consistent effort to get to a place where they can consider themselves as being “established.”
It may be that the startup company has a workforce that is full of bright, new, innovative strategies, but the fact that they are not as established as yet, their unique ideas may not get the right amount of recognition. Furthermore, having limited resources and connections in their respective niche is another massive drawback that may keep them from thriving.
So would it not make sense to collaborate with a firm that is more established and get them on board as well? A business partnership between a firm that has just started out and a firm that is more established is bound to give you excellent results, especially if you have long-term economic growth on your agenda.
While both firms may be generations apart, they both may be at different stages of business, but when they come together on one platform to pitch something groundbreaking to the world, plenty of good can come out of this association.
Additionally, collaborative projects are a solid way of compensating for the weaknesses or shortcomings that either of the firms may have. For example, the more established multinational company may not have a lot of unorthodox thinkers on board. While they may have all the resources and all the right connections to launch themselves, they may lack in terms of innovative and original ideas. On the other hand, you have the young firm that is full to the brim with thinkers who are full to the brim with innovative ideas and strategies, but do not have enough sources or have the right network, which would help them launch their idea and make it count.
But when both firms come together to collaborate with each other, they cover up these shortcomings flawlessly. Think of it as both the firms putting their best services on the table, and having their weaker services automatically cancelled!
Another huge benefit that collaborative projects bring with them is the increase in business knowledge for all those who are collaborating. Since the young firm and the more established firm, each are on different business stages, there is always something that one party does not know which the other party does. For example, the fresh startup can benefit from the extensive knowledge and experience that their established partner has to offer. On the other hand, the established partner gets to know more about how things are being done on the block currently, by the young entrepreneurs of today.
Yet another perk that collaborative innovative projects have to their name is the speedy conception, production and delivery of that “something innovative.” To be innovative means to put something out there, which the world has yet to see. Considering the number of new ideas that are being pitched every second, of every minute of every day around the world, if you want your innovative idea to turn into something, you need to be fast.
And collaborative innovative projects allow you to have that speed. Not only can they get the chain of innovative ideas linked up together, they also get the word about the innovative strategy around that much faster. How?
Through networking of course!
Networking is imperative in every business, no matter how big or small the business in question may be. You need others to promote what you are selling. And to build a solid business network takes a lot of time. To get connections that actually mean something, or they can actually take you places may take years. And like mentioned above, you can afford to wait that long. What if by the time you build yourself a good network, your innovative idea has already been implemented somewhere on the other side of the globe?
Collaborative projects require team spirit. And perhaps this is one thing that makes a lot of people trace their steps back when they hear about collaborations and partnerships. Working with another company on a project means that it is not going to be just about what you want. Finding a middle path, or compromising on a few things is what intimidates people. Most people who have the innovative ideas miss out wonderful opportunities to have those ideas turn into a reality just because working with another partner means losing some freedom on their original idea.
The secret over here is to find the right partners to collaborate with. Compromise might be inevitable in some cases, but in a lot of cases, you may never have to compromise on your innovative strategies at all. The world is no stranger to successful, long-lasting collaborations so there is absolutely no reason for the innovators of today to shy away from them, either.