How can a traditionally closed organization engage in open innovation?
Luminary Labs worked with a leading health care company to create a next-generation open innovation platform to shape its transition from a drug delivery company to a diversified healthcare organization.
Following a deep immersion into the company’s organizational culture Luminary Labs developed an open innovation platform to accelerate the flow of ideas and corporate development opportunities through open innovation.
The cornerstone of the platform is an open innovation challenge that applies the best practices of the leading tech accelerators to identify the most innovative solutions and service models. Following an open call for entries, the strongest candidates receive nominal funds and are shepherded through an incubation process that includes rich mentorship in design, prototyping, and business modeling by matching leading technologists with patient-centric insights and industry expertise. Following a public demo day and piloting exercises, the winning concepts receive non-dilutive funds, as well as the potential to integrate with business units for pilot programs or engage in discussions with corporate development.
As a result, the organization has scaled this approach, connecting with the best execution partners, restructuring program planning to support short sprints for rapid learning, and creating the process and means by which the organization will build a portfolio of innovations.
- Concept generation and validation
- Ideations and workshops
- Immersive experiences
- Internal and external crowdsourcing
- Innovation challenges
- Incubator development
- Portfolio criteria
- Competency building
- Business model design
- Funding model
- Staffing plan
- Legal considerations
- Communications and go-to market
- Partnership plans
- Product and service development
- Design, prototyping, and target user validation
- Launch, test, optimize
- Corporate development
- Joint ventures, partnerships, licensing