The power of collaborative innovation has been brought to the fore by a far-reaching report by commercial law firm Womble Bond Dickinson, highlighting the rewards that can be delivered when the Davids and Goliaths of business work together.
The firm’s research – Close Encounters: The Power of Collaborative Innovation – revealed that in the last four financial years, large organisations have ploughed £102bn into 5,447 deals with UK SMEs, far outweighing the £62bn big companies have spent on R&D.
Now North East business leaders, advisers and lenders have come together to share their thoughts on the report’s central topics.
In the latest in a series of breakfast meetings hosted in Newcastle by The Journal and Womble Bond Dickinson, leaders from a range of sectors discussed everything from cultural difficulties and managing expectations to how we should look to European counterparts to make gains.
Delegates at the event agreed that small operations were often better at coming up with innovative ideas but they often lack the heft, resource and – most importantly – the funds to bring those ideas to fruition.
Within large organisations these issues are reversed as they have plenty of resource plus the ability to deal with regulatory environments well, but they are not as nimble because of the levels of management and policy that lies ahead.
With this in mind, working together makes perfect sense – but managing expectations of both sides can often be a fraught,…