By Iván Castaño, Executive Director of Ruta N (@ivancastanop)
Innovation is no longer a trend; it is a necessity for companies. Adapting and thriving in today’s business world—where technological advances bring the entire planet within an app’s reach—presents ever-growing challenges. These challenges often surpass the capabilities of even the largest organizations, whether due to leadership vision, specialized talent, internal digitalization, or business lines.
Facing the Fourth Industrial Revolution
How prepared and willing are companies to address the challenges of the Fourth Industrial Revolution? According to KPMG, 81% of Latin American CEOs surveyed see new partnerships as critical to their digital transformation strategy. However, many struggle to move from identifying potential partnerships to making them a reality.
This is where startups, tech companies, and research groups with the expertise to develop innovative, tech-based solutions come into play. They are essential for guiding and leading the digital transformation processes that industries require. These partnerships unlock the potential to create tailored tools and solutions to address today’s organizational challenges.
The Value of Open Innovation
Bridging the gap between traditional and digital business models is key. Open innovation creates synergistic opportunities by integrating solutions for both large enterprises and smaller innovators. It fosters technological adoption for big companies and refines startups’ solutions through access to real business opportunities.
This synergy between innovation and collaboration is the true power of open innovation.
Originally published in the August 1 edition of ADN.
