In an ever-evolving world, Innovation Procurement is an important, strategic and transformative approach to drive market innovation and economic growth. While innovation procurement highlights the development of groundbreaking solutions, also central to this approach is the Consortium Building, crucial to achieving successful goals by combining resources and strengths of various types of stakeholders. These partnerships are key to the success of the activities once these are the places to share resources and risks, taking advantage of each other’s expertise, allowing the consortium to face challenges in a more prepared way. Thus, Consortium Building will improve the efficiency, effectiveness, and impact of innovation procurement.
Accordingly, Consortium Building brings together several benefits to innovation procurement. Combining resources and expertise, providing a framework for risk sharing and management, enhancing knowledge exchange among diverse stakeholders, improving market access and influence, and accelerating innovation cycles are some of the advantages.
When it comes to combining resources and expertise, such as theoretical and technical knowledge and finance resources, it is important to mention that this is what will bring different strengths and competencies enabling the consortium to undertake bigger challenges and end with more significant results. This way, consortia will have a wider capacity to invest in more advanced technologies, conduct deeper research and achieve more precise and applicable developments, ultimately leading to more robust and innovative outcomes.
Enhancing knowledge exchange is another of the most important advantages within consortiums and it is crucial to drive innovation. By gathering the different realities of each partner and the knowledge their teams have in various domains, consortia will be creating a fertile environment to brainstorm innovative tools and practices, allowing them to better prevent the appearance of problems and to better face possible challenges. Having the possibility to cross ideas and expertise will lead to more effective solutions, allowing the partners to learn from each other and improve their future actions.
Also, consortium partnerships will make it easier to access the market and approach it from a more comfortable place. This is the evidence that collaboration will mean that every entity will empower each other, creating new market opportunities and facilitating a wider adoption and testing of innovations. All the consortium partners will benefit from this, especially smaller entities or startups that will be able to reach opportunities that would not be possible to reach on their own.
Another very important advantage of Consortium Building is risk sharing and management. Distributing risks among the partners will make it easier, also reducing their individual exposure, which will make the consortium push forward with the activities as a whole, knowing that the risks will be shared and faced together.
Moreover, consortia are a very effective way to proceed in research and development efforts more quickly and efficiently, which will make the innovative solutions go to the market faster, best tested in various realities and more prepared for coming challenges and opportunities.
In a nutshell, it is possible to attest that Consortium Building is crucial to drive innovation in innovation procurement, resulting in more successful and tangible results by combining strengths and sharing risks. To better explore this subject, PROCEDIN organises a training session that will take place online, for free, on the 29th of May, from 11:00 am to 12:00 pm CEST.
Don’t miss the opportunity to enhance your skills and learn more about Consortium Building in Innovation Procurement!
