How VC Partnerships Can Further Open Innovation For Corporations

The Forbes website noted that traditionally, companies have relied on their corporate development teams to run their innovation mandate. A new best practice has emerged to augment this effort: open innovation. Open innovation is a model of investing and partnering with cutting-edge startups around the world; it often results in bringing more business opportunities to the corporation, more quickly. Now more than ever, corporations are working to be more effective in the process of sourcing innovation and bringing it inside their organization. A recent analysis by researchers at Huanghuai University in China — looking at 41 countries between 2006 and 2016 — reports that “venture capital investment significantly spur(s) innovation.” The study also concludes that it makes sense for governments to come up with policies and laws that are friendly to venture capital (VC) investment.

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