Supporting Open Innovation
Impact Innovation has a proven track record in supporting and nurturing high growth, technology businesses.
We believe we can utilise our expertise to add significant value to larger companies interested in deploying an open innovation strategy. This could cover a range of businesses including joint venture technology providers, spin-outs and spin-ins and acquisitions and disposals.
High growth small and medium sized enterprises (SMEs) offer huge opportunities to larger companies in terms of access to innovative technology solutions and Intellectual Property (IP). However, these businesses are often inherently unstable and, if large companies are to minimise commercial and reputational risks and maximise the return on investment from these relationships, then it makes sense to give these proximity businesses access to an eco-system which will help them to succeed over the long term and be reliable partners.
Open Innovation is a strategic approach which makes the best use of both internal and external resource and which prioritises those opportunities most likely to achieve strategic objectives. Below is a pictorial representation of the Open Innovation philosophy:
In terms of this model, we can assist larger companies by adding value and reducing risk around the external technology insourcing, licensing, spin out and divestment.
We use a proprietary methodology (the Impact 4D Ecosystem) to assess the strengths and weaknesses of these businesses and deploy the resources required to catalyse growth and avoid failure traps. This is based on managing four dimensions key to the stable growth of technology businesses as follows:
1. The Value Proposition
All too often the value proposition of high growth businesses is unfocussed. We help management to focus on a tightly defined and compelling value proposition that is most likely to secure, stable and predictable revenues and growth. Dissipating effort and resource is often a key failure trap, so ensuring
a disciplined approach is vital.
2. The Funding Roadmap
Most high growth, innovative SMEs will need access to third party funding and yet the strategy for securing this is all too often haphazard and reactive. Businesses do not always identify effectively what their funding needs are and how best to align these with the key forms and sources of funding. We help businesses develop a robust funding roadmap that will ensure access to appropriate levels of funding to exploit their opportunities in a sustainable manner. We have strong links with many funding providers including Business Angels, Venture Capitalists, Government and grant awarding bodies.
3. The Go to Market Strategy
The development of a viable go to market strategy is an important mirror of the value proposition dimension. All too often the Go to Market strategy will be underdeveloped and reactive and leaves the business responding to, but not prioritising, sales opportunities. Developing a sustainable sales pipeline is a key component in any successful growth strategy.
4. The Scaling Strategy
Our experience is that high growth innovative SMEs can often possess many strengths in the other 3 dimensions but have very little detailed planning around how they will manage and develop their organisations along their growth trajectory. Often the failure trap revolves around the founders who
find it very difficult to delegate and build an organisation around them capable of delivering sustainable growth.
Our approach cannot be static. We are constantly reviewing and refreshing the dimensions and refining and realigning the strategies as the business grows and develops. Below is a pictorial representation of our 4D Ecosystem.
A key component of our approach is Peer to Peer coaching and mentoring. We have carefully selected entrepreneurs with a proven track record and the motivation to work with high growth businesses. We then draw on this pool of individuals to provide anchor advice and support to our clients.
Impact has worked with a wide range of organisations including Venture Capitalists, Universities and Government to provide hands on advice and support to high growth businesses.