What is co-innovation?
In the world of partnerships, co-innovation is a strategy that involves you and your channel partners working together to create new, innovative solutions or services. This powerful strategy is about pooling resources, expertise, and ideas to produce something that neither of you could have achieved on your own.
This is why co-innovation can be an excellent addition to your partnerships strategy:
- Combine strengths: Each partner brings their own strengths to the table. For example, one partner might excel in technological development, while the other has a robust market presence. By co-innovating, you can create a product together that leverages both strengths.
- Innovate faster: By sharing resources and knowledge among your partners, you can often get to the end result faster than if you were working alone.
- Share the risk: Both the risk and the potential rewards of a new idea, product, service, or strategy are shared between partners.
What could this look like in practice? Consider a SaaS company that collaborates with a cybersecurity firm to develop a new product. The SaaS company could provide the underlying software platform, while the cybersecurity firm contributes its deep knowledge of security protocols and threat detection. Together, they co-innovate a secure SaaS solution that neither could have developed independently. It’s a way to build faster and stronger, together.
Co-innovation empowers you to tap into the foundational elements of collaboration, communication, and cooperation that can drive your partnership program to new heights.