All companies must scale and be efficient, but they also need to transform and adapt at certain points in time to survive. Collaboration is key for transformational innovation due to the inherent trade-off between the focus that growth requires and the adaptability that transformation requires. These functions often occur in a punctuated cycle according to inflection points in major external forces. Knowing when to grow and when to transform is the art of strategy.
The choice of collaborative vehicle will depend on the strategic goal, nature of competition, and technology readiness level (TRL) of the solution. Our 2020 major industry survey showed that the preferred approach to achieving breakthrough innovation for 60% of respondents’ is collaborating with selected partners (such as consortia).
State of Play have investigated why companies collaborate with their competitors and how a well-designed collaboration model can be successful, with reference to the Electric Mine Consortium as a case study.
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