Co-creation

Co-creation is at our heart:

• We believe that successful innovation comes from the open interaction of disciplines, industries, organisations and occupations. It will cross boundaries
• We see ourselves as catalysts in a process that is both practical and intellectually grounded
• Two crucial preconditions are the active engagement of our partners and stakeholders along with the development of our in-house talent
• Our aim is to create meaningful interaction that generates practical value for both our investors in meeting their own innovation challenges and beyond, in particular how risk is evaluated and managed
• We will thus be equipped to support evidence based co-created public policy development

Our open innovation style of working that generates value both for our partners in meeting their own innovation challenges, and for other organisations beyond, has finally been set out in the Big Innovation Centre strategy, co-created with our partners. We have identified ten value creation propositions. The Big Innovation Centre aims to: 

• Operate as the most effective test bed for open innovation in the UK.
• Develop as a storehouse for knowledge and expertise in our target areas of big data, health, and green growth, informed by a range of research streams related to markets, finance, university-business links, business models, skills and public policy.
• Offer unique insights on partner operations as a centre for excellence in interactive learning.
• Offer access to a strategic network of businesses, intermediaries and universities.
• Create a virtual and physical neutral space in which to interact with other partners and increase trust.
• Provide opportunities to share different perspectives with the aim of identifying previously unrecognised synergies between partners.
• Provide a ‘ready-made’ grouping to facilitate and expedite research.
• Develop the ability to diffuse the best of what is learnt from partners back into companies and organisations.
• Reduce transaction costs for business operations by establishing routines and best practice of open innovation.
• Offer increasing returns to investment and unlock hidden value.