How can you use open innovation to improve your funding and grants?

1 Identify your challenges and opportunities

The first step to use open innovation for funding and grants is to define your challenges and opportunities clearly. What are the problems you are trying to solve, the goals you are pursuing, and the impact you want to make? How do they align with the priorities and expectations of potential funders and grantmakers? By articulating your challenges and opportunities, you can communicate your value proposition more effectively and attract the right partners and supporters.

2 Explore different sources and models of funding

The second step is to explore different sources and models of funding that are compatible with open innovation. For example, you can look for crowdfunding platforms, innovation competitions, challenge prizes, or co-creation grants that encourage collaboration and participation from diverse stakeholders. You can also consider alternative or hybrid models of funding, such as equity, revenue sharing, or social impact bonds, that can offer more flexibility and sustainability for your open innovation initiatives.

4 Demonstrate your impact and value

The fourth step is to demonstrate your impact and value through open innovation. This means measuring and reporting on the outcomes and benefits of your project, not only for yourself, but also for your partners, stakeholders, and society at large. You can use various methods and indicators, such as surveys, testimonials, case studies, or metrics, to capture and communicate the social, environmental, and economic value of your open innovation project. By demonstrating your impact and value, you can prove your worthiness and potential, as well as inspire and motivate others to support you.

5 Learn and adapt continuously

The fifth step is to learn and adapt continuously through open innovation. This means collecting and analyzing data, feedback, and insights from your project, as well as from the external environment, to identify what works and what doesn't, what needs to change and what can be improved. You can use various tools and techniques, such as experiments, prototypes, or pilots, to test and validate your assumptions, hypotheses, and solutions. By learning and adapting continuously, you can enhance your performance and efficiency, as well as increase your resilience and agility.

6 Leverage your open innovation assets and capabilities

The sixth step is to leverage your open innovation assets and capabilities to improve your funding and grants. This means using the knowledge, skills, relationships, and resources that you have developed and acquired through open innovation to create and capture more value. For example, you can use your open innovation network and community to access new markets, customers, or partners, or to generate new revenue streams or business models. You can also use your open innovation impact and value to attract more funding and grants, or to negotiate better terms and conditions. By leveraging your open innovation assets and capabilities, you can increase your competitiveness and sustainability, as well as scale up your project and impact.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?