The ARCCoM event was any amazing experience to participate in. The opportunity to learn from so many diverse speakers in the area of global innovation and collaboration was inspiring. Below I’ll break out some of the insights by categories of speakers and also share some of the key topics and questions that where raised from the discussions.
- The corporate executives shared their experiences and business practices in the area of global collaboration and business development. Many of their case studies highlights the competitive advantages to capitalizing on innovations around the world. These where very progressive organizations that realized that innovation is happening all the time around the globe, not just internally, and that only those organizations that could partner in joint ventures would be leading in the market.
- One of the best practice themes that was emphasized was around working in global markets. They would make great investments in building partnerships in the markets and building organizations with talent from the regions. This made the development of new assets / business models a direct part of the region and ultimately successful
- A variety of models where shared. They differed on two main areas. The first was if they where independent businesses or university based. The second was who they where built to serve i.e.: The start-ups, corporations or academic institution. The best models served the needs of the full ecosystem vs. just a subgroup.
- Each Innovation Centers had philanthropic money to create the center, team, and basic capabilities. This was a combination of Public and Private funding.
- Centers very quickly had cutting edge start-ups and research that was of great interest for Corporations to have visibility to deal flow and direct engagement in the centers
- Full of research and patents, but having a hard time commercializing products due to lack of experience and capital
- Online education, networking, and mentoring is key in developing a global ecosystem of exchange
- Need international corridors in place to other centers to help in the accelerations, incubation, and commercialization services to other markets.
- Global expertise and investment capital critical to success
US Commercial Services
- Broad global services and network to facilitate B2B ventures
- Case studies of MN companies working in foreign markets and vice versa
The networking and conversations with attendees over several days and social events was fantastic. Many insights into actually doing business and procedures required based on actual markets.
- Innovation Centers are being built in many countries and are thriving. They are seen as critical parts of the ecosystem for competitive advantage
- Corporations are directly funding and participating in the centers to help scale the overall capabilities and maturation of startups
- Start-ups are able to accelerate with less time & capital and pivot quicker to viable solutions for commercialization
- Centers are very interested in building international corridors for ease of collaboration and access to other markets
- Universities play a support role with education and subject matter experts
- Online Education is playing an increasing role of brokering knowledge and networks
- US Commercial service can be a key partner in entering new markets and B2B joint ventures
- Politics in the media is not always representative of business opportunities. People from around the globe could share the difference between what their own media was saying the realities their markets where experiencing. The many case studies of success demonstrated that even in difficult times there can be very valuable collaborations and shared interests
Support the MN Chambers as they host international events bringing businesses, academics, and innovations center representatives from round the globe