Open Innovation Services
Open Innovation Services  

Challenge provides open innovation scouting services to help multinational corporations identify external sources of innovation and investment opportunities.

  • What is Open Innovation?

In many industries, innovation is recognized as a critical ingredient for corporate and competitive success.  Most industries are faced with the challenge of constantly replenishing a product pipeline.  Companies are now proactively considering all sources of innovation, both internal and external, to remain competitive.  

External technology sourcing, sometimes called ‘technology scouting,’ is becoming an important tool for new product development.  Open innovation represents a radical new way of bringing new products to market faster and with more control on cost. 

  • Why Open Innovation?

Open innovation – integrating internal and external expertise to focus on your major challenges – has delivered new, and previously untapped, sources of innovation and ideas across diverse sectors.

There are clear benefits for companies to adopt an open innovation strategy as part of their R&D activities:

· Access to knowledge, innovation and talented individuals residing internally
  and externally through the development of high quality, reliable and extensive
  networks of strategic partners;

· Delivery of projects rapidly by combining the best internal and
  external expertise;

· Creation of businesses that are agile and responsive to change;

· Maximization of return on R&D investment.

  • How to Access External Technologies?

Many companies that are aggressively looking outside their walls for new technology are using external partners such as Challenge who serve as Innovation Scouts, specialists tasked to identify new opportunities for partnership, co-development, licensing or acquisition.

Challenge helps companies access innovation by searching in other start-up and mature companies, working with university faculty and technology transfer offices, and dealing with individual inventors.

  • Why Challenge?

Managing the portfolios of two venture capital funds with hundreds of millions of dollars in investments, Challenge has more than 15 years experience sourcing, evaluating, investing in and managing technology companies.  Our initial fund was one of the first to invest in the Israeli high tech industry in the mid 1990's.  Our capabilities are the aggregation of our team's collective experience;

· Challenge has extensive experience in managing innovation from varied
  sources, understands the process of innovation scouting and knows how
  to overcome the common barriers and obstacles in adopting an open
  innovation strategy;

· Challenge has contacts and close ties to the largest businesses,
  the most important government leaders and agencies and core technology firms; 

· A Challenge representative is a member of the Boards of Directors
  of the leading universities in Israel;

· Challenge has a network of Israeli subject matter experts in various
  technology fields at its disposal.

Challenge's Services:

We serve as our clients' gateway to Israel. We are their local representatives, helping to eliminate communication barriers resulting from time differences and cultural and language differences. Our services include:

· Gap-analysis and technology targets definition;

· Scouting and identifying external sources of innovation,
  such as start-up and mature companies, universities and research
  institutions, and inventors;

· Assistance in the contract negotiation stage;

· Assisting in overcoming the common barriers to open innovation;

· Managing the relationships – after projects are funded, Challenge acts as a
  "project manager" to ensure that the relationship progresses smoothly and prevents
  logistical problems from delaying the technology development process

  • Why Israel?

Israel is one of the best places in the world to find cutting-edge, game-changing innovations.  Many leading global companies have invested billions of dollars in Israel to tap the local skills and know-how.

· Israel spends about 5% of its GDP on R&D, the highest rate among OECD countries
  and more than double the OECD average of 2.3%;

· Israel has the highest concentration of PhD's and engineers per capita in the world;

· Israel has the 3rd highest number of patent applications filed by a foreign country;

· Israel boasts the highest concentration of high-tech companies in the world
  outside of Silicon Valley;

· Israel's high-tech sector attracts more than $1 billion in venture capital
  investments annually;

· Advanced technologies that were originally developed and utilized for military 
  purposes are now being used for developing commercial products for civilian use.

 

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