The open innovation boom in Brazil

return Posted in 17 de March de 2021

The open innovation boom in Brazil

In Brazil, the practice of open innovation has spread widely in most of the largest companies in the country. Today, it is increasingly difficult to find a market leader who has not launched such programs.

Much of this, due to the fact that companies are good at processes, have efficient quality controls, have recognized brands, access to capital etc., but all that they do so well can hinder some types of innovation.

Startups, on the other hand, despite having so many weaknesses, tend to be more agile, willing to invest in emerging technologies and take risks in new markets or even propose more disruptive business models.

In the context of innovation, large companies and startups often complement each other.

In the last year of 2020 alone, more than 180 start-up ecosystem players have launched services to support the practice in the country. The amount of corporate investments and M&A for startups has also taken a huge leap.

Open innovation represents a real change in the mindset of many entrepreneurs. After all, big business often prefers to keep their ideas a secret. However, open innovation allows generating value for the company through knowledge sharing.

In short, it is a more decentralized and disruptive form of innovation. The focus is on integrating different parts to generate value for the company and society.

According to a 100 Open Startups survey, 30,000 executives from nearly 3,000 companies registered profiles in search of startups, and about 200 of these companies launched nearly 1,000 challenges and opportunities to partner with startups.

In 2020 alone, around 2,000 companies with new open innovation relationships with 1,310 startups were registered on the 100 Open Startups platform, totaling more than 13,000 business relationships, which moved R $ 650 million in the year.

In the category of startups that have revenues below R $ 10 million and that have not yet captured investment rounds above R $ 10 million. Together, these startups surpassed the mark of about R $ 1.1 billion in sales in the year and are seeking, for 2021, approximately R $ 1.5 billion in investments.

Regarding investments, ventures capital in Brazil already exceeds the R $ 10 billion investment mark in 2020 and, based on the data and, due to the amount of new funds raised, the growth of corporate venture capital, angel investment and the crowdfounding platform can be estimate that we will be close to 1,000 investment rounds in excess of R $ 500 thousand in 2021.

The numbers do not let us lie: the open innovation market is booming and can be adopted as a strategy for any business that wants to become more competitive and innovative.

Are you interested, but don’t know where to take the first step? We at Neo Ventures work with the execution and development of innovation programs for companies and we can help you.

Be sure to also read about the types of open innovation that exist and which one best suits your business model.

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