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Collaborative Innovation: How to Avoid the Four Traps
Most leaders recognize that in today's innovation-obsessed economy, they need to look beyond their own walls and collaborate externally with other organizations in their ecosystem to create new products and solutions. While the need for collaboration has been well-documented in the business-to-consumer (B2C) context, it is less so in the business-to-business (B2B) space. The authors show that, when done right, B2B collaborative innovation can generate benefits in four distinct areas, including decreased risk and increased trust. Based on their work with leading companies like BASF, Daimler and VentureMed, they describe the four 'traps' that collaborators face, and how to surmount them.