COMMUNITY PARTNERSHIPS CULTIVATE INNOVATION
Entrepreneurship and innovation are a strong focus for the Town of Addison since the creation of the Addison Economic Development and Tourism Department.
In the last two years alone, we have established the Addison TreeHouse, hosted the Collide Village Accelerator, Trep Expo, and developed partnerships with Baylor University, and the University of Texas in Dallas. We continue to think of new ways to remain relevant and offer our support to a broader community base, which lubricates our local economy.
Our efforts support the local startup community, but it’s also an important ingredient for attracting talent and developing open innovations right in our backyard for existing businesses.
Many companies choose to innovate internally in a closed system, which can be difficult and expensive. More and more businesses are embracing and practicing open innovation by seeking ideas and solutions from startups and academic institutions.
” … there are two facets to open innovation. One is the “outside in” aspect, where external ideas and technologies are brought into the firm’s own innovation process. This is the most commonly recognized feature of open innovation. The less commonly recognized aspect is the “inside out” part, where un- and under-utilized ideas and technologies in the firm are allowed to go outside to be incorporated into others’ innovation processes,” wrote Henry Chesbrough, professor at Haas Business School, UC Berkeley, and author, on his blog in 2011.
BRIDGE ALLIANCE BRINGS GROUPS TOGETHER FOR INNOVATION
Open innovation is all about collaboration.
This approach reduces the time and costs associated with research and development for products and services. Open innovation can enable companies to cultivate new strategic business relationships as a customer, revenue partner, or capital investor which is why we are excited to now partner with the Bridge Alliance, a program focused on bringing together established businesses, local startups, and the academic community through open innovation.
Bridge Alliance helps big businesses with open innovation by vetting and qualifying startups, as well as curating innovation from higher education institutions. Connecting Addison businesses with innovation and research is good for economic development and growth for all parties involved. It is the next step in bringing stronger economic relevance to the TreeHouse for a broader community.
“If a company wants to engage in the North Texas startup ecosystem, or license research from a school, it is difficult to know where to start. Now, there is an answer.” -Ken Koo
“We are a channel to leverage the open innovation marketplace. Our events bring together established corporations, startups, and academia in a formal and organized fashion to address business challenges,” said Ken Koo, founder and CEO of Bridge Alliance. “If a company wants to engage in the North Texas startup ecosystem, or license research from a school, it is difficult to know where to start. Now, there is an answer.”
On April 8, in partnership with Brookhaven College and Dallas County Community College District, Addison hosted an event that brought together enterprises, startups, and academia to begin their Open Innovation journey. Attendees had an opportunity to network with other key business executives, institutions of higher education, and innovation-based entrepreneurs. Special keynote speaker was Hope Shimabuku, regional director of the U.S. Patent and Trademark Office.
For more information on the event, visit bridgealliance.co/addison.
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