Luxembourg now has its first Open Innovation club, the LOIC (Luxembourg Open Innovation Club). Co-founded by the main actors of the entrepreneurial ecosystem and in partnership with several large groups, it aims to connect companies with startups. (Featured image: press conference at nyuko’s office © Silicon Luxembourg)
Open innovation, made popular at the turn of the millennium in the United States, is based on collaboration between companies. It starts with two quite simple observations: large groups have difficulty keeping up with the frenetic pace of innovations in their sector, and are unwilling or unable to create enough innovation internally. On the other hand, innovative and adaptive startups struggle to find the right companies to finalise the design of their product and achieve their first sales. Open innovation provides an answer to these two issues by offering startups the possibility to work with companies that are open to the main principles of Open Innovation, and allows companies to outsource part of their innovation process whilst sharing the inherent risk.
It’s a great opportunity for large companies and startups to stimulate the local economy together, and we’re doing everything we can to ensure that happens!
Open innovation clubs were created to serve as a mediator between these actors. They seek to connect members, to organise dedicated events, raise awareness and evangelise. These clubs have operated in many European countries for several years now (starting with France and Germany), and the concept has now reached Luxembourg with the creation of a dedicated club, the LOIC: Luxembourg Open Innovation Club. Powered by nyuko and co-founded with Lux Future Lab, Luxinnovation and the Technoport, the LOIC already has several large companies among its members. Baloise, Siemens, ING, BIL and Enovos are just some of the companies that have signed up to take advantage of the club’s services. Martin Guérin, CEO of nyuko, adds: ‘It’s a great opportunity for large companies and startups to stimulate the local economy together, and we’re doing everything we can to ensure that happens!’
The LOIC’s activities will be divided into three main categories: innovation calls (searching for startups corresponding to the needs of one of its members), innovation dates (demonstrations by startups following a call, covering a specific innovative subject, in front of an audience of interested members), and lastly its workshops (a place for members to discuss and reflect upon topics related to open innovation).
The club is already operational: a first innovation call is planned for the end of June, and a workshop in July. It is open to medium and large companies that want to increase their innovation opportunities in their sector.