Global innovation and financing community for SMEs

Global innovation and financing community for SMEs

Blue Room Innovation has just been awarded with the seal of excellence of the European Commission for the project proposal submitted under the Horizon 2020’s SME instrument in the area of new business models for inclusive, innovative and reflective societies. Following evaluation by an international panel of independent experts, our project proposal was successful in a highly competitive evaluation process as an innovative project proposal – this means the 3 award criteria: excellence, impact, quality and efficiency of implementation.

seal of excellence-Blue Room Innovation

The Blue Room Innovation awarded project under development is a platform to boost business innovation, mainly for SMEs that work together with experts and scientists to generate innovative ideas. This online platform uses a methodology based on the interaction of collective intelligence aimed at achieving effective innovation and business development.

Our platform, named ‘BLUEROOM’, intends to become a global community of enterprises (mainly SMEs), public or private organisations and social enterprises that promotes smart, fast and open innovation, collaborative business development, internationalisation and access to new financing schemes. ‘BLUEROOM’ is a collage of innovation consulting services, ICT based tools, events and financing mechanisms that are fused in an avant-garde business model.

Why SMEs need an innovation platform

According to WIPO – Annual Report, Small and medium-sized enterprises (SMEs) represent over 90% of enterprises in most countries, worldwide. SMEs rarely have the equipment, facilities, skills, resources and exploitation networks to achieve high levels of innovation independently. Instead, the majority of successfully innovating SMEs collaborate to achieve their aims. This may be with other SMEs, large enterprises, research institutes or universities, often by employing Open Innovation principles.

Open Innovation, as C. Chesbrough defines, is an innovation strategy by which companies go beyond their internal boundaries when designing and developing innovation projects. Combining internal and external knowledge and skills appropriately, these companies are open to share and integrate or acquire ideas with a number of collaborating stakeholders (consumers, users, employees, other companies, technology centres or research institutions, universities…). Co-operations built in such a collaborative scheme not only improve the results of shared projects but also enable a better distribution of risks among those participating. Failure to collaborate is a major barrier to SME growth through innovation.

The use of online innovation platforms facilitates the access of SMEs to Open Innovation environments where they can collaborate, co-create and co-participate in innovation projects. SMEs can obtain many benefits from being part of such networks:

  • Increased flexibility and reduced costs for firms innovating collaboratively across borders.
  • Skill accumulation and collective learning for the benefit of all participants of the network
  • Exchange of key individuals between the firms: the users of the networks are members of the staff of the companies
  • Skills can be combined and recombined to overcome bottlenecks
  • Innovation time, costs and risks can be reduced
  • The network provides entry into the industry for small innovative firms. All the companies are freely collaborating at the same level
  • The network facilitates the access to new or unknown alternative markets. SMEs are more often confined in their own market boundaries and open innovation model allow discovering new or alternative market opportunities for their own knowhow and technologies.