US: Bridging the gap between startups, corporates, and investors

There's a saying that goes "two heads are better than one," and in the world of open innovation, two or more companies working together can achieve far more than either could alone.

Open Innovation is a strategy that encourages businesses to integrate both internal and external ideas. It breaks the mold of traditional R&D by reaching beyond a company's own walls. Instead of relying solely on internal teams and resources, organizations tap into a wealth of external ideas, expertise, and collaborations to fuel innovation. This approach not only accelerates the pace of discovery but can also augment capabilities and open the door to groundbreaking new possibilities.

While open innovation has long been a powerful tool, it gained momentum during the COVID-19 pandemic as more entrepreneurial thinking and startup creation surged. Faced with unprecedented challenges, companies were forced to adapt quickly, often needing fresh perspectives and solutions that couldn't be found within their own walls. The rapid rise of video conferencing and remote collaboration tools made it easier than ever to connect with partners across the globe. This newfound ability to seamlessly connect and collaborate across borders revealed how valuable external partnerships could be in solving complex innovation challenges. As a result, more companies began to embrace open innovation—not just as a temporary fix but as a strategic advantage that can extend beyond remote collaboration to include on-site initiatives as well.

In the last few years, startup-corporate collaborations have surged, with over 50% launched during or after the pandemic. Corporates increasingly turn to startups for innovative solutions to current challenges and future-building solutions, benefiting from augmenting R&D, accessing new technology, faster time-to-market, and greater differentiation. However, a recent study found that 40% of corporates struggle to find the right startup and assess their capabilities, and while 69% want to collaborate, many lack the experience to establish effective models.

This is where open innovation partners play a critical role, helping to develop the right scope areas, define success, source and evaluate startups, and facilitate the collaboration. In fact, 55% of corporates use third-party intermediaries like accelerators, incubators, and consultants to manage these projects, significantly improving success rates. Corporates working with third parties achieve their objectives 67% of the time—compared to 51% for those who don't. Additionally, nearly 90% of those collaborating with a third party consistently meet their goals.

Thrive accelerates corporate innovation by strategically connecting corporations with startups to solve challenges in the agriculture industry. It offers an open innovation platform and provides access to a vast ecosystem of startups, universities, and industry experts. Thrive also connects startups with corporates seeking their solutions, providing access to the right industry counterparts and fostering valuable collaborations. By leveraging these resources, Thrive helps companies drive growth, navigate disruption, and achieve their strategic innovation objectives.

Thrive collaborates with some of the world's leading corporations—including BASF, Driscoll's, Corteva, Kagome, Krone, NECX, ICL Group, Egg Farmers of Alberta, Kubota, Topcon, IFA, Intel, and others—helping them navigate the evolving AgriFoodTech landscape through strategic open innovation initiatives that connect them with cutting-edge startups, other industry players, and breakthrough technologies.

The impact of these collaborations is evident. As Scott Komar, the Senior Vice President of Global R&D at Driscoll's, noted, "Thrive is our most important relationship in terms of understanding the Agtech landscape. They bring together a vast landscape of tech startups to our industry," highlighting the value of these connections.

Gusui Wu, Head of Seeds Research at Syngenta, emphasized the importance of collaboration in tackling agriculture's biggest challenges during Thrive's 2024 Global Impact Summit. "No one company has all the answers," he noted. "Even though we're a big player in this space, we need collaborations with many different innovators in the agriculture space to come up with new solutions." Wu highlighted Thrive's platform as a vital connector, bringing together startups, investors, and industry leaders.

"As investors, we have a disease called FOMO (fear of missing out), and I think this is where Thrive really comes into action. We cannot be everywhere at the same time, and Thrive helps us be in places we don't usually see and brings good quality deal flow and engagement in this ecosystem. They focus on what we need and tailor their solutions to us. This brings a lot of value to our open innovation activity and our corporate investment," says Hadar Sutovsky, the VP of Corporate Investment at ICL Group.

As companies continue to navigate an increasingly complex global landscape, collaboration remains at the forefront of innovation strategies. Despite a challenging 2024, 86% of corporations plan to maintain or expand their open innovation budgets in 2025, recognizing the value of external partnerships in driving progress. With sustainability, cybersecurity, and artificial intelligence emerging as key areas of focus, the role of open innovation has never been more vital. With the right partnerships, challenges become opportunities, and the future of innovation takes shape.