A framework of how to create successful innovation with joint ventures between corporates and startups in the healthcare market

Abstract

Background: The healthcare industry is undergoing profound changes driven by innovative partnerships between established corporations and start-ups.Objective: To examine how collaborations between corporations and start-ups can advance healthcare innovation, with an emphasis on joint ventures as an innovation method.Method: This research was conducted as a systematic literature review. Furthermore, a series of four interviews with experts in the field of innovation, venture building, and healthcare have been conducted. A detailed search of PubMed, Scopus, Science Direct, and Google Scholar was donefor articles published up to 10th January 2024.Results: Analysis of joint ventures revealed that age similarity, the sponsoring organisation's focus on innovation, and the involvement of internal corporate joint ventures in integrative activities are key factors that contribute to innovation. Joint ventures offer organisations the opportunity to enhance operational efficiency, boost volume, and increase revenue. Collaboration models have replaced traditional equity-based approaches with shared technology, resulting in start-up agility and integration of corporate resources. The evaluation of corporate accelerators highlights the importance of carefully considering design dimensions (proposition, process, people, and place)when incorporating these accelerators into a firm's innovation strategy.Conclusion: This thesis provides valuable insights into how collaborations between corporations and start-ups can advance healthcare innovation. It offers strategies, including leveraging the agility of start-ups, establishing corporate accelerators, and redefining collaboration models to helpunderstand the mechanisms propelling transformation in healthcare.