The AutoVenture Forum: Demonstrating a new process for managing automotive innovation

Clemson University and the American Society of Mechanical Engineers (ASME) have designed and demonstrated the anchor service for an open innovation network that would accelerate the pace of innovation in the auto industry. This demonstration, called the AutoVenture Forum (AVF), marks the first time that an open-innovation service has been attempted at the industry level. The purpose of AVF is to link selected entrepreneurial companies with the technology base, systems integration, manufacturing, and market channels of the established auto industry. The first demonstration of the AutoVenture Forum was held near Detroit, Michigan on 22 September, 2010. Four important lessons for managing open innovation at the industry level emerged from this project: (a) the tiered supply industry forms the essential link between the OEM and the entrepreneurs because it solves the scale-up issue; (b) supply chain innovation builds job creation; (c) a high-quality flow of deal-ready entrepreneurs is essential to attract industry participation; and (d) industry leadership will be required to establish the complete innovation network.