Significant correlation between open innovation and growth

BioVentureHub is an important innovation environment established by AstraZeneca in Mölndal, just outside Gothenburg city. There is a clear connection between positive value development and innovation environments such as the BioVentureHub.

According to a recent study conducted by the University of Gothenburg and the School of Business, Economics and Law, the connection between positive value development and innovation environments is more important than what many may believe.

The initial questions revealed

BioVentureHub, AstraZeneca and the University of Gothenburg have carried out extensive research to map, compare and understand the value of opening and running open innovation environments where start-ups and young companies can develop in close vicinity to industry.

The important questions revolve around to what extent an open and supportive innovation environment impact economic growth among emerging Life Science companies. The research also addressed whether there is a correlation between openness and economic growth.

“By assessing long term growth among the portfolio companies and correlate this data to the extent a company interacts and collaborate with others, we better understand the value of openness. There is a clear correlation between economic growth and the number of collaborations the companies engage in. The study assesses interactions between companies in the hub, between the companies and AstraZeneca and between the companies and external collaborators from both industry and academia”, says Magnus Björsne, CEO BioVentureHub, a part of AstraZeneca.

The value of open innovation

“In addition to the financial analysis, extensive interview documentation was made for each company, where it was determined, among other things, how they actually interact with each other, with other companies within the same innovation environment, with academia, and with industry including AstraZeneca”, explains Magnus Björsne.

The results show that there is a clear and significant correlation between open innovation and value creation. The more open the companies are in collaborating and sharing ideas, as well as openly discussing their research, the greater value development could be demonstrated.

“From the study, it was clear that the companies could be divided into two main clusters where one display significantly higher economic growth. The companies with the highest value development were all private companies”, says Björsne.

Room for more business

In the Gothenburg region, there is now a complete ecosystem for the development of Life Science companies in innovation-driven environments. Thanks to the establishment of the GoCo Health Innovation City, companies can develop all the way, starting in an university incubator environment, then further develop within the BioVentureHub, and then finally establish themselves within GoCo Health Innovation City.

“We now have several companies that are ready to continue their growth journey outside the BioVentureHub. Starting in the spring of 2023 several companies will move their business to GoCo Health Innovation City. This means that in 2023 some 100 workplaces will be freed up at the BioVentureHub, which in turn means that, for the first time in a long time, we now have room for more companies to establish themselves within BioVentureHub”, Magnus Björsne clarifies enthusiastically.

There is now a unique opportunity to set up business in an environment that is proven to provide value development and growth.