Open Innovation Program Strategy: How Corporates work with Startups

Quick take 

An open innovation program strategy is how corporates collaborate with startups, universities, and external partners to accelerate market-ready innovation. It combines internal expertise with external ideas, turning challenges into proofs-of-concept and measurable business outcomes. This guide explains the 7 steps to design an effective open innovation program, with case studies from leading banks and fintechs.

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Big companies want to innovate, but many struggle to make it real. Internal teams hit roadblocks: risk-averse culture, long approval chains, and siloed departments. Meanwhile, startups test, break, and release faster than most corporates can schedule a meeting.

An open innovation program strategy solves this gap. It creates a structured way for corporates to work with external startups, universities, and partners to bring ideas to market faster. It focuses on testing small, scaling what works, and creating measurable business impact.

At Tenity, we have spent over 10 years helping corporates like UBS, SIX, Ripple, and CommerzBank run successful innovation programs. Here’s the blueprint that works.

What is an Open Innovation Program Strategy and why do Corporates use it?

An open innovation program strategy is a structured approach to combine internal capabilities with external solutions. Corporates work with startups, universities, customers, and even competitors to explore, test, and scale new ideas.

Benefits include:

• Faster time-to-market for new products and services
• Access to emerging technologies and talent
• Reduced risk through small, controlled experiments
• Cultural change as teams learn to collaborate externally

At Tenity, we approach open innovation through the Venture Mindset, a framework that mirrors how startups operate:

1. Discovery – Identify and define the key business challenge.
2. Exploration – Scan the market for potential solutions.
3. Experimentation – Run small-scale, time-bound proofs-of-concept (PoCs).
4. Evaluation – Assess results and scale successful initiatives.

This process turns innovation from theory into evidence-driven action.

Learn more about the Tenity Venture Mindset Framework.

1. How do you set clear goals for an Open Innovation Program?

The most common reason corporate innovation programs fail is lack of clarity on why they exist. A clear strategy aligns the program with leadership expectations and measurable outcomes.

Typical goals include:

• Solve a pressing operational or technical challenge
• Accelerate market entry for new products or services
• Test and validate emerging technologies like AI or Web3
• Foster a culture that supports external collaboration

Example from Tenity:
A MENA-based bank wanted to explore digital investing solutions but lacked internal capability to move quickly. Tenity ran a structured open innovation program, scouting relevant fintechs and facilitating PoCs. The bank was able to test several startup solutions in-market within months and gained confidence to continue partnering with startups.

2. How to define focus areas that deliver the highest impact in Open Innovation?

A successful program narrows its scope to topics that matter most to the business. Spreading attention across too many trends dilutes results.

Common focus areas in our work include:

• Sustainability and ESG – Carbon accounting, climate data, and impact tools
• AI and Automation – Process efficiency, fraud detection, and analytics
• Digital Transformation – Improved onboarding, customer engagement, and service delivery
• Web3 and Blockchain – Tokenization, smart contracts, and decentralized finance
• Supply Chain Resilience – Transparency and predictive risk tools

Case example:
bLink, an open banking platform by SIX, wanted to explore ESG-driven banking services. In Tenity’s open innovation program, Deedster, a climate fintech, joined to co-develop a proof-of-concept that calculated CO2 footprints for banking transactions. This collaboration allowed bLink to test a concrete ESG use case and gave Deedster market entry into Switzerland.

Read the case study

3. What are the best ways for Corporates to collaborate with Startups?

Open innovation can take several forms, depending on corporate maturity and objectives.

1. Startup Scouting – Identify and evaluate startups that can solve your specific challenges.
2. Corporate Accelerators – Time-bound programs to work with mature startups and develop proofs-of-concept.
3. Incubators – Early-stage programs to explore new ideas and build a pipeline for future opportunities.
4. Hackathons and Innovation Challenges – Short-term events that bring internal teams and external talent together to generate ideas or prototypes.
5. Joint Ventures or Co-Development Projects – Deep collaboration with selected partners to build solutions together.
6. Licensing or M&A – Acquire or license proven technologies or intellectual property when speed to market is critical.
7. University and Research Partnerships – Collaborate on long-horizon research or complex problem areas that need domain expertise.

How Tenity delivers this:

• Startup Scouting & Dealflow – Access to a curated network of 2,000+ fintech and insurtech startups.
• Accelerators & Incubators – Structured programs that enable collaboration, mentoring, and rapid proof-of-concept work.
• Investment and CVC-as-a-Service – Invest in validated startups through the Tenity Fund or create a managed corporate venture function.

Case example:
XRPL Accelerator: Tenity helped Ripple connect with startups to build live use cases on its XRPL blockchain. By bringing startups into a structured accelerator, Ripple expanded its ecosystem and increased usage of its ledger technology. Learn more about the program.

4. How should Corporates structure and govern Open Innovation Programs?

Programs need a clear structure to prevent delays and keep stakeholders aligned. Typical elements include:

• Innovation team – Central team to coordinate scouting, pilots, and reporting
• Innovation Champions – Embedded leaders in business units to drive adoption
• Evaluation Committee – Cross-functional team to assess opportunities and approve PoCs

Example from Tenity:
For a regional bank, setting up a 5-person evaluation committee with risk, IT, and business leaders reduced PoC approval time from three months to three weeks. This faster cycle increased program credibility internally.

5. What is the step-by-step process for running Open Innovation Programs?

A standardized workflow ensures predictability and builds trust with leadership.

Typical process:

1. Problem Sourcing – Collect challenges from internal business units
2. External Scouting – Identify startups, research projects, or partner solutions
3. Assessment – Evaluate technical feasibility, business potential, and compliance
4. Pilot / PoC – Run small experiments with clear KPIs and time limits
5. Scale or Integrate – Move successful solutions into production or partnerships

This is the Venture Mindset in action: structured, iterative, and evidence-driven.‍

Read more

Example from Tenity:
The Joint Innovation Accelerator for Sustainable Finance, co-run with neosfer and CommerzBank, used this model. Ten selected startups worked across biodiversity, real estate renovation, supplier management, and corporate mobility. In just two months, several PoCs were live, producing measurable outputs and learnings.

6. Which KPIs should Corporates track to measure Open Innovation success?

Corporate innovation lives or dies on measurable outcomes. KPIs provide evidence to secure continued support.

Common KPIs:

• Number of partnerships and PoCs initiated
• Pilots completed vs. scaled into production
• Time-to-PoC from challenge identification
• ROI from implemented solutions
• Internal and external engagement levels

‍Read about measuring ROI

7. How can Corporates build a culture that embraces Startup Collaboration?

Open innovation requires more than processes. Teams must feel safe to work with outsiders, test new ideas, and accept occasional failure.

Best practices include:

• Training employees on startup collaboration and agile methods
• Recognizing internal champions who deliver pilot results
• Sharing program wins widely to normalize external engagement

Tenity often begins with internal workshops and quick wins to create early momentum and demonstrate value.

How Tenity Delivers Open Innovation

Tenity brings together corporate program design, startup ecosystems, and investment capabilities to drive results across three pillars:

1. Learn – Market intelligence, startup ecosystems, and innovation trend analysis
2. Collaborate – Accelerators, incubators, scouting programs, and PoCs
3. Invest – Direct startup investments through the Tenity Fund or managed CVC-as-a-Service

Explore our offerings:

• Corporate Programs
• Investors

Case Studies: Open Innovation in Action

Open innovation programs only matter when they produce real results. At Tenity, we focus on connecting corporates and startups to create proofs-of-concept and market-ready solutions. Here are three examples from recent programs.

bLink x Deedster: Bringing ESG to Swiss Banking

bLink, the open banking platform by SIX, wanted to explore ESG offerings for Swiss banks. The goal was to provide services that could help banks and their customers understand their environmental footprint.

Through Tenity’s open innovation program, bLink engaged with Deedster, a climate-focused fintech. Together, they developed a proof-of-concept that calculated the CO2 footprint per transaction using anonymized banking data.

The PoC gave bLink a new ESG feature to offer to partner banks. It also gave Deedster access to the Swiss market, supported by a credible corporate partner.‍

Read the full case study

XRPL Accelerator: Co-Developing Use Cases

Ripple wanted to drive adoption of its XRPL blockchain by getting startups to build and test live use cases.

Tenity launched the XRPL Accelerator, selecting startups to co-develop products and prototypes directly on XRPL. By the end of the program, multiple prototypes were built, strengthening the XRPL ecosystem and demonstrating the practical value of structured startup collaboration.

Joint Innovation Accelerator for Sustainable Finance

Tenity partnered with neosfer and CommerzBank to launch the Joint Innovation Accelerator for Sustainable Finance. The program’s goal was to develop proof-of-concepts in key sustainability areas, including:

• Biodiversity and climate data
• Real estate and renovation management
• Supplier management
• Corporate mobility

Ten selected startups joined the accelerator. Within two months, several PoCs were developed, showing that multi-corporate collaboration can deliver fast, tangible results when supported by a structured process.

Key Takeaways

• Open innovation programs accelerate corporate innovation by leveraging startups and external partners.
• Success requires clear goals, structured governance, and measurable KPIs.
• Case studies from Tenity show how banks and fintechs turned PoCs into market-ready solutions.
• A repeatable process and a supportive culture are critical for scaling innovation.

Start Your Open Innovation Program

Open innovation separates companies that adapt from those that wait. Programs built on clear goals, structured processes, and measurable KPIs deliver real business outcomes.

Tenity has spent over a decade helping corporates move from idea to proof, and from proof to scale.

Talk to our team to explore how we can design and run your open innovation program.