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Interested in learning the latest business innovation techniques from industry experts? InterTradeIreland has just launched Innovation Station, a new series of innovation podcasts focused on sharing insights into business innovation with small business owners.

The first episode in the series is Harnessing the Power of Open Innovation, which looks at open innovation and what it means for your business.

Renowned author and innovation expert Professor Wim Vanhaverbeke (pictured) delves into the topic, sharing his insights on how small business owners can leverage technology, the importance of developing a commercial strategy and the benefits of collaboration.

From the University of Hasselt and Visiting Professor at ESADE Business School, Professor Vanhaverbeke explains that for small business owners, open innovation – collaborating with partners outside of the firm - is a more profitable way to innovate because it can reduce costs, accelerate time to market and create new revenue streams for a company.

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“Open innovation is either the use of knowledge from external partners or the use of your company’s knowledge by other partners to support innovation,” says Prof. Vanhaverbeke. "Originally the idea was applied to bigger, manufacturing companies…but it is very, very important for small business owners because they lack the resources and internal organisation that big companies have to develop technology and innovation strategies internally."

Wim also sheds light on how in order to truly profit from open innovation, personal networks and collaboration must play an integral role in the process, and that businesses must be prepared to take risks to reap the rewards.

To help them along the way, supports from agencies like InterTradeIreland are available to help small businesses look outside of their own firm and collaborate with partners across the border.

• Listen to the podcasts at https://intertradeireland.com/innovation-station

About the ‘Innovation Station’ podcast series

Attracting thousands of business leaders, policy makers, students and academics each year, the All-Island Innovation Programme series of free masterclasses explores a wide range of topics including upcoming industry trends, management development, as well as the latest thinking in business growth, with the aim of promoting innovation and to encourage cross border cooperation.

Each Innovation Station podcast episode captures a live masterclass with a world-renowned expert. Together with Queen’s University Belfast, the National University of Ireland, Galway, University College Cork and Dublin City University, the programme promotes and encourages small business owners to innovate by sharing practical advice, as well as international best-practice.

Released fortnightly, the Innovation Station will feature international thought leaders in the field of innovation sharing their experiences and insights on how to succeed in the current economic climate.

For more information on InterTradeIreland’s All-Island Innovation Programme visit: https://intertradeireland.com/innovation/all-island-innovation-programme/