Open innovation is the modern approach to research and development (R&D). Today’s business world is a rapidly evolving environment within which knowledge workers are highly mobile and venture capital is playing an increasingly important role. The incredible speeds at which products change according to rapidly changing customer preferences, as well as the pace of parallel innovations within product markets make it near impossible for any firm to have all the required R&D resources within its own ranks.
As such, the idea of R&D as an internal, closely guarded and closed activity is being replaced by an alternative model of innovation called open innovation wherein firms commercialise both external and internal ideas and technologies. Firms now work with carefully selected partners to meld technologies and ideas to create new value and benefit for each other’s expertise.
Open Innovation & Xeraya
Xeraya is dedicated to funding breakthrough life sciences developments. In order to achieve this aim, we share our interests with other interested organisations, developing long term relationships in order to innovate as partners. This has led to some innovative developments that we would not have been able to achieve by ourselves, including in the areas of cross-border Sharia-compliant investments. Our ability to innovate in the way we invest in future life sciences technologies and therapies is key to our commitment to bettering the lives of people globally.
Open Innovation Within Our Partners:
ViewRay & Nottingham Spirk
During the development of the ViewRay MRIdian® machine, ViewRay entered a partnership with Cleveland (Ohio) based Nottingham Spirk, a company with strong experience developing MRI and other medical equipment from a patient experience perspective, considering everything the patient sees and feels. Nottingham Spirk’s team took ViewRay’s innovative technology and designed the physical form around it. Soft edges and a highly adjustable bed help make the entire procedure more comfortable and beneficial for patients. The external housing design minimises the patient’s view of the rotating internal components and allows for a wider range of movements versus traditional designs while the surfaces are easy to wipe down. The system can be disassembled to allow transport through ordinary doors, greatly reducing costs for hospitals. Nottingham Spirk’s Innovation Center has a state-of-the-art prototyping studio and a full-scale ViewRay MRIdian® machine was built and tested inside, allowing real-world test and analysis while protecting the intellectual property.