At the 2023 FlexPO+ (now incorporated into the ADI Forum), Uday Turaga, CEO, ADI Analytics spoke during the innovation panel. He discussed how R&D investments in chemicals and research investments and innovation were coming to chemicals. He said that companies spending heavily on R&D often leveraged external resources. However, satisfaction with these engagements was declining. Technology vendors and licensers yielded only about 50% satisfaction. Open innovation and corporate venturing showed even lower rates. A key reason for dissatisfaction in corporate venturing was the lack of “skin in the game” from predominantly financial or rotating personnel. This led to investments without full commercialization support.
Best-in-class companies were addressing this by focusing external investments on areas with limited internal differentiation but high potential impact. Once promising external ideas emerged, they quickly transitioned them into validation sprints with mixed internal and external teams. For potential “winners,” efforts were swiftly concentrated within predominantly internal teams, effectively differentiating where capabilities were deployed to accelerate innovation.
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ADI is a prestigious, boutique consulting firm specializing in oil and gas, energy transition, and chemicals since 2009. We bring deep expertise in a broad range of markets where we support Fortune 500, mid-sized and early-stage companies, and investors with consulting services, research reports, and data and analytics, with the goal of delivering actionable outcomes to help our clients achieve tangible results.
We also host the ADI Forum that brings c-suite executives together for meaningful dialogue and strategic insights across the oil & gas, energy transition, and chemicals value chains. Learn more about the ADI Forum.
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