Open innovation

Open innovation is a paradigm that suggests that companies cannot generate all innovations internally, but must collaborate with external agents to access knowledge, ideas, and technologies, which is essential in a global and changing environment. 

Professor Henry Chesbrough, of the University of California, Berkeley (USA), popularized this concept in his book “Open Innovation: The New Imperative for Creating and Profiting from Technology” (2003). In this work, Chesbrough argues that, in the age of information and globalization, companies must adopt an open innovation strategy to remain competitive.

In practice, open innovation is implemented in a variety of ways, such as: collaborating with startups, universities, and research centers, partnering with other companies, or participating in industry events and conferences.

Open innovation is characterized by a number of key elements that differentiate it from traditional closed innovation models.

Open innovation is characterized by a number of key elements that differentiate it from traditional closed innovation models.

• External collaboration: it is based on collaboration with external agents to the company, such as startups, universities, competitors, and customers to develop new ideas and technologies.
• Exchange of knowledge: it fosters the transfer of knowledge and technologies both within and outside the organization.
• Flexible business models: it allows companies to respond better to the changes of the environment and new needs of the market.
• Diversification of sources: it uses a variety of sources for innovation, including new actors in the R+D+I process.
• Use of digital tools: it benefits from the use of digital tools to facilitate collaboration and information sharing.

Open innovation has become a common practice in various industries, including the energy sector. Let's look at some examples:

• Solar energy projects
  

Solar energy companies partner with tech startups to develop new photovoltaic solutions. These collaborations facilitate the integration of innovative technologies, such as more efficient solar panels and energy storage systems.

• Innovation in renewable fuels
  

Another example of open innovation are collaborations with academic institutions and research organizations to develop renewable fuels. These projects convert organic waste into energy sources, promoting the circular economy.

• Smart Grids

In the development of smart grids, energy companies work together with technology providers and local governments. These collaborations make it possible to implement advanced sensors and data analysis software to optimize electricity distribution and consumption, improving energy efficiency and resource management.

At Repsol, we follow an open innovation strategy that facilitates collaboration with the best talent, both internal and external. This allows us to develop more efficient solutions in the field of energy, through partnerships and strategic collaborations.

Our open innovation model is based on 10 pillars, distributed in 3 fundamental areas: Repsol's own initiatives, participation in external projects, and strategic collaborations and investments. This structure allows us to detect emerging technologies early, validate and scale external developments, and accelerate innovation cycles so technological solutions reach the market as soon as possible.

1. Repsol's own innovations

• Repsol Foundation's Entrepreneurs Fund: we support entrepreneurs and startups that develop innovative solutions in the field of energy, which are in the early stages of development, in order to boost them.
• Repsol Technology Lab: one of the most avant-garde private R&D models in Spain, working on the identification, validation, and development of relevant technologies for industrial activity, with a special focus on decarbonization and the circular economy. 
• PoCs & Venture Client (IdeAtions Platform): we collaborate with universities, R&D centers, and startups to explore new technologies and solutions that can be tested through proofs of concept (PoCs) at the Repsol Technology Lab.
• Corporate Venturing: our corporate investment vehicle from which we invest in startups with technological solutions aimed at decarbonization. These investments help drive technologies in their early stages, but with high potential for the energy transition. In addition to financial backing, we provide our extensive knowledge of the energy industry through the more than 230 scientists at our technology and innovation center, Repsol Technology Lab, where we offer the possibility of testing and validating the technologies developed by the startups in which we invest.

2. Repsol's participation in external companies

• Net Zero Ventures: investment fund that we have created together with Suma Capital to promote startups that develop mature technologies aimed at decarbonization and the circular economy, with the objective of accelerating their application on an industrial scale.
• Cardumen Capital: investment fund specialized in disruptive technologies, from which we support startups with high impact potential.
• Climate Investment (OGCI): we participate in this startup investment fund whose objective is to reduce methane and CO₂ emissions. This fund is part of the Oil & Gas Climate Initiative and brings together 12 companies in the sector to invest in decarbonization technologies.

3. Strategic collaborations and investments

• Collaboration and partnerships: we take part in consortiums and corporate collaborations, such as All4Zero hub, a unique industrial technology innovation hub in Spain driven by Repsol together with ArcelorMittal, Holcim España, and Iberia as founding partners. This hub is focused on accelerating the development of disruptive technologies to accelerate decarbonization and the circular economy in the industrial field, by boosting the innovative ecosystem: startups, universities, SMEs, and research centers. Through the hub, the partners make our infrastructures available to test and scale technologies that will accelerate decarbonization through proofs of concept in industrial environments.
• Participation in incubators and accelerators: we support the development of new technology companies through incubators, accelerators, and venture builders. Some notable collaborations include The Collider, a technology transfer program of Barcelona's Mobile World Capital; the TechX Clean Energy Accelerator startup accelerator of the Net Zero Technology Centre; and the Deep Tech Alliance Initiative, a program for European deep tech entrepreneurs, international companies, and investors to explore strategic and commercial partnerships.
• Innovation networks and events: we take part in innovation networks and events to foster the exchange of ideas and collaboration.