Ribera Open Innovation

Phase 1. Defining the challenge

At the Ribera group, we pose challenges that align with our digital health strategy, for example, how could we improve remote patient monitoring?

For its part, Lanzadera allows us to proactively identify startups that may be a good fit for the challenges we face, supporting us in the search for startups through one or two calls for applications per year. In each call, we can receive between one hundred and one hundred and fifty applications from startups, with which we begin the selection process.

Phase 2. Selection Process

Using the list of startups, we proceed to select those with the greatest potential and best fit. This process is carried out in three phases. Initially, a preliminary analysis and screening is performed based on fundamental criteria such as the startup's financial standing and the team's commitment. Next, we analyze all the information provided by each startup and filter by variables such as the theme, the degree of innovation, the maturity level of the solution, and its potential clinical and healthcare impact.

After the initial screening, we move to a second phase, in which we conduct personal interviews with the entrepreneurial teams. During these interviews, we address their questions and observe how they present their project and the value they can bring to the challenge at hand. From here, we shortlist a maximum of ten startups, which then join us for a third phase: a full day of in-person work alongside other professionals from our organization, including clinical professionals from our hospitals, technology professionals from our subsidiary FutuRS, and representatives from business development and operations, among others.

After this intense day of work, we made a final decision, selecting the startups we will work with, representing between two and three percent of all applications received. To date, we have held four calls for applications and selected nine startups, with whom we have developed more than twenty projects in our hospitals and centers.

Phase 3. Pilot Development

Once we have selected the startups we want to collaborate with, we work for eight months with each of them on the development of a pilot project, for which we decide on aspects such as the objectives and evaluation metrics, the center, the patient profile and the work team.

We dedicate approximately two months to refining each use case through a co-creation process between the startup and the clinical team that will lead the project. The following five months are dedicated to running the pilot, and the final month to preparing a final evaluation report.

Phase 4. Final evaluation

In this phase, we study, on the one hand, the overall results of the pilot study and, on the other hand, the evaluation of the success indicators we have previously defined. In both cases, these are usually clinical variables and variables related to healthcare impact, as well as usability, patient and professional satisfaction, and user experience.

And, on the other hand, we also value aspects related to the pilot's progress, linked to the timing, the work schedule, the speed and the startup's commitment to the development of the proof of concept.

Phase 5. Partnership Model

If the final evaluation is positive, we move on to the Scale Up phase where we begin working on the collaboration model with each startup, which can be developed in one of these ways:

• Customer-supplier relationship: The group considers the startup's technology to be of interest to professionals and patients and proposes an agreement for its use in one or more centers under a conventional service provision contract model.
• Joint ventures: A collaborative model is established with the startup to co-create new products that we can jointly market, sharing risks and benefits. There is no corporate alliance, but we work together and leverage each other's strengths, designing new business models and seeking new growth opportunities.
• Investment in the startup: through a capital increase or a convertible participating loan so that Ribera acquires shares in the startup.

Phase 6. Implementation and launch plan

Once the collaboration model with the startup was decided, we moved on to the technology implementation phase in our hospitals. This phase also included integration into our technological systems, such as our health portal and electronic health records, and we also assessed whether the product would be for internal use or if we could also market it to businesses.

Phase 7. Initial ROI analysis and results

After a few months we assess the ROI, the return on investment of the collaboration, generally represented by cost savings, improved quality of care, improved patient experience or the generation of income through new monetization methods, among other factors.

Phase 8. Internationalization Plan

Based on the above analysis, we developed a plan to internationalize the service, to export the solution with our partners in Europe and other markets.

Our experience with the open innovation program has provided us with many insights into how to improve the relationship between corporations and startups. One of these has been the importance of clearly defining objectives while simultaneously building trust and demonstrating that we are all on the same team.

On the other hand, our innovation efforts would be diluted if we consider collaboration with startups as a marketing tool rather than as part of our business strategy. It also won't work if we try to offer off-the-shelf solutions to hospitals or health centers; co-creation and adaptation of the tool to the specific use case are essential, requiring the participation of healthcare professionals and other departments within the company.

Our goal is to create change, not just adapt to it, and we can't do this alone. In fact, one of the biggest lessons learned from the pandemic has been the willingness of our patients and professionals to actively participate in innovation projects to facilitate solutions to new needs such as remote patient care, remote monitoring, and communication with a virtual caregiver.

Thanks to our commitment to co-creation and the positive results achieved so far with our open innovation program, we are able to quickly adapt and test new technological solutions that meet the needs of our patient groups to improve their quality of life and provide them with the social and healthcare they require.

To design the best future for healthcare, we must have courage, enthusiasm, and a continuous learning attitude, working as a team to contribute value to society from a sector that is as sensitive as it is important.