Reference no: EM132998067

Case study: Cyclica, a Canadian startup Since the early days of the emergency, startup Cyclica has been fighting the coronavirus from several angles. While doctors and scientists are still racing to create a vaccine, the Torontobased company has taken a different route. Vaccines often take years and billions of dollars to develop. Cyclica wants to expedite the process, using its AI platform to identify drugs, already functional and approved by the FDA, to unlock proteins that could be effective against COVID-19. The company is working in partnership with renowned Chinese institute Materia Medica on the initiative, bringing some of the most respected international medical minds together under one virtual roof. The startup has also launched a "stimulus package" - free use of the company's platform for any researcher or biotech company that is fighting the pandemic, or has seen work stifled due to the crisis. And on June 24, 2020, Cyclica announced that it had raised a $23-million Series B, with proceeds being used to advance the company's drug discovery platforms and its growing pipeline of pre-clinical and clinical assets. Source: MaRS (2020)

a) Discuss the potential benefits and challenges of applying open innovation, based on the six principles of open innovation. Apply the case study of Cyclica.

b) Discuss the challenges with innovation networks. Apply the case study of Cyclica.