What is Open Innovation? Discover This Strategic Methodology

While historically corporate innovation efforts have been siloed within research labs and boardrooms, there are now more reasons than ever to employ an open innovation strategy, which incorporates customers, partners, and sometimes even competitors.

Key Challenges of
Open Innovation

Preventing customers from perceiving you as being detached from their needs

Warding off the potential stagnation of your company’s products and services

Avoiding false conclusions which arise from biased or improper market research

Overcoming disruption that results from being out of touch with global market trends

What The Experts Say...

"The case for open innovation is clear: In today's rapidly moving world, companies can ill afford to retain outmoded closed models of innovation management."

"By reaching beyond corporate borders, a company can import lower-cost, higher-quality ideas from a wide array of world-class experts to improve the speed, quality and cost of innovation."

"Open innovation is a successful, collaborative approach to innovation that can boost organizational performance in every phase of its innovation process."

"Open innovation will play a key role in the developed economies over the next decade. There will be new technological trends that will fuel innovation."

Capture Great Ideas with an Open Innovation Platform

Gaining insights from customers and other external stakeholders is crucial for informing successful innovation efforts. By deploying an open innovation platform, you can give target audiences an easy, engaging, and secure means to submit their ideas for new products and services. These kinds of platforms can be used for a variety of idea-generating activities, such as tech scouting and corporate hackathons. In addition, leveraging an open innovation platform is a great way to let your customers know that their input is valued – which can, in turn, promote greater brand loyalty.

Launch Open Innovation Challenges

Utilize the knowledge of external expert communities, or academic professionals to overcome your strategic challenges.

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Customer-Facing Innovation Programs

Invigorate your customers through co-creation by engaging them in your innovation process and generating groundbreaking ideas together.

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Innovation Scouting Programs

Identify valuable technologies and startups which can be acquired in order to deliver valuable results for your company.

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Focused Digital Hackathons

Use your open innovation platform to invite an external group of entrepreneurs, startups and individual specialists to participate in a time-sensitive hackathon designated to deliver quick results against specific problems or challenges.

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OPEN INNOVATION

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