What challenges is your company facing to remain relevant?
Overcome them by boosting Open Innovation.
What is Open Innovation?
Open Innovation is a paradigm used to promote a new mindset to innovation, as the term clearly states, it defends openness when it comes to R&D. It promoted the belief that not all good ideas are developed inside the company nor that all good experts already work within the team. It represents a contrary framework to the secrecy and silo mentality of traditional corporate innovation labs. Open Innovation on its own is not a strategy and without the strategic approach to it, chances are that you’ll waste ideas, time and resources.
If you are interested in Open Innovation it might be because you’re looking to stay competitive in a fierce market by leveraging external stakeholders to boost innovation in your company or you’ve recently felt the stagnation of your products and services. Don’t worry! The actual kick-off of the project is the hardest part, your goals and the partners you decide to collaborate with must be assessed and chosen thoughtfully before engaging in open innovation.
These are the challenges that most companies face before starting an open innovation project:
How is your market evolving? What are new consumer behaviour trends to analyze? Which competitors might outgrow you? Using Open Innovation for the sake of using it is not the answer. We need to start by defining why your company needs to innovate and if Open Innovation is the right framework for you. If goals are not defined correctly and from the beginning chances are we’ll end the project with great ideas that don’t fit the big picture.
Operational and structural changes are a big challenge for companies these days. The transformation from a company used to in-house innovation requires a lot of changes on different levels and companies often underestimate how much change is actually needed. The most important of them all is the change in mindset and the internal definition of what failure and risk really means for the company. To make a process work, it should be aligned with organizational goals, strategy and communicated clearly to everyone involved.
The point of Open Innovation is to improve the quality and speed of innovating. What successful projects have in common is that they follow a structured innovation process. An effective open innovation process integrates your own R&D, finance, manufacturing and marketing into one system.
"Open innovation is not about outsourcing R&D to somebody else. It's really all about leveraging and enhancing your internal capabilities."
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