What is open innovation?
Open Innovation is a process of engaging in R&D and Innovation with a greater emphasis on complimenting the organizations internal ideas and research with ideas and research created externally.
Open innovation is about enhancing internal capabilities.
With our innovation service, we compliment your internal ideas with our intellectual property.
The old closed innovation model focuses on using only ideas internal to the organization.
Today global markets are much more competitive, there is a much greater globally distributed pool of knowledge in many more technological areas.
The new model gives an advantage to companies that are open to ideas from outside the organization.
A Few Companies Engaged in Open Innovation
- Ford Motor Co.
- Proctor and Gamble
6 Benefits of Using Open Innovation
1. Out Innovate the Competition
It is not practical to internally employ all of the greatest innovators in the world.
The open innovation model provides access to the greatest minds and allows you to out innovate competition that still uses the old model.
2. Reduced Product Development Cycles
With the closed model of innovation, you start at the beginning.
With the open innovation model you can start in the middle or closer to a fully developed product. This saves time and gets your product to market faster.
3. Improves your R&D Spend Efficiency
Since you only pay for the ideas that bear fruit, your R&D dollars go further.
You get more for your money.
Research targets can be broadened. More projects can be focused on your company’s core competencies.
4. Compliment your Internal R&D and Innovation
Open innovation can complement your internal ideas.
It can be used for an all new product that meets your high level goals or It can provide a missing piece for a complex project
5. Radical Innovation made Easier
With the old model, radical ideas may be halted internally due to risk.
With the open model, additional innovations from outside the organization can compliment the radical idea and make it less risky. I
n this way, internal ideas can be easier to move through the approval process.
6. Access to Unlimited Experts and Innovators
With the old closed innovation model, you are limited to the number of innovators in your organization.
The open model gives you access to thousands of experts and innovators in a wide variety of disciplines.
Unmatched Technical Services for Your Product or Application
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- Take the fastest, least risky and most effective route to your goals
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