what is open innovation?
Open Innovation is based on the idea that companies can and should use external ideas, technology, and perspectives to improve their business. Typically, it complements internal innovation strategies and processes.
The concept has been around for decades. The term was first coined in 2003 by Henry Chesbrough, a professor at the Haas School of Business at UC Berkeley. Nowadays, open innovation matches corporate problems and pain points to market leading companies with a solution. They then work together to deploy or cocreate a bespoke solution.
WHY CHOOSE AN OPEN INNOVATION SOLUTION?
Some companies’ motivation for implementing open innovation can be attributed to the old saying, “if you can’t beat them, join them”, or in many cases, have them join you. Even the biggest industry whales have to constantly be on the lookout for potential disruptors, but they must also have enough sense to acquire these disruptive innovators instead of competing with them.
Making room for corporate innovation solutions within a company also empowers businesses to experiment with new ideas and technologies in a structured environment, enabling them to identify and capitalise on new opportunities. This form of contained experimentation is essential for businesses that want to stay competitive and succeed in today’s marketplace.
Open Innovation programmes allow corporations to harness the most innovative ideas and tailor them for their businesses. Scouting our global open innovation network gives you view of the most innovative companies providing solutions that meet your strategic priorities. You can choose to work with early stage companies developing game changing technologies or established providers delivering proven outcomes.
The Open Innovation model allows you to prove potential solutions in your environment and adapt them to your requirements. Open Innovation reduces the resource burden by giving you access to subject matter experts.
Innovation is a top priority for corporations and startups alike. Corporates are looking for ways to innovate faster, cheaper, and with a higher degree of innovation. Startups are struggling to differentiate themselves from their competitors while also trying to compete with larger companies.
Open innovation is an answer to both of these problems. Corporates can tap into the knowledge of startups by collaborating with them and startups can leverage the resources and networks of corporations in order to grow faster.