Open Innovation: Everything You Need to Know

Let’s start by addressing what open innovation is. Open innovation is a model based on the collaboration between people and companies outside an organization in order to close the gap where knowledge and secrets lie. To adopt open innovation, companies must see the opportunity to co-create with other professionals and organizations and be willing to share the benefits of this collaboration. This guide will help you understand what open innovation is, what it can provide for you and everything that’s waiting for you inside!

What are the benefits of open innovation?

Sometimes the next big idea lies in the hands of someone outside of your organization, outside of your employees and yourself. Many benefits can be accessed by using open innovation; accessing new talents, accessing an infrastructure you may need, creating new revenue streams, reducing costs and risks, marketing to get information across, research and development of products and/or services… and more. To summarize it for you, open innovation creates value for everyone involved.

Quote for design: “No matter who you are, most of the smartest people work for someone else.” – Joy’s Law, attributed to Sun Microsystems co-founder Bill Joy

What types of open innovation are there?

There are two types of open innovation:

  1. Inbound open innovation

This type of open innovation acquires expertise and knowledge from outside the company or organization. It helps find and then select ideas to utilize within the organization.

  1. Outbound open innovation

The purpose within this type of open innovation is to look for external organizations with business models that can commercialize ideas that have been developed internally. A company can choose to selectively reveal a product or service to certain customers in order to receive feedback.

How to apply open innovation into your company’s strategy?

Implementing an open innovation approach in your organization will provide success when it comes to innovativeness and effectiveness, since it has been shown to reduce time and costs. By creating this collaboration between your internal and external players. According to a McKinsey report, 94% of senior executives believe a corporation’s culture and team are the most important drivers of innovation and by adopting open innovation strategies, you can attract young and bright minds towards your company.

Corporates are increasingly becoming more aware of the benefits that they can reap from an open innovation strategy, and how much success it brings. There are numerous open innovation programs launched to assist and co-create with each other. It’s important to think about what your company needs. Our goal at Tripple is to help you face your challenges, share your best ideas and have you become a part of real open innovation. All so you can succeed! Visit our site to get started.

Open innovation: everything you need to know

Together, we can generate ideas that achieve positive results.

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