Open innovation says that companies can and should use ideas from internal sources, as well as, external sources to advance in innovation. You may be wondering what external sources mean or who they are. They range from partners, clients, universities, experts, research centers, start-ups, and more. Collaborating inside and outside of your company can really improve results while avoiding risks. Here’s why…
- More innovative ideas are produced.
- Clients’ and market needs are shared.
- When discussing new technologies and experiences, new solutions are created.
- It improves your company’s quality innovation, which speeds up the development process.
- Risks are reduced because there’s input from experts.
As it happens with any other process in the digital world, companies have to be prepared to exchange innovation. Some ways in which you can adopt open innovation are:
A company establishes its own platform and then extends the invitation to others who can bring ideas to the table.
Open innovation platforms
There are many kinds of open innovation platforms. Here at Tripple Up, our open innovation platform is permanent. Our challenges come from SMEs, companies, government agencies, and innovation productivity centers. Our solvers are higher education institutions, technology-based companies, start-ups, researches, groups of people and collaborators. The challenges are then viralized to expand the space for value creation to unlock hidden potential in lasting relationships along with support tools and functionalities that allows us to follow structured innovation processes from the problem definition stage to the ideation and implementation stage.
Some of the benefits companies reap from open innovation include:
- Exploring and implementing internal ideas that may otherwise be untouched.
- Access to external ideas.
- Demonstrating the potential for growth that motivates users.