Open innovation benefits for business development

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Open innovation is a new strategy where organizations go above and beyond their internal limits and where collaboration and cooperation with groups bring value to said organizations can become a fundamental aspect of success. By connecting and collaborating with external resources, organizations facilitate development opportunities for themselves, as well as for others. Open innovation benefits range from developing new products, creating a start-up, acquiring talent, or even just sitting down while collaborating, amongst many more! 

Let’s get right to it and list out some of the main advantages of open innovation:

  • New products and services development. Open innovation allows for opportunities that you may not otherwise have while continuing to generate value within your community.
  • Innovation for old products & services. How to potentialize products or services that are already launched on the market.
  • A solid community. Staying in contact with other open innovation users and new talents to understand firsthand what it is they truly want, creating the resources to satisfy their wants and needs.
  • It keeps collaborators accountable and committed. Inviting collaborators to be a part of new project development increases a sense of belonging within the community.
  • It helps us stay one step ahead of our competition. Thanks to the constant and permanent involvement of other collaborators and the community, it guarantees we’ll receive real and valuable input that is best for our interest.
  • It speeds up innovation. How? It helps us reduce the time in all processes due to internal and external talent intervention. All our collaborators are knowledgeable and can provide many open innovation benefits.
  • Cost reduction. Yes, that’s right. We’ll be able to use our resources more efficiently.
  • More sources of income. By developing secondary products or even reaching new markets with products or ideas you already have up your sleeve.
  • Innovation becomes less risky. Working alongside experts in each topic and using agile processes will diminish failure risks.

At Tripple, we provide all benefits open innovation could give to your projects and much more.

When projects implement open innovation to find solutions for internal challenges within an organization, it’s crucial to correctly identify the existing necessities or problems and then communicate them clearly to receive effective solutions and proposals from other experts in the field.

If you’re looking to connect with young and talented professionals and, at the same time, recruit new talent for your business, open innovation benefits are a great way to go about it. This focus allows us to identify the potential young professionals can bring to the table from a larger perspective than a regular sit-down interview.

Open innovation is beneficial when it comes to the public, means taking advantage of internal stimuli (people and organizations), external (demands within the community and collaboration with other citizens), lateral (benchmark), and superior (new socio-political currents, reforms, etc) to find innovative and helpful ideas for people, which all leads up to the implementation in the public sector and its valuable transformation for society. 

Open innovation: everything you need to know

Together, we can generate ideas that achieve positive results.

Tripple, made with ❤️

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Innovation management software

Open innovation: everything you need to know

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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

https://medium.com/@SimoneMartinel4/no-matter-who-you-are-most-of-the-smartest-people-work-for-someone-else-16f339e406b2

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.

Tripple, made with ❤️

Terms & Conditions (Privacy Policy)

Innovation management software