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.