Open innovation offers a new strategy for organisations to problem solve and generate new ideas, and entails leveraging external input in addition to internal knowledge. If you’d like to learn how to implement an open innovation strategy in your own organisation, download our step-by-step guide, below. Here’s a high level overview of what you’ll find inside.
What do typical open innovation strategies look like?
Open innovation is a new business management model for collaborating on solutions from both within and outside an organisation. As such, the strategies that leverage open innovation can take a variety of forms, including structured organisational alliances, strategic co-ventures and crowdsourcing. In each scenario, organisations that use an open innovation framework combine internal and external ideas, or internal and external routes to market, to innovate more widely and effectively.
How can organisations benefit from having an open innovation strategy?
Organisations that use open innovation stand to benefit from the cross-linking of know-how from different industries. Organisations can learn from the solutions that have yielded positive results for others and leverage this knowledge to progress ideas through the pipeline and out to market quicker than ever before.
Having a strategy in place for open innovation can also help to save costs, reduce risk, improve employee engagement and even to enhance brand image.
Steps to implementing an open innovation strategy
Implementing a successful approach to open innovation requires following these seven key steps:
- Set goals: Set objectives that clearly outline what your open innovation initiative aims to achieve
- Select participants: Identify the key stakeholders to support you in making the initiative a success
- Set up a workflow: Determine the workflow and the stages in process towards idea implementation.
Download our full white paper for the remaining steps in the process and to discover more about:
- Open innovation models, and how industry players are incorporating these into their strategies
- How to implement an open innovation challenge as part of your innovation strategy
- How Idea Drop can support you in implementing open innovation in your business