Open innovation is increasingly common in organisations to accelerate the pace and impact of innovation by sharing risk and reward with partners. As part of a recent project working with organisations new to open innovation, we have drafted a quick ‘bluffers guide’ with seven main ways you could further quickly implement open innovation into your organisation which we thought we’d share here as follows:
Run a crowdsourcing competition with employees/customers/consumers/general public to develop and refine your ideas and/or proposition and allocate funding and process in place to implement the best one/s.
Host a series of collaborative workshops to work towards a new shared risk/shared reward proposition and business model for working with partners or suppliers.
[Potential partners: Non competing corporate partners or technology suppliers]
3. Open data
Open up and share data (e.g. through an API) for other organisations/developers to play with/build on at a hackday/weekend.
4. Share needs
Open up and share your unmet needs for others to address/solve via an open innovation broker. This could start with a workshop and/or online platform.
5. Open up
Deliver open innovation and collaboration training, including developing the appropriate mindsets, behaviours and culture in your teams as well as processes and legal frameworks.
Invest in an internal team and/or unleash the potential of dormant IP through incubating an external partner off the P&L to deliver your new product or service in partnership within 2-3 years, after which you retain the right to buy back at an agreed multiple.
[Potential partners: IPSO Ventures, 100%Open etc]
Set a strategic plan with clear metrics for external collaborations that allocates resources, objectives & methods to develop a programme this financial year.