As a “newbie” to the innovation sector, I have to admit I had some help from the jargon buster. I’ve also come to understand that open innovation is no longer a novelty concept, rather a part of the culture at the heart of many companies, including Carlsberg, Argos, and Oxfam. This openness is helping them challenge conservative approaches thus, stand out from their competitors.
There are more traditional methods to develop a company’s USPs these are through R&D as well as being the first to market as well as ensuring established IP protection.
On the other hand – we have Open Innovation – this helps organisations, large and small to assume a more collaborative and outward-looking approach.
There have been numerous contributing factors to the rise of open innovation and the decline of a more ‘closed-off’ innovation approach.
Upon reflection, even more, organisations including EE, have embraced the ethos: “not all the smart people work for us”. Although there has been resistance, many are starting to look at new ways to increase the efficiency and effectiveness of their innovation process, therefore, developing a new mindset.
Logically it makes sense that opening up, and breaking the barriers to ideation leads to a higher quality of insight and innovation. Firms are able to effectively modernise, and strengthen brand identification through collaborations, therefore opening up new avenues and markets and creating a dialogue with customers.
During my first Union meet-up, I was able to meet a range of Innovation professionals who are open to learning from others outside of their internal teams, as well as provide help for Innovators, R&D professionals who have innovation problems they’d like to solve. It was incredible to see such generosity.
I predict there’ll be no slow-down of the adoption of openness across the many industries. Bring it on!
Try our free Toolkit for assistance with the whole open innovation journey from setting a strategy for collaboration to implementing mutually beneficial business models.