New Discovery Self-Survey: Startup & Technology Scouting

Building an Open Innovation Platform

What is Open Innovation?  

Historically, corporate innovation has been siloed within research labs and boardrooms. An open innovation strategy breaks down those walls and invites the outside world into the process to power and guide an organization’s innovation efforts. The various resources that an open innovation might tap into include experts, academia, startups, trends, customers, partners, and more.

What are the Benefits of Open Innovation?

Leverage External Resources

Open innovation enables organizations to benefit from external technologies, knowledge, and other resources as well as their own. Engaging with start-ups, experts and other third parties is a cost-effective and powerful approach to innovation that can lower costs and speed up your time-to-market.

Sharpen Your Competitive Edge

Working with external players who have already responded to changes in the market can be incredibly valuable to any organization. Bringing these companies or individuals into your own innovation ecosystem can help your organization to spot and react to disruptive forces faster and minimize any potential damage they may cause.

Talent Acquisition

Open innovation can unearth technologies and solutions that can do wonders for your organization. Yet it can be even more valuable in identifying the talent behind these innovations, which you could engage directly. Talent scouting should play a key role in your innovation process.

Innovation Inspiration

When you are scouting for innovations or analyzing trends, the process itself is just as important as the outcome. Researching the latest innovations and developments at the cutting edge of your industry will expose your employees to a wealth of exciting new possibilities and ideas. This will offer invaluable innovation inspiration and help them to develop an innovator’s mindset.

What The Experts Say:

What The Experts Say:

The pace of change nowadays requires companies to manage innovation in a more deliberate fashion. It should be clear to every employee what the company process is for testing ideas, and taking them to scale.

The world is changing so quickly that we need a paradigm shift in how we manage innovation. This shift requires us to transform our organizations and create successful innovation ecosystems.

58% of business leaders stated that they plan to increase their investment in innovation and R&D, because innovation acceleration is one of the most reliable and attractive routes to competitive differentiation and growth.

What Are the Challenges of Open Innovation?

Intellectual Property Concerns

Fears that disputes might arise around competing intellectual property claims are common, but can be easily dispelled if the right process is in place.

Endless Data Points

With an open innovation process comes lots of resources and a whole load of data, all of which needs to be researched and managed effectively.

Engaging Stakeholders

Organizations must effectively communicate and engage with all the various internal and external stakeholders to collaborate on key challenges and opportunities.

Maintaining Momentum

Raising awareness around your open innovation initiative needs to be an ongoing process to ensure that it consistently delivers on its objectives.

What is an Open Innovation Platform?

An open innovation platform is an umbrella term for tools that support organizations in scouting for technologies and knowledge, crowdsourcing insights on relevant trends, engaging with external audiences to receive ideas, and moving those ideas through the innovation pipeline to commercialization.

Our Solution

Q-360

Achieve impossible innovation with Qmarkets’ end-to-end innovation management software. Develop a culture of collaboration to ignite your organization’s creativity and fuel its innovation.

Benefits of Q-360

Nurture a Culture of Innovation

Help to instill in your audience an innovator’s mindset and develop a culture where every contribution is considered

Deliver Exponential ROI 

Identify and gather solutions that will deliver amazing results for your business

Unlock Strategic Challenges 

Harness the collective wisdom of the crowd to solve your toughest challenges and seize your biggest opportunities

Data-Driven Innovation 

Scan millions of data points to research and engage with startups, technologies, experts, patents and more

Don’t Just Take Our Word For It…

This platform provides a central backbone to the corporate strategic “FastForward” initiative I co-lead, contributing to the transformation of our company into a customer-centric obsessed, agile and entrepreneurial organization.

PMI logo

We’re seeing ROI in both savings and earnings, with ideas to improve processes, existing products and services, and even new businesses and markets.

Qmarkets allowed us to make incredible progress and gain meaningful input and insights from the public.

MARTA logo

We are very satisfied with our experience of both the Qmarkets platform and the team behind it. The Qmarkets platform assisted us to streamline our innovation efforts and help materialize the important ones.

Cognyte logo

Enterprise Innovation Management Software

Innovation management takes the form of several methodologies. Take a look at each page below to get an understanding of these core solutions and how they can help your business to be more innovative.

Idea Management

Idea management is the structured process of collecting, screening developing, and implementing ideas that can help your organization to be more innovative and efficient.

Explore the Solution

Continuous Improvement

Continuous improvement is exactly what it sounds like – the practice of continually improving and incrementally enhancing the performance of a company’s products, processes, or services.

Explore the Solution

Technology Scouting

Innovation & technology scouting allows companies to bypass these obstacles and deliver new products, services, and solutions that can dramatically enhance their value proposition.

Explore the Solution

Trend Management

Trend management refers to all the activities involved in scouting for and acting upon trends to fuel an organization’s innovation efforts.

Explore the Solution

Innovation Portfolio Management

Innovation portfolio management is a term that describes the maintenance and progression of an organization’s various innovation projects.

Explore the Solution

Innovation Management Resources

Discovery Audit Resouce 1
Guides Innovation Management Technology Scouting
Considering a new startup relationship management program? Download this practical tool to understand your organization's current approach...
06.26.24
15 mins
phone 8155102 1280
Webinar Best Practices Idea Management Innovation Management Success Story
Hear from Discover Financial Services as they dive their innovation process using Qmarkets software.  In this exclusive recording from...
06.25.24
45 mins
technology 4256272 1280
Article Idea Management Innovation Management Trend Management
Discover the top innovation models for corporate success. Learn how innovation management software can help you implement each model...
by Charlie Lloyd
06.18.24
6 min