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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.

How to Build an Open Innovation Program?

Building an effective open innovation program requires a structured approach that aligns internal goals with external collaboration. By tapping into external resources and audiences—such as customers, startups, academic research, industry trends, patents, and new technologies—you can accelerate innovation and solve complex challenges that go beyond what internal teams can achieve alone. This guide will walk you through key steps to build a robust open innovation program, from defining your goals and engaging the right audiences, to deploying advanced tools and measuring the impact of your initiatives.

 

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Set Your Innovation Goals

The first step in building an open innovation program is to define your core objectives. By aligning your innovation efforts with specific business goals, you ensure that the program has a clear direction and measurable outcomes. These objectives should reflect the broader goals of your organization, such as creating new products, expanding into new markets, or gaining a competitive edge.

Customer-Centric Innovation

A successful open innovation program should prioritize the development of solutions that directly address customer needs. By involving customers in the innovation process—whether through surveys, co-development, or collaborative partnerships—you can ensure that the solutions you implement are grounded in real-world challenges. Customer-centric innovation allows you to integrate external technologies, market insights, and even patents that enhance customer loyalty, increase satisfaction, and ultimately drive revenue. Examples of customer-centric innovation might include adopting new technologies based on customer feedback, leveraging external research to tailor products, or co-developing solutions with customers that address evolving market demands.

New Product Development

Open innovation provides access to a wide array of external technologies, research, and expertise that can accelerate your company’s product development process. By engaging with external stakeholders such as startups, research institutions, and technology providers, you can integrate cutting-edge solutions and bring them to market faster. This might involve adopting new technologies discovered through technology scouting, incorporating patents from external sources, or working with startups to quickly integrate new solutions. The goal is to shorten the development cycle, reduce time-to-market, and stay ahead of competitors by continuously enhancing your product portfolio with external inputs.

Competitive Advantage

Staying ahead of the competition requires tapping into trends, disruptive technologies, research breakthroughs, and new business models, as well as access to fresh ideas. An open innovation program enables you to leverage external sources of innovation, such as emerging technologies, market shifts, and academic research. By aligning these insights with your strategic goals, you can maintain a competitive edge. For instance, monitoring industry trends like artificial intelligence, sustainability, or digital transformation can reveal new opportunities for your business. Building a pipeline of external innovations ensures that your company remains agile, responsive to market changes, and capable of offering solutions that competitors cannot easily replicate.

Market Expansion

Open innovation is a powerful tool for exploring and entering new markets by utilizing external resources and expertise. Collaborating with external partners—such as local startups, research institutions, or global companies—provides insights into regional customer behaviors, regulatory environments, and market trends. This reduces the risks associated with entering new territories and increases the likelihood of success. For example, partnering with startups that have local market expertise or leveraging academic research to gain insights into new consumer segments helps your company create products or services that resonate with these new audiences, expanding your market presence with greater confidence.

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Identify Key Audiences

A successful open innovation program depends on collaboration with the right external audiences. By identifying and engaging key stakeholders, you can create a network of external contributors who bring unique perspectives, expertise, and resources to the table. Each audience group plays a distinct role in driving innovation and enhancing your program’s effectiveness.

Customers

Customers are an invaluable source of insights, providing real-world feedback on the products and services they use. By involving customers in your open innovation process, you can co-create solutions that are directly aligned with their needs and expectations. Techniques like crowdsourcing ideas, conducting customer surveys, or hosting co-creation workshops allow customers to become active participants in the innovation process. Their feedback can guide the development of new products, features, or services that better address their pain points and improve overall satisfaction, resulting in stronger brand loyalty and increased sales.

Partners

Business partners, including suppliers, distributors, and technology vendors, can provide critical resources and capabilities to enhance your innovation efforts. Collaboration with partners can lead to the joint development of new products, the sharing of cutting-edge technologies, or the discovery of operational efficiencies. Open innovation with partners allows you to leverage complementary skills and resources that may not exist within your organization. For example, collaborating with a technology provider can accelerate the integration of new tools into your existing systems, while co-developing products with a strategic partner can reduce time-to-market and distribute costs more effectively.

Academia

Engaging with universities and research institutions gives you access to cutting-edge academic research, fresh perspectives, and emerging talent. Academic partnerships can provide a foundation for solving complex challenges that require deep technical or scientific expertise. For example, research collaborations can explore new materials, manufacturing processes, or digital innovations that have not yet been commercialized. Additionally, by working with academic institutions, you can tap into a pool of young talent—students and researchers who may contribute innovative ideas and become future leaders in your organization.

Supply Chain

The supply chain is a critical, yet often overlooked, component of open innovation. Suppliers and logistics partners can play a pivotal role in product development, manufacturing processes, and operational improvements. Engaging your supply chain in innovation activities enables you to optimize the production of goods, reduce costs, and improve sustainability. For example, collaborating with suppliers on material innovations could lead to the development of more eco-friendly packaging or more efficient manufacturing techniques. Additionally, by involving your supply chain in idea generation and problem-solving, you create opportunities for innovation at every stage of production.

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Leverage Resources & Methods

To drive success in an open innovation program, it’s crucial to leverage a diverse array of external resources that bring new insights, technologies, and solutions into your organization. These resources allow you to go beyond internal capabilities and tap into innovations that are already shaping the future. Below are key resources and methods to integrate into your open innovation pipeline:

Trends

Tracking and responding to industry trends is critical for guiding your innovation activities. By monitoring consumer behavior, technological advancements, and market shifts, you can stay ahead of the curve and identify opportunities for innovation. Trend management helps you focus your open innovation efforts on areas with the highest potential for growth and impact. For example, understanding trends in sustainability, digital transformation, or artificial intelligence can inspire new product ideas, business models, or service offerings that resonate with evolving market demands.

 

Research

Collaborating with research institutions, think tanks, and independent researchers can give your open innovation program access to breakthrough discoveries and emerging scientific insights. Research-based innovation allows you to explore new materials, technologies, and processes that may not yet be available in the commercial market. Research partnerships can also provide you with data-driven solutions to complex challenges, from developing new materials to optimizing your operations through data analytics. Using research as a cornerstone of your innovation strategy ensures that your solutions are grounded in scientific rigor and positioned for long-term success.

Patents

Intellectual property, in the form of patents, is a valuable asset in protecting and commercializing new ideas. Incorporating patents into your open innovation program allows you to safeguard your innovations and create a competitive advantage. You can also license patents from other organizations to integrate their proprietary technologies into your own product offerings. Whether filing for your own patents or leveraging the intellectual property of others, managing patents strategically ensures that your innovations are protected while fostering collaboration and partnerships with external innovators.

Startups

Startups are a vital source of innovative solutions and emerging technologies that can complement your internal capabilities. By partnering with startups, you can directly integrate their ready-to-deploy solutions into your innovation pipeline. These collaborations provide access to disruptive technologies, new business models, and unique approaches that might not be feasible to develop internally. Engaging with startups—through partnerships, investments, or participation in innovation incubators—allows you to rapidly test and scale new solutions, ensuring that your organization stays agile and competitive in a fast-evolving market.

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Deploy Open Innovation Tools

To run an effective open innovation program, deploying the right open innovation solutions is crucial. These tools empower you to manage open innovation challenges, streamline idea generation, and foster collaboration between internal and external stakeholders. Below are the key open innovation solutions that will help drive your program forward:

Signal Tracking Tools

Signal tracking tools, such as Feedly, function as an important open innovation solution for monitoring signals from a wide range of sources, including news articles, blogs, and industry reports. These tools help you stay informed about emerging trends, disruptive technologies, and competitor activities, which can shape your open innovation challenges. By integrating signal tracking into your open innovation program, you ensure that your innovation efforts are proactive, anticipating market changes and responding to external opportunities in real time.

 

Trend Management Software

Trend management software is a powerful open innovation solution that enables you to track and analyze market and industry trends. It helps you identify the most relevant trends and align your open innovation challenges with these future market demands. By leveraging trend management software, you can ensure that the ideas generated through your idea management program are aligned with current and upcoming shifts in consumer behavior, technology, and business models. This allows you to focus your innovation efforts where they will have the most strategic impact.

Technology Scouting Software

Technology scouting software is another critical open innovation solution that facilitates the discovery of new technologies and innovations outside your company. This tool is designed to help you identify, assess, and adopt cutting-edge technologies that can be integrated into your product development or business operations. By running targeted open innovation challenges with a focus on technology scouting, you can invite external innovators—such as startups and research institutions—to propose solutions that address specific technology needs. This open innovation solution ensures that your organization stays ahead of technological advancements and market disruptions.

Idea Management Software

Idea management software is a foundational open innovation solution that supports the management of open innovation challenges. It allows you to gather, organize, and evaluate ideas from a broad range of contributors—both within and outside your organization. This solution integrates crowdsourcing features and hackathons, enabling you to run open innovation challenges where participants can propose creative solutions to defined problems. With this software, you can efficiently manage submissions, collaborate on refining ideas, and quickly identify the most promising innovations to implement.

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Measure Success

Measuring the success of your open innovation program is essential to ensure that it delivers tangible business outcomes. By tracking key performance indicators (KPIs), you can assess the program’s effectiveness, make data-driven decisions, and continually improve your innovation efforts. Here are the critical KPIs to monitor:

Number of Solutions Implemented

A key indicator of an open innovation program’s success is the number and impact of solutions integrated into your organization. By tracking partnerships with startups, the adoption of new technologies, research insights applied, and ideas implemented, you can assess how effectively your program leverages external innovation to address business challenges. This metric offers a comprehensive view of your ability to integrate diverse contributions, ensuring that both solutions and ideas are utilized to drive innovation and growth.

Partnerships Formed

Open innovation thrives on collaboration, and the number of partnerships formed with startups, research institutions, and other external innovators is a key metric of success. These partnerships provide access to new technologies, research insights, and market opportunities. By tracking the number and impact of successful collaborations, you can evaluate how effectively your program is leveraging external resources and whether these partnerships are translating into impactful solutions. Additionally, the depth and longevity of these relationships can indicate the sustainability and long-term value of your open innovation efforts.

Product Development Speed

Another important measure of success is the speed at which new products or services are developed and brought to market. Open innovation should help shorten the development cycle by integrating external technologies, research insights, and solutions. By tracking the time it takes from concept identification to product launch, you can assess how effectively your open innovation program accelerates innovation. A faster development cycle not only helps your organization stay ahead of competitors but also improves overall responsiveness to market changes and evolving customer needs.

Bottom Line ROI

Ultimately, the success of your open innovation program should be reflected in its impact on your company’s bottom line. Return on investment (ROI) is a crucial KPI that measures the financial benefits generated from your innovation efforts. This includes revenue growth from new products or services, cost savings through process improvements, and profit margins enhanced by innovative solutions. By calculating the ROI of your open innovation initiatives, you can determine their direct contribution to the organization’s financial performance and justify future investments in innovation.

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.

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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.

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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.

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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.

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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.

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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.

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Trend Management

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

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Innovation Portfolio Management

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

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Innovation Management Resources

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