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?
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.
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.
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.
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.
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?
Fears that disputes might arise around competing intellectual property claims are common, but can be easily dispelled if the right process is in place.
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.
Organizations must effectively communicate and engage with all the various internal and external stakeholders to collaborate on key challenges and opportunities.
Raising awareness around your open innovation initiative needs to be an ongoing process to ensure that it consistently delivers on its objectives.
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.
Achieve impossible innovation with Qmarkets’ end-to-end innovation ecosystem. Develop a culture of collaboration to ignite your organization’s creativity and fuel its innovation.
Help to instill in your audience an innovator’s mindset and develop a culture where every contribution is considered
Identify and gather solutions that will deliver amazing results for your business
Harness the collective wisdom of the crowd to solve your toughest challenges and seize your biggest opportunities
Scan millions of data points to research and engage with startups, technologies, experts, patents and more
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.
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.
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.
Innovation management takes the form of several methodologies that can be combined to form an ecosystem. 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 is the structured process of collecting, screening developing, and implementing ideas that can help your organization to be more innovative and efficient.
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.
Innovation & technology scouting allows companies to bypass these obstacles and deliver new products, services, and solutions that can dramatically enhance their value proposition.
Trend management refers to all the activities involved in scouting for and acting upon trends to fuel an organization’s innovation efforts.
Innovation portfolio management is a term that describes the maintenance and progression of an organization’s various innovation projects.
