Simply put, open innovation means interacting with people or companies outside your organization to generate, manage or evaluate ideas, or to scout, assess and license new technologies. Whether you choose to work with a handful of trusted business partners or to receive ideas from thousands of customers, open innovation is a powerful capability that must be approached with respect for the implications to your business.
We help our client determine the best open innovation approach and strategy, and define the best external partners to work with. Based on the strategy and partners, we help define open innovation networks and interfaces, and define how ideas will flow into, and sometimes out of, the business, and how open innovation aligns to internal innovation processes and capabilities. Read our white paper about the types and implications of Open Innovation.
Examples of our work
For a large financial services firm we helped define the open innovation strategy, and identified how to interact with a large group of consumers and how to capture and manage ideas. We linked the open innovation ideas to an internal idea management process to accelerate idea development, and focused on changing a “not invented here” culture to one that values ideas regardless of the source.