How Open Innovation is Changing Business: A Primer
May 15, 2013 By IdeaConnection
Here’s a neat primer on open innovation and co-creation for you. If you haven’t already seen this video by innovation company Hyve give it a view as it’s an excellent introduction to how open innovation and co-creation are changing business.
It was created in 2011 and since then OI has increased its reach and penetrated the business world more deeply. Some of the key facts outlined in the video are:
- More than 50% of Fortune 500 companies have made open innovation an integral part of their innovation strategy.
- Among the co-creation products to have hit the shelves (some of which have been featured in this blog and on our success stories page) are – Fiat’s car concept ‘Mio’, Pepsi’s soda ‘Mountain Dew’, McDonald’s ‘Just Stevinho’ burger, Apple’s apps, and Nivea’s successful Black and White deodorant.
- Companies can easily find collaborators by interrogating Internet search engines, and there are community groups and forums for just about any topic. These communities are rich sources of ideas and information. In addition, millions of people talk about products and brands with their social media pals every single day. Some of them may be talking about you and/or your industry. Listening to these customer conversations could be invaluable.
- Large numbers of consumers often modify products. These could be valuable people to collaborate with.
- Consumer-facing contests have come up with highly creative and innovative solutions and products.
Key Quote:
“New product development isn’t only your show any longer.”
You can watch the full 6 minute 45 second video below:
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