Is Open Innovation for You?
Has your organisation yet to embark on its first open innovation initiative? Will 2013 be the year you take your first steps toward engaging external sources of knowledge to help with your innovation efforts?
If you are still weighing up the odds and wondering whether it’s the right move for you, consultancy company Fuentek has produced a free webcast that explores some of the important points to consider when deciding whether or not to adopt open innovation.
These are some of the generic advantages of open innovation:
- Innovate faster
- Speed up the time to market
- Extends your research and development resources
- You don’t have to originate an idea to profit from it
- Lowers research and development costs
- Creates evangelists for your brand
- Reduces innovation risks by collaborating with others
- Gaining access to new markets and extending existing ones
- Some of the best solutions exist outside of your company
However, the open innovation paradigm is not a magic solution; there are times when it is appropriate to use and times when it may not be suitable. In addition, there are many different open innovation models, and selecting the right one for your needs is of paramount importance.
Open innovation’s history is littered with examples of companies that have eagerly embraced the crowd only to come a cropper because they adopted the wrong OI model for their needs. The short webcast explores some of the issues in more detail and may help you to decide whether OI is right for your company.
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