Why You Need Open Innovation
Since 2005, global consumer goods company Amway has launched 17 high-impact products in 55 markets and generated more than $700 million in revenue. And the credit is largely due to its engagement with open innovation.
Open innovation is not everyone’s cup of tea. There are still many companies hunkered down between their own four walls wanting to keep things the way they are, steadfastly refusing to engage with external expertise.
But OI is rapidly becoming the norm and to those who are still unsure about its benefits new research by Frost & Sullivan may allay fears and answer questions.
Open Innovation: Gateway to Breakthrough Ideas is their new 16-page best practice guidebook and it features Amway and their use of OI to draw on ideas and technologies outside of the company.
The book covers the key steps that Amway takes to enlist emerging technologies to support their stage-gate product development process. These steps include:
- Creating a formal ideation process spanning need identification and entry in the stage-gate development process
- Assessing the technical feasibility and market potential of new technologies
- Instituting project checkpoints for approval, resources and funding
- Establishing cross-functional engagement points between Open Innovation, Product Development and Marketing
And the results are speaking volumes for themselves.
Complementary Webcast
To accompany the publication of the guidebook there’s a complementary Ask the Thought Leader webcast on Thursday, July 12, 2012 featuring Amway’s open innovation process in greater detail.
It is co-hosted by Frost & Sullivan and Amway Corp and will include a live question and answer session with David Groh, manager of health & beauty’s new technology R&D at Amway.
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