2010 was the year that the call of innovation was sounded loud; a key focus for business leaders looking to emerge from recession. The call was answered as creative and business-savvy entrepreneurs are innovating — innovating in response to tomorrow’s, increasingly confident consumer.
Today, almost every large technology company, and a growing number of small ones, have embraced OI as a key strategy. It is now ubiquitous, said consultants, yet2.com. Now, they say, it’s time for OI to be embraced by business units and not just staff functions.
Opening Innovation to Small Businesses
Moving forward, it will be important for organizations to become more strategic, capitalizing on tools and resources available to maximize the experience. This is particularly important for smaller companies, lacking the resources and funds of innovation giants such as P&G. With increasing services and tools available, there are plenty of ways all organizations can get on board. Organizations can provide depth to isolated creative talent by connecting them with outside teams. Now is the time for businesses to overcome fears and stop putting off open innovation projects — take small steps like hiring a consultant or identifying a suitable idea management software.
Creating New From the Old
One of the benefits of OI is the ability to merge insight from diverse industries, products or services to ultimately create exciting new combinations. Digital Marketing and Branding firm, Sparxoo writes that entrepreneurs are re-shaping the world around using new technology to solve old problems; from digital dressing rooms to augmented reality watches.
What are some other areas innovators can gain success? Leaders are still forecasting room for growth in environmental products, including those that are socially and financially responsible. Cause-based businesses will continue to resonate with people in 2011. Mobile applications and cloud computing applications both present room for invention as companies continue to expand into these spaces.