The market for open innovation services is on the rise and spreading to more diverse sectors according to a new report. The Technology and Innovation Management Group from RWTH Aachen University in Germany has just published its latest major open innovation study.
The report is a study of the market of open innovation accelerators (OIA), organizations that help their clients to include external sources of knowledge in every aspect of the innovation process.
Approximately 160 open innovation intermediaries participated in a ninety minute online survey to investigate the OIA business model. Among the key findings were:
The market for OIAs shows continuous growth and is maturing. Based on a self-assessment by the OIAs in the study, recent market volume was estimated at €2.7 billion (approx. USD $3.6 billion). They expect this volume to double within the next two years (until 2015) to €5.5 billion.
The dominant open innovation service offered by OIAs is ideation contests. They cover about 80 percent of the open innovation market.
There is a broad distribution of OI projects across several sectors meaning that it is not limited to just a handful of areas.
OIAs offering technical search services such as tech scouting have high level expert communities, while OIAs focusing on ideation contests have a heterogeneous pool of “average” consumers.
Not all OIAs are suited for every open innovation challenge, and picking the right one depends on the nature of the challenge.
Increasingly, open innovation brokers are helping solution seekers with tasks that go beyond new product development. Some of these areas include marketing, recruitment, customer service, and knowledge management.