InnoCentive – A Case Study on the Open Innovation Model

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About Open Innovation

Open Innovation, i.e. the practice of being open to external sources for fulfilling ones R&D requirements, has been identified as an important management innovation of the past decade and it is also accepted to be a key trend which can influence business and management in the coming decade. Open Innovation is a more efficient, effective and fair way of innovating. It is faster, cheaper and more efficient. Big companies like P&G. Nestle, Orange, Tesco, GSK, Eli Lilly, Virgin, etc. have embraced this model. Some of them have even come up with successful products like P&G (Olay Packaging, Oral B Pulsonic Toothbrushes) and GSK (Aquafresh White Strips)

Open Innovation approach to managing innovation calls for a paradigm shift in the way R&D divisions work. Keep Reading…

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Open Innovation Model: A Collaborative Approach to Managing Innovation

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Introduction

No matter who you are, most of the smartest people work for someone else‘ 

 – Bill Joy, Sun Microsystems

You cannot hire all the smart people – there will always be some who are not working for you. When it comes to innovation, loosing out on these smart people can make a lot of difference.

How to tap on the potential of these smart people? How to develop a strategy that will ensure that good and innovative business ideas from these people are used to the benefit of your business? How about the case when some of these people have already developed a solution to the problem you are looking at? How to involve and collaborate with these people?

The answer lies in ‘Open Innovation’ – a business model characterized by encouraging people outside your organization to innovate and generate solutions for your specific problems, acquiring these solutions, and using them as if they were generated internally by your R&D team. Keep Reading…