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The benefits of Open Innovation and why it is important to follow this strategy

While open innovation may seem like a new buzzword, it’s been around for centuries. Outside ideas can provide new ideas or better solutions for companies for everyday problem-solving.

When you think outside of the box, you’re welcoming open innovation and allowing an unconventional way of coming up with new or better ideas for a business. It’s no longer considered good practice to always keep ideas. This isn’t a new concept; there have been many accounts of well-known scholars in our world that have stepped in to help come up with a solution to many problems.

Open innovation definition

Open innovation can be described as a collaboration with outside sources from a company in discovering ways to solve a problem or come up with a new idea. Rather than a company keeping all its research inside, letting others help create ideas, products, or solutions can help a company grow.

On the other side, closed innovation is just the opposite where all the ideas are produced internally by those a company employs.

Advantages of open innovation

Ready to take a small business or company to the next level? Explore how open innovation would be a great complement to already great products or services. The benefits of open innovation can range from new products or services to reducing costs, internal or external communications; the list goes on!

Or maybe, you have some great ideas that would be great and would help a company. Of course, it is important to value the thoughts of your customers and this is a way to get started. Talent can come from the ability to problem solve collectively, enhance ideas and stay relevant with the competitors. In our platform, Finnovating helps to promote the idea of open innovation. A one stop website to help gather new ideas from outside sources.

Types of open innovation

Depending on business objectives, the types of open innovation can have a positive approach to coming up with a problem. These types also allow the boundaries and help set clear expectations within.

  1. Intracompany: The intracompany open innovation system within the company. This is an approach of ideas or solutions from different departments within an organization. If the goal is the same, each department can talk about how what they do focuses on the objective, and also get feedback from other departments on how to help them.
  2. Intercompany: Intercompany open innovation is where two or more companies come to work together. We see this happening from a parent company that would invest in other start-ups or small businesses to accelerate their growth in addition to mentorship along the way.
  3. Experts in Fields: Experts in any field can be beneficial for open innovation. In this type, a company may bring in a person or a team who has either the knowledge or experience to provide their ideas. This allows that outside source to come in and help solve problems or come up with new solutions to have opposite input into the company. 
  4. Publicly Open: Lastly, the open innovation type that is publicly open. Regardless of knowledge or experience in any given field, anyone can provide ideas or solutions. Many companies consider this option and even find outside talent.

How to promote this

To get new, updated, or funding for a company, you need to promote how to get the word out there. Many companies have an open innovation program allowing for members of the general public to get their ideas heard.

There are a few different models which are a great way to promote open innovation in the corporate world.

Challenges bring a variety of participants with backgrounds to work together and solve a problem that could be industry-wide. Ideas, if they work or not, can at least lead to some sort of solution that can be changing for a company. On the other hand, if you are looking to throw in your ideas, plenty of challenges can be found on Finnovating.

Sometimes two are better than one. A company will post an issue they may be struggling with and in that case, crowdsourcing can bring together a team of creators to come up with new or updated ideas for potential solutions. It can also lead to building partnerships in the future.

With each type of open innovation listed above, taking a look at the overall goal will help put together a way to draw in more ideas. If participants feel like their ideas and solutions matter, they will feel more inclined to join in. A common problem will also help bring in individuals to work together because it’s affecting more than just one person.

Open innovation can be a great way to invite new ideas into a company or business. We have seen it work in the past, and now it still works because if solutions are needed, people will find a way to bring them forward. Try this approach and see how it can bring benefits for coming up with new ideas or finding new talent.

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