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What is open innovation?

What is open innovation?

What is open innovation and why is this term in everyone’s mouth right now? Something that the Covid-19 pandemic has thought us is that united we stand stronger. This doesn’t mean being united only inside our companies, but also finding support from external actors of the ecosystem. We must use openness to share obstacles and find collective solutions. This way, it will be easier to grow in a post pandemic era.

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Open innovation: the key to the future

The term open innovation was coined by author Henry Chesbrough in the early 2000s and it means that a company obtains idea from internal as well as external sources. In simple words, it is when a company shares its information with people that don’t work in it and together they find a solution.

Thanks to this new practice, reinvention and new technologies, a lot of corporations are completely transforming and adapting to these times and saving themselves from ruin.

You might be thinking “yes, but companies have always asked the public for opinions about the services they offer”. Yes, but this concept goes further. It is a strategy to search for new ideas and processes with internal and external collaboration. It seeks to decentralize the company by giving it a more collaborative approach.

Many companies tend to work with a more closed innovation, where the company takes advantage of internal ideas and its approach goes from the inside out. However, companies that embrace it rely on external ideas with an outside-in approach. It is in this perspective that organizations seem to be positioning themselves from now on. Some of the benefits of this type of innovation are: ability to connect with collaborative ideas for new products and services, quick time to market and bring in new investors, among others.

Innovation is much easier in the Finnovating platform!

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So, how can you start using it?

Joining the bandwagon depends on your business model and competitive strategy. In general, there are two ways to enhance this model:

A small company: with a portal of ideas for clients, a good open innovation process can be carried out.

Large organization: this type of company has a greater capacity to access more ambitious resources such as an idea innovation contest or a joint project with public companies.

You can also join the Finnovating platform, the perfect place to drive open innovation. Thanks to its discovery and matching tools, discovering the perfect collaborators has never been faster or easier. The platform also has the “challenges area” an area where open innovation projects are uploaded daily. Corporations can upload them and startups can apply to them, making this collaborative process just a simple few clicks!

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