Open Innovation can grow your business in a number of different ways, if you are ready to embrace it. As a CEO you know that open innovation can propel your organization forward, but with so much on your plate, it can be hard to find the time to execute it properly.
How do you know if right now, is the right time to start dedicating resources towards this new business objective? In the following paragraphs, we’ve outlined three potential challenges that you could be facing right now, and the ways that implementing open innovation can help you overcome them.
Challenge 1: Growing Pain
Growing your business is a major goal, whether that means more profit or a larger market cap. As the captain of your ship, you have many different directions in which you can steer that ship. The trouble is knowing in which direction to travel.
Solution 1: Drive Growth from within
Open Innovation is a way to drive growth from within your organization, as well as from without. It is an efficient way of achieving innovation, by looking internally and leveraging the people and resources within your own organization, as well as through inviting external resources into projects and challenges, to achieve growth. Creating specific projects and/or challenges, and inviting the right participants can generate ideas, new products, solve growth hurdles and more.
Challenge 2: Digitalization
In order to digitize your business, you need to invest in the right tools, training and resources. The challenge is choosing which ones will yield the best results, while also taking the least amount of time to implement.
Solution 2: Get Digital
Digitalizing helps you stay agile and gain/maintain a competitive edge. Look for tools that SaaS and take little time to implement, like Idea Hunt’s easy to use open innovation tools. These tools should not break your budget but rather empower you to get the most out of it. The right digital open innovation tools will help bring your project participants together, foster creative thinking and problem solving, to help get the most out of your projects.
Challenge 3: Change is Hard
Its natural for people to be resistant to change, but it is necessary in order to grow and evolve your business. As CEO, there’s a good chance that you have seen other businesses who fail to change and adapt, fall by the wayside.
Solution 3: Get in Control
Open innovation initiatives are a distributed and bottom up way to implement the necessary change, because it comes from within. Empowering your employees to become architects of positive change will lower their resistance to it. Inviting your team members to participate in challenges and projects that will help shape the future of the company, is making an investment in these team members. When you invest in your team member, they become energized, excited and more productive.
While implementing one more, admittedly large scale project or program like open innovation might seem daunting, the work invested here can and will pay dividends in the near future. Are there other challenges or factors that have been keeping you and your teams from implementing open innovation? Talk to the experts at Idea Hunt to learn more about how open innovation can help you overcome these hurdles.