Photo by Ivan Chen
Open innovation is everywhere today. From big companies to small startups, it seems like everyone is clamoring about it - what is it? Why is it so beneficial? What are the risks? Who is doing it? Questions are flying in every direction about this new innovation technique and culture.
What is Open Innovation?
OpenInnovation.net defines it as “…a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.” Pretty easy to understand, but not so easy to embrace for large companies. Think about, we’re asking large organizations that spend a lot of money to protect their proprietary products, architect their brand and keep the competition from glimpsing their next move. Now you are going to ask that organization to open up and invite external sources to help steer the business. That is quite a large and daunting ask.
By inviting external sources to generate innovative ideas for your business, you are gaining different perspectives that would otherwise never avail themselves to you. You are gaining the feedback, and insight of customers who otherwise had no way of communicating these vital pieces of information back to the decision makers and executives who steer the business. If an organization can create the right framework to embrace open innovation, the framework that a Premium Idea Hunt offers for example, they can mitigate the risks while still directly connecting with these outside sources of inspiration.
Many who are familiar with and utilize Idea Hunt are active on the free version of our innovation and ideation platform. Idea Hunt also offers organizations the opportunity to build a custom or branded Idea Hunt that is cordoned off or separate from the public facing platform. These custom platforms provide different frameworks for implementing open innovation.