Open Innovation: Proudly found elsewhere



innovation is the key to the future to manage innovation companies judge projects on their technical and business merits on ever stricter criteria this is a ruthless process in which many great ideas are generated at first then nurtured and in most cases abandoned only a limited number of projects finally emerges from the product development funnel these survivors are often too slow to really impact the market in today's fast-moving world so how to speed up innovation first starting with the end in mind is essential a clear focus on the anticipated business position is often the best basis for driving an innovation strategy second it pays to look outside one's own organization finding others with exactly those skills market knowledge or technology that can help move the projects forward this is called open innovation instead of the solid walls of the product development funnel the open innovation funnel has permeable walls information and ideas flow in and out be it at the start of a project with just a fuzzy idea or further on the necessary skills may well come from outside the result a greater chance of success and it all happens much faster there are lots of ways to accelerate innovation through this open mindset for instance by collaborative research with universities scientific institutes suppliers customers and even peer companies licensing in is another vital aspect of open innovation in gaining access to intellectual property generated by third parties and accelerating product development why reinvent the wheel spinning in is the art of identifying fitting products or PMC's and other companies an added advantage is that this way teams of very knowledgeable people are brought into one's own organization then there is venturi investing money in companies active in the core fields of interest is a good way to explore new markets and technologies and an excellent starting point for advanced strategic relationships and one can go beyond that by teaming up with complementary businesses to form a joint venture or even acquiring entire companies by merging two successful organizations the sum will generally be more than the parts the key to these processes is intellectual asset management patents trademarks and other intellectual property rights protect products technologies and services they're the best bargaining chips and our key in value extraction at the negotiating table in a fast changing world with huge challenges innovative speed is crucial technologies patents and innovations that appear less strategic to one company can be vital to another proudly found elsewhere that's the new mantra of open innovation take pride in collaboration and partnering together we can make things happen open innovation the fastest way to a better brighter world for people today and generations to come

10 Comments

  1. George Baily [CREALOGIX] said:

    Impressive animation

    June 26, 2019
    Reply
  2. Professor M. P. Singh said:

    Interesting!Intriguing! Thank you.

    June 26, 2019
    Reply
  3. Irfan Shahid said:

    Great!

    June 26, 2019
    Reply
  4. Haneen Abd allah said:

    Great video, it makes the idea clearer now.

    June 26, 2019
    Reply
  5. Carlos Marquerie said:

    Excellent video , hipnotic over the essence of OI. Congratulations

    June 26, 2019
    Reply
  6. Ignacio Villaseñor said:

    Great video! Excellent distillation of the idea of Open Innovation.

    June 26, 2019
    Reply
  7. Graham Perrin said:

    Interesting, but the background music is a distraction throughout. Subtitles would add value.

    June 26, 2019
    Reply
  8. Sabin Pandey said:

    Bkf

    June 26, 2019
    Reply
  9. Alessandro Mercuri said:

    INNOVATION = The forever key  !

    June 26, 2019
    Reply
  10. Henry Lopez-Vega said:

    Great Video!!!

    June 26, 2019
    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *