Open Innovation has become one of the buzzwords of the last 12 years, since the publication of Henry Chesbrough’s book, Open Innovation: The New Imperative in 2003.
Open Innovation means using external ideas and sources of innovation, rather than relying solely on internal ideas, and innovation sources. It has been implemented in a number of large companies, such as Proctor & Gamble and Philips because they see it as the only way to generate the number of innovations necessary to fulfil their growth plans.
Below is an illustration of the mechanism of Open Innovation, showing not only external ideas coming into the product pipeline, but the other side of Open Innovation, ideas being sold to other companies or to establish new businesses if they do not fit the current strategy.
However Open Innovation is not new, it just wasn’t called that before. Companies have used ideas from other sources almost forever; either from universities & consultants, from suppliers, from other companies that they have taken over, by poaching engineers and designers, by buying or licensing patents, or just plain plagiarism.
We can help you with your innovation process by facilitating sessions with your staff to develop or improve your process, or assist with any stage of the process.
For more information, contact us.