| 'Open Innovation' (Source: Wikipedia) |
"Open Innovation is a term promoted by Dr Henry Chesbrough a professor and executive director at the Center for Open Innovation at University of California, Berkeley.
The central idea behind open innovation is that in a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions (e.g. patents) from other companies. In addition, internal inventions not being used in a firm's business should be taken outside the company (e.g., through licensing, joint ventures, spin-offs). In contrast, closed innovation refers to processes that limit the use of internal knowledge within a company and make little or no use of external knowledge.”
Learn more about Open Innovation here |
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| Benefits of Open Innovation |
Open Innovation brings many benefits to organizations. Companies no longer have to rely solely on their in-house R&D and product development teams to launch new products, improve existing products, solve existing problems or uncover new technologies.
The rising cost of technology development and shorter product life cycles makes it imperative for organizations to go outside their four walls for solutions. Open Innovation enables organizations to expand their reach to the global brain comprising scientists, researchers, students, faculties, research institutes, inventors, consulting firms, small and medium sized businesses and entrepreneurs.
Incorporating Open Innovation into your organization's overall innovation strategy helps in:
- Faster time to market
- Reducing R&D and Product Development Costs
- Tapping Global pool of Experts
- Getting New Product Ideas
- Uncovering Ready Made solutions
- Sharing your risk with others
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| How Ideawicket can help your organization in practicing Open Innovation |
Organizations can broadcast their innovation requirement to Ideawicket's network of registered innovators which include scientists, researchers, students, innovator entrepreneurs and small and mid sized manufacturers. The Ideawicket innovator community's strength is solving problems faced in developing countries. The innovation requirement could be -
1. Design challenge
2. R&D challenge
3. Ideation challenge
4. Methods to improve existing products and processes
5. Call for lower cost substitutes or techniques
6. Call for market ready products
7. Call for Joint development and collaboration interests
Whether your organization is just venturing into Open Innovation or is a long time player in the field, Ideawicket can assist you in finding solutions for your innovation challenges. Contact Us |
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