The Benefits of Open Innovation
In a technologically-driven world, open innovation can be the key difference between a company maintaining a competitive edge and being left behind.
“Most innovations fail. And companies that don’t innovate die.” - Henry Chesbrough
Whereas closed innovation limits companies to using only internal resources for progress and advancement, open innovation welcomes external resources to participate and contribute to the process, benefiting companies and consumers by increasing the flow of knowledge and innovation.
Accelerated innovation
Open innovation is beneficial to organizations looking to stay competitive. As companies continue to develop products and software at a rapid pace, it can be challenging to stay relevant in the best of circumstances, but especially when innovation is kept completely in-house. By encouraging knowledge transfer with external innovators, companies can increase the speed of research and development within their own organization exponentially, ensuring that they remain a leader in technological trends within their marketplace.
Creativity alongside reduced research costs
As they say, two minds are better than one. And when those “two minds” include some of the best and brightest in a particular industry, great things can happen. Having a variety of input and ideas facilitates creativity; these original concepts and ideas then enable organizations to push their business forward while decreasing the cost of internal research. With external sources conducting their own research, companies can spread their financial resources to other projects and demands, creating both a financial and creative support system.
Partnering for improvement
A prime example of open innovation in action is Procter & Gamble’s Connect + Develop program, which brings together the multinational consumer goods corporation with external innovators. This program relies on the openness of P&G to share information about current challenges, and benefits from the innovative solutions proposed by external parties.
Job creation
Open innovation has a direct positive impact on the labour market, creating opportunities for companies or individuals who would otherwise lack the financial backing or exposure required to pursue an opportunity. And, as these companies grow and achieve success, the emergence of new markets create even more opportunities for innovation.
Not only does adopting a collaborative approach allow organizations to remain competitive within their marketplace, it also has a positive impact on consumers and the Canadian economy.
For more information on open innovation or to learn about new employment opportunities, contact Roevin today!
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