Open Innovation empowers associations to work faster, “fail smarter” and gain new market shares from the knowledge inside and outside of the company. Open innovation is a new way that engages collaborators and individuals to handle challenges and enhance their collaboration to develop new products, services and digital ideas. This leads to more customers in existing markets and new customers in newly discovered markets – and saves a lot of money through saving time and efforts invested on wrong innovation cycles.
Open Innovation is about inventive critical thinking with a group of individuals. There are numerous circumstances where Open Innovation can increase the value of an association. Ideas no longer come just from the meeting room and CEO’s, but from coworkers and fans from all around the world.
Sanjay Sauldie, Director of the European Internet Marketing Institute & Academy EIMIA and developer of the international digital marketing strategy iROI, will take you on a journey through everything you need to know about Open Innovation.
In this workshop we will be looking at best practice from other industries with companies like Philipps, Samsung, LEGO, Facebook, Dell, Bosch, GE, and you will develop your own iROI-framework (want-find-get-manage) for your own Open Innovation Strategy and start your individual journey to Open innovation with an Open Innovation Toolkit.
You will be holding the 7 Key success factors for Open innovation in your hands after the workshop and only need to implement it. We will be looking at free and easy to use digital tools to make your own small open innovation portal. After this workshop, you are very qualified to implement Open innovation Strategies in your company.
Innovation is an important requisite for business success, especially for companies that depend on their product sales and performance for competitiveness. At the same time, new product development is not always successful; some industries have failure rates that are as high as 40% while others approach 80%. Innovation is particularly important for high technology firms as they derive their competitive advantage largely through innovation or innovative products. Such companies are often subject to limited market window opportunities as well as short product lifecycles.
Innovation is a forte traditionally owned by internal Research and Development (R&D) (Chesbrough, 2003). However, in the modern dynamic business economy with its high competitiveness and complexity, there is an on-going shift in focus from traditional R&D to open innovation paradigms. This shift does not mean that internal R&D is no longer a strategic asset. Rather, it reflects a change in how new ideas are generated and brought to the market. The open innovation concept involves a mix of elements including user innovation, cumulative innovation, mass innovation, distributed innovation, and know-how trading.
2) Defining Open Innovation
3) Enablers in Open Innovation
4) Best Practices in Open Innovation