Philips Extends Its Open Innovation Efforts Through the “Innovation Open” Contest
Philips, the global electronics company, has quietly been practicing open innovation through its ongoing ‘SimplyInnovate’ platform. To get more product-specific ideas, Philips also launched the ‘Innovation Open’ contest earlier this month, according to Crowdsourcing.org. This contest is meant to complement Philips’ own extensive R&D activities.
The “Innovation Open” contest closed last Sunday and was looking for ideas in the following product categories: clothing care, coffee, female beauty, kitchen appliances, male personal care, oral healthcare, parenting, and health and wellbeing.
Crowdsourcing.org elaborates on the difference between Philips’ two open innovation platforms:
One of the biggest differences between SimplyInnovate and Innovation Open initiatives, is the reward. While the former offers no specific prize, the owners of the ten best Innovation Open ideas will be invited to present their submissions at the company’s headquarters in Amsterdam. The top three ideas will receive monetary compensation – €25,000 ($32,350) for first place, €15,000 ($19,500) for second, and €10,000 ($13,000) for third.
The number of submissions to the Innovation Open platform has exceeded what SimplyInnovate would normally get in the same time period. Though, Open Innovation Senior Program Manager Laura Erickson is hesitant to attribute that to the monetary prize alone. She says the company has been doing more social media outreach and was broadcasting the challenge to universities, which also likely contributed to the enthusiastic response.
Philips emphasizes it’s people focus through the use of open innovation. Philips says on its meaningfull innovation website:
“We have a long history of innovations that have a real impact in the real world: ideas that make lives better, safer and more enjoyable for real people – you, your children and your parents – around the globe.”
By engaging with the outside world in their innovation processes this bond is being strengthened.
By Gianluigi Cuccureddu
About the author:
Gianluigi Cuccureddu, contributing editor, is an experienced writer specializing in innovation, connected business and marketing. He is co-founder of Damarque, an EMEA professional services firm that takes a strategic view and hands-on approach across the entire value chain to help organizations integrate social technologies. To help them drive employee productivity, customer loyalty and better innovation. Damarque acts as trusted advisor to organizations to support and guide them through this transition phase and offers a unique approach and combination of competences.