In this Roundtable Discussion we explore the leading benefits, challenges and techniques for engaging public crowds. Using key success stories we examine the extent to which we can overcome key pain points and harness the general public to support innovation.
At the beginning of the twentieth century, research and development was a highly guarded and elite practice. Imagine laboratories peopled by white-coated scientists who had passwords to protect the doors to their office. This kind of research and innovation was highly successful for a long time – it gave us electrocardiography, DNA fingerprinting, and many Apple products.
Business alliances remain a tricky thing. On the one hand, alliances allow companies to tap into new markets and growth platforms. At the same time, forming alliances is risky, as it demands trust building and deep knowledge sharing with external parties. This article provides a pathway for successfully managing business alliance formation.
While innovation is crucial for driving customer engagement and increasing share of wallet, companies continue to struggle with the “what” and “how” of it. For each best-practice organization that has streamlined its innovation processes, there are many that are still paralyzed by their haphazard approach toward identifying and evaluating ideas. Evalueserve interacted with many of its Fortune 100 clients and identified six strategies that enhance the likelihood of developing successful innovation programs.
There are four different types of innovation tools that we’ll describe here, including the design of the work place itself, practices that encourage and even enable effective collaboration, open innovation approach to connect inside innovation teams with outside partners and experts, and online tools that constitute the virtual work place. Separately and especially together, these can make a tremendous enhancement in the performance and the satisfaction of individuals, teams, and your entire organization.
One of the most critical professional challenges that employees face today is being able to successfully manage positive change within their organization. Innovation is has become a watch word, with so many divisions not being able to find enough valuable ideas and then successfully manage those ideas into a commercial offering that sometimes companies even respond to customer tickets and bugs and simply label those results as “innovation.”
In this IM Channel One Roundtable Discussion, Dr. Matt Chapman, Head of Innovation Services at Mindjet, discusses best practices and approaches for developing an effective and engaging platform for driving new ideas and value through open innovation. Learn from industry leaders such as Siemens and Citi Bank, about how to create engaging experiences, to manage IP issues and how to harness your results.
Before any organization can reap the economic benefits of open innovation, it must overcome a number of legal, operational and cultural challenges. In this article Peter von Dyck addresses the top three obstacles to open innovation: managing intellectual property issues and other legal risks, processing ideas quickly and establishing an efficient internal structure.
Innovation portals have taken an important place in the open innovation landscape. Expectations are great in portal performance but often, for purely budgetary reasons, these portals are launched and managed internally by corporates themselves, to discover that they generate a number of community management issues that they are not used to coping with. Prior to launching a corporate portal it is a good idea to ask a few specific questions on whether to do this internally or through experienced third party innovation providers. Using external resources can often avoid pitfalls and align the portal success rate to corporate expectations, objectives and ambitions. Here six questions are asked that can help you take the decision whether to launch a managed portal internally or externally.
As business leaders seek additional impact from Innovation Programs, new ways to leverage and scale existing resources are being explored. One approach is to link externally sourced ideas with networks of innovation-minded employees, to generate additional business impact.
For the companies which have embraced the crowdsourcing mindset in their business processes, the motive is more than just outsourcing. It’s about better collaboration, better innovation outcomes and ultimately superior value. But like many other new business models, some fail and some succeed in accomplishing this mission.
Arguably, the principle of Open Innovation was utilised for the first time by Professor James Murray in 19th Century Oxford, England. In the time that has passed since then, this concept has become infinitely easier to implement thanks to the development of Innovation Management technology, however some companies are yet to wake up to its potential.
Everyone understands the value and promise of open innovation in the business world – from brand awareness and customer engagement through to the search for fresh answers. But, truth be told, most programmes are failing to deliver results because their dynamics are too complex and the processes used are proving inefficient. A lack of relevance is also strongly affecting returns.
The success of Open Innovation hinges on many organizational aspects as we have discussed extensively on the MOOI forum in the past months and will continue to do so until the end of this year. From the beginning of next year, we will start co-creating our e-book on the Management and Organization of Open Innovation in a joint effort with the MOOI forum members.
Ideation focused crowdsourcing has been around for some time, but the approach is often not producing the desired business results in order to justify continued investments. How does the model need to change in order to drive real business value?