So what is Open Innovation and why adopt it with a Startup mindset?
Open innovation is a term used to promote a mindset towards business innovation that is in distinct contrast to the traditional silo mentality of corporate research labs.
The benefits of increased openness have been acknowledged as far back as the 1960s when some technology and automobile companies supported initiatives for inter-firm collaboration in R&D. But it was always shielded in secrecy.
Open innovation is not solely firm centred – it must also include your customers and communities around your market. Startups, innovators, disruptors, early stage investors.
It’s safe to say that companies should use external ideas as well as internal ideas, as well as internal and external routes to market, to develop new products and services.
We’ve taken open innovation, and applied Startup thinking. StartupInnovation. Connect, collaborate and innovate with the startup community. See how we can help your innovation targets today.
The boundaries between a firm and its environment have become more porous. The business is no longer a fortress waiting to do battle. There simply has to be more talent, information and ideas outside of your business than inside it.
It’s time to embrace new ideas and thinking, and connect with startups to achieve serious innovation.
Advantages To Working With Startups in Innovation
StartupInnovation offers several benefits to companies operating on a program of global collaboration:
- You can see reduced costs and time spent in R&D.
- Always incorporate customers early in the development process.
- Improved wider productivity gains.
- Increase the precision for market research and customer targeting.
- Potential for excellent PR and talent acquisition.