Open Innovation: 3 Examples Of Success In The World
Open Innovation is one of those topics that interest more and more people: so let’s see 3 examples in the world to follow.
By reading the various international cases, you, too, will have the opportunity to understand how to best carry out Open Innovation in your company in such a way as to obtain a great range of advantages. This will also give you the way to create a precise project to proceed with innovation and investment in development and research through the Open Innovation model.
But let’s try to clarify first.
Table of Contents
Open Innovation: What Is It?
As those who have a basic knowledge of the English language well know, Open Innovation stands for Open Innovation. It is a philosophy that offers businesses the opportunity to become complete, innovative, flexible, and competitive.
More than a model valid only for a particular company, Open Innovation can be realized in an “unusual” way. As the data shows, companies that have decided to adopt this philosophy can have an edge over the competition. Based on this innovative model, the possibility of using precise technical tools and skills from universities, startups, research centers, and so on stands out.
For example, an innovation developed by a startup can also be used by other companies, which will have to learn, metabolize and adapt it to their own reality.
Open Innovation Modalities
Speaking of Open Innovation, we must remember that the precise methods can be 6. Among these, the following stand out:
- the Hackathon is a competition in which the innovators look for solutions to problems in a range of time;
- Partnerships with universities are useful for creating innovations on some specific issues, of which a case in point is the Open Innovation lab ;
- Open Innovation brokers, which concern intermediaries able to make companies more easily aware of which are the hidden innovations and which, instead, are the innovators;
- Among the modalities, we must not forget the scouting companies ;
- Banks and Investors stand out, who work on a daily basis with companies and startups looking for new solutions and possibilities;
Open Innovation: How To Implement It?
The various procedures relating to this sector are based on digital tools. If you cannot use the tools offered effectively, you could turn your gaze to the IT support service. By collaborating with other companies operating in the sector, it will be possible to obtain better results.
Furthermore, Open Innovation relies heavily on web software of various kinds. It is not possible to implement this development method without, at the same time, relying on the various tools that the web makes available to customers.
To all this is added the need to carry out correct Project Management. Often, however, it is one of those sectors that are developed with experience and require the use of professionals with many skills and skills that are also quite different.
Open Innovation: What Are The Benefits For Organizations?
The benefits for organizations deriving from relying on Open Innovation methods are few. To understand this, just consider everything about the P&G firm and its Open Innovation philosophy called Connect & Develop. Thanks to it, the company can develop 1/3 more new products. The integration of concepts and various elements brought from the outside adds to all this. These are also increasing (about 15%) compared to the past. To all this is added the development of websites and IT projects, which has allowed the company to gain considerable visibility on the Internet.
This also allowed it to develop a system for sharing risks and costs. In fact, all innovation projects are quite risky precisely because the failure rate could be high, and investments are always high. By agreeing with another company, it becomes possible not only to lower the risk rate but also to reduce costs. In this way, both entrepreneurial realities will be able to benefit from the advantages of such research without risking too much and without incurring too high costs.
The Community Of Innovators
Not only that: accessing the philosophy of Open Innovation allows entrepreneurial realities even to access a vast community made up of innovators of various kinds, as well as various experts and even numerous organizations. In this way, searching for new sectors to find other business opportunities becomes possible. All of this helps businesses even get investments from outside parties.
THE 3 Successful Case Of Open Innovation In The World
Among the best examples from this point of view stands the company Eli Lilly, which operates in the pharmaceutical sector and has implemented its Open Innovation Drug Discovery program aimed at universities and research companies. Thanks to the OIDD, it is now possible to share data that could help discover new drugs. Also, due to this program, the various companies that cooperate in the sector can exchange information more in-depth than usual, generating a development and research partnership. Over time this approach has had extraordinary results allowing Eli Lilly to grow steadily and evidence.
Touching the automotive sector, one must remember the 3D Design Car Design Challenge program launched by Local Motors. It was a 6-week competition that aimed to create 3D car models that were functional and digitally reproduced. This competition saw the participation of over 200 designs from more than 30 countries. The winning projects were 7, of which Local Motors awarded 6 for their innovation. These projects were bought almost immediately by the car manufacturing companies.
Finally, we cannot really forget about everything related to Open Innovation in the insurance sector with Axa. In this case, a quite different course has been proposed. The innovators immediately launched into the production of ideas aimed at improving the lives of all customers in search of valid insurance. Also, in this case, several ideas were presented, some of which were subsequently awarded.
To these 3 cases are added many others, from many different companies coming from practically all corners of the world.
If you also want to adopt an Open Innovation model, you just have to understand how to do it by adopting the new IT solutions. To do this, it’s best to get help from professionals in the sector, as they can provide considerable help with the creation of technology projects, application development, and even web software design.