Looking for more than just our good word and that of our community on how open innovation is changing the world for the better? We hope you’ll be impressed by our announcement this week about the findings of Forrester Consulting’s study, “The Total Economic Impact of InnoCentive Challenges.” Results? A $15 billion global consumer goods company, SCA , achieved a Return on Investment (ROI) of 74 percent (saving the organization more $1.5 million) with payback in less than three months as a result of posting innovation Challenges to the InnoCentive Global Marketplace.
With 52,000 employees in 60 countries, SCA was challenged to find an effective way to expand its R&D capabilities. The global economic crisis is inspiring companies of all sizes, in all industries, to innovate- many are realizing that relying solely on their internal R&D dept. costs too much, takes too long and results in too little. SCA and others are quickly learning that by using the internet (crowdsourcing) to ask the world to help them innovate they can speed up their research process at a lower cost than using either internal resources or employing outside consultants to find solutions.
What’s the larger implication here? There is limitless potential for companies, government organizations and non-profits to use open innovation to develop better products and cure diseases faster. Read Matthew Bishop’s article “A market for ideas”about the TEI study in The Economist. Download the Forrester Consulting study, “The Total Economic Impact of InnoCentive Challenges” for free. Tell us in the comments what you think.