The Power of Challenge-driven Innovation

Posted by Beth Perkins on Dec 16, 2010 1:45:52 PM

This post, by InnoCentive Innovation Expansion Manager Chad Carrington, shares his views from InnoCentive’s Oil & Gas Symposium in Houston, Texas on November 17th, 2010.

OG SignHart Energy and InnoCentive co-hosted an Oil & Gas Symposium in Houston last month.  Industry leaders participated in a discussion about the power of Challenge-driven innovation, where important solutions can be delivered from unexpected sources.

The interactive session included the firsthand experience of guest speaker Oil Spill Recovery Institute (OSRI) Scott Pegau.  Using InnoCentive’s network, OSRI has access to a diverse group of more than 220,000 global Solvers to potentially help them source important solutions to some of their most difficult problems. OSRI minimizes their ongoing risk by augmenting their own innovation efforts by using InnoCentive’s structured methodology to establish a sustainable open innovation capability, where they fully leverage challenge-driven innovation for optimized solution sourcing both internally and externally.

During the Symposium, InnoCentive CEO Dwayne Spradlin discussed some of InnoCentive’s learnings in trying to help source solutions for the Gulf oil spill.  One key takeaway was that organizations need to apply a proven, structured approach to benefit from open innovation, establishing a “playbook” for on-demand options for responding to future crisis situations.

InnoCentive helps organizations securely connect with experts in all industries and around the world to focus on important problems and provide pointed solutions to address them.  InnoCentive works closely with innovative organizations to employ Solvers with diverse backgrounds to find solutions to important problems, including those unique to oil and gas operations.  The proven methodology of Challenge-Driven collaboration and secure IP transfer expedites the problem-solving process and leads to better solutions.  As Forrester Research case studies attest, the dividends can be dramatic: better economics, technological breakthroughs, reduced time to market for new products, etc.

One participant from one of the leading operating companies was enthusiastic about what he heard, noting, “It was the best discussion on IP transfer that I have heard.  It was a great use of my time, and I left feeling comfortable about how an intermediary can securely help find solutions and transfer IP.”

If your organization’s business plan doesn’t include open innovation as a major business initiative, you may be the one playing catch-up with your competitors. And if you aren’t thinking about how to do this now, your organization could be missing a huge opportunity for differentiation in 2011 and beyond.

- Chad Carrington, InnoCentive

Topics: Innovation Insights, Challenges

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