Why Open Innovation is Essential to Business Success?

Posted by Sean Carmichael on Oct 9, 2014 4:11:08 PM

Open innovation helps business owners and employees push themselves and the company to evolve. 

Innovation is a key driver in business success. While it’s not something that business owners and employees need to have top of mind every day, it does help to always be thinking about how you can move business, and who knows, maybe the world, a little further.

One reason innovation is so important is it helps business owners push themselves and their businesses to evolve. It makes them better managers, better business people and maybe even better people as innovation constantly challenges what we know and accept as the truth. Innovation also pushes employees to think harder about not how they can just fulfill their job responsibilities but take their positions even further.

Another reason innovation is so important is that it entices consumers to purchase more goods or services from you. Whether it’s an advanced version of a product they already use, a new flavor of a food they love or a new class offering they’ll benefit from, innovation is a key to turning one-time consumers into repeat buyers. By surveying and having conversations with your customers, you can understand their problems and then using your resources to solve ones that make sense to tackle.

Finally, innovation can take your business to the next level. Think about it. If businesses constantly do the same thing, there’s no way a business can grow. So whether innovation means inventing new products, new ways of marketing or just new ways of thinking, it can help a business grow, evolve and flourish. Oftentimes, this occurs when multiple existing ideas are combined into a new discovery that ignites an organization or industry.

Please contact us for more open innovation tips and strategies to ensure that your company evolves and progresses as we move toward the future.

Topics: Innovation Insights, Challenges

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