Sometimes, simplicity is a great thing. We simplify complex instructions, dense research, and many other things in our lives. When concepts like open innovation and crowdsourced solutions are discussed, it’s essential to simplify; what this means, the process, what it is and is not, and the benefits organizations stand to gain by embracing this capability and results for rapid and meaningful innovation. At InnoCentive, we strive for simplicity; we make open innovation an easy process for organizations all over the world by connecting them with a network of more than 400,000 Solvers with InnoCentive expert-aided design..
What are the benefits of crowdsourcing solutions for your organization? To keep it simple, here are four things you stand to gain:
#1: Access to Diverse Ideas, Talent and Skillsets
No matter how large your R&D department is, or how talented they are, they will never be able to match the breadth of diversity and unique perspectives of the crowd. When you open your innovation efforts up to people from all over the world who come from different backgrounds, have different skills, and simply view things differently than your organization, you gain new approaches to solving your innovation problems. This breadth and diversity give you insights that they see and the subject matter experts may miss…they just may be too close to a long-standing problem. In our experience, 80% of solvers who are awarded for their ideas come from outside of the educational or experiential background as people you normally hire.
#2: Faster Speed to Market
Open innovation not only allows you to innovate with different insights/solutions, it does so at great speed. Problems looking for solutions that have been stalled for months, or even years, have the potential of being solved in 90 days or less when you embrace crowdsourced solutions. See how the crowd helped NASA advance seven different initiatives that had been delayed for 18 months by reading this case study.
#3: Better ROI
Billions are spent each year on innovation by organizations from around the globe, and much of that money achieves very little. Some call that failure in R&D and in some industries failure rates of 85-90% are common. Sure, there are large breakthroughs now and again, but organizations are funneling so much money into these initiatives, achieving low ROI, when they could be achieving so much more. How much more? 182%, according to a recent Forrester Consulting report. The concept is simple: spend less and achieve more.
#4: Employee Engagement and Collaboration
There is a large misconception that open innovation spells the death of internal R&D employees. Nothing could be further from the truth. Open innovation is not outsourcing, not when you work with InnoCentive and use our Challenge Driven InnovationTM methodolgy and platform. We are not here to replace any internal mechanisms you have in place, only add to them.
InnoCentive brings new ideas and solutions from global talent that helps your team innovate better, faster and with more success. Contact us today to learn more about how we can help your organization.