Innovation is strategic and critical for organizations in an increasingly hyper-connected world. A Company’s R&D processes are often secretive, and deeply rooted in their values for growth and employee engagement for innovation. That’s why many organizations initially struggle with the concept of open innovation, as it seems contrary to decades of “how things have always been done.” Open innovation is not relinquishing control; many organizations feel that they are giving away a piece of themselves or their IP, by sharing with “outsiders” their most sensitive unsolved problems.
There is a natural reason to hesitate or resist, but it’s also a determent to the R&D process. The fact remains that innovation is slow for many R&D departments. In some industries 90% failure is expected and accepted. The amount of money companies continue to spend on the “same ideas we had 5 years ago” does not improve customer delight, shareholder value or the career aspirations and engagement of employees.
This innovation bubble of tradition eventually pops as agile competitors rapidly solve problems that matter to innovate at AI-like speeds.
Innovating in a bubble has its drawbacks, which is why many organizations eventually embrace the power that crowdsourced solutions, adopting InnoCentive’s Challenge Driven InnovationTM (CDI) methodology to solve real problems and using the Global Crowd of Solvers from InnoCentive. But there is one important thing to keep in mind:
This is not outsourcing!
Crowdsourcing brings workable solutions and breakthrough ideas, from outside the “bubble,” that your internal team can use to help them find more success in their innovation efforts. Your employees will have MORE productive work, less failure at lower costs on solutions that matter to your business and customers!
Your employees become more productive and more satisfied in their work when continued and increasing failure is not an acceptable option. Employees learn how to identify real root-cause problems through InnoCentive’s CDI training. Your company gets insights and solutions from global Solvers without attribution to you or even the real-problem.
Your Company is Not Alone – But Are You on Innovation Island?
If your company has not used Open Innovation/Crowdsourcing yet... it’s almost certain your competition has. Innovation Island is where many companies reside thinking that what historically made them successful will continue to make them leaders in their industries. History is littered with great brands that believed this.
If you believe you can begin this journey alone, you can try that. However, it’s a bit like playing golf at Pebble Beach without a caddie at midnight in the US Open, and you hope a crowd shows up to watch you.
The professionals at InnoCentive can be your caddie! We bring to you our Global Marketplace of Solvers as the “crowd” of prepared and skilled minds, our experience in helping companies kick off and continue their Open Innovation journey, and our ROI of up to 182% in under 3 months to your company.
With InnoCentive as your caddie, you may not always get a hole-in-one, but you will have a guide to take you from Innovation Island to the success your company, customers and employees need. Are you ready for a caddie?