Four Innovation Predictions for 2011

In 2011, open innovation will become even more important. With open innovation, firms will receive ideas and develop them with partners and customers. However, there are risks associated with this, such as the firm failing to deliver new products based on these new ideas. Another trend in 2011 is that experiences will become more important than products. People will shift from a consumption economy to demanding more meaning from what they buy. Firms that understand this will be more successful. Additionally, many firms will seek ideas to shorten the product or service development lifecycle to get their best ideas to market faster. Finally, as the need to generate new ideas becomes paramount, creativity will find a new, welcome role in larger organizations.