How to Use Open Innovation for Startup Scouting

Open innovation allows companies to source ideas and solutions from external audiences to innovate their products and services. Startup scouting is an essential part of the innovation process that can help maintain a competitive advantage by bringing in highly relevant information from environmental investigation and analysis. Startup scouting can be done through an open innovation platform that collects ideas and solutions from startups. ITONICS Campaigns can be used as a powerful tool to collect ideas, and the ITONICS External Gateway feature can leverage crowd knowledge and expertise from external idea submitters. Once submissions are gathered, they can be evaluated using the rating feature in ITONICS Innovation OS, and workflows can be managed effectively for further evaluation. Best practices in open innovation can be seen in companies such as Bosch and KTM, who have launched their own platforms to co-create with startups and external experts.