Open Innovation Examples – What can we learn from them?

Successful innovation requires creativity, and external ideas from customers and partners can be a powerful source of new product development. This blog discusses the limitations of traditional closed innovation models and the rise of open innovation. Open innovation examples from Coca-Cola, LEGO, Samsung, and Facebook are highlighted to illustrate how these companies have embraced external inputs to drive innovation. Coca-Cola operates an accelerator program in eight global cities, while LEGO has launched LEGO Ideas to empower customers to create their own sets. In contrast, Samsung's Accelerator program offers resources to technology startups, and Facebook conducts hackathons for employees to encourage out-of-the-box thinking. The article concludes by highlighting MIT ID Innovation's educational efforts to promote innovative thinking.