Open Innovation: Strategies and Best Practice to Manage Partnerships

Open innovation is a collaborative approach to problem-solving that taps into the collective intelligence of a wide range of people to generate new ideas and drive innovation. While it can propel competitive advantage, it also poses challenges that need to be managed and coordinated. A well-organized and properly facilitated initiative can provide clear guidelines and criteria for selecting the best submissions. Open innovation allows crowdsourcing submissions from customers, suppliers, students, startups, and potential partners, leading to more successful and innovative products and services. To establish open innovation practices, it is crucial to have buy-in from stakeholders and establish clear objectives, engagement strategies, and implementing plans. ITONICS offers a comprehensive external gateway, engagement branding and integrated innovation to support open innovation. Bosch and KTM serves as great examples of how multinational organizations have successfully driven open innovation.