Open Innovation | What is Open Innovation | Idea Drop

Open innovation is transforming the way businesses pursue growth by creating a new world of collaborative knowledge exchange. The practice is characterized by inviting a wide range of people, such as customers, suppliers, and competitors, to participate in problem solving, idea generation and product development. This approach has numerous advantages, including faster and better solutions, leveraging diverse skill sets and ideas, and driving business value through data analysis. However, implementing open innovation can be challenging, and organizations need the appropriate tools and processes. The Want, Find, Get, Manage (WFGM) process provides a useful framework for planning open innovation. Additionally, open innovation platforms can help organizations overcome barriers to idea implementation by offering an effective pipeline for moving ideas from ideation to development.