The Four Essential Steps Towards Open Innovation Success

Innovation is at the forefront of every company’s R&D circles, and although open innovation continues to gain popularity, leveraging external sources of innovation remains challenging for most companies. The blog post explains a four-phase model for inbound innovation projects that goes beyond the mere obtaining of external ideas. The model advises companies to include integration, commercialization, and the interaction between the firm and its collaborators in order to build strong innovation projects. The blog post also highlights how the internet has made it easier for alternative sources of innovation to be found, but identifying the most suitable innovation can be a daunting task. The article concludes that putting your needs and challenges out in the open for interdisciplinary feedback is better than trying to innovate on your own.