What is an Open Innovation Funnel?

Open innovation enables companies to access external ideas and solutions through a more distributed and participatory approach. An open innovation funnel is a process for sourcing external ideas, such as from partner organizations, clients, and academic institutions. Unlike closed innovation, this process removes the walls that limit the scope of ideation, enabling organizations to access innovative ideas from anywhere. Adopting an open innovation approach can help businesses manage costs and capacity while maximizing ROI. Additionally, preparing your organization for disruption can be difficult, but open innovation and the inclusion of external stakeholders can offer a level of expertise that had not been considered before.