What is an Open Innovation Funnel?

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.

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More Innovation Resources:

5 Lean and Agile Metrics to Track with Your Team

Lean and Agile metrics can be used to streamline and improve a development team's workflow. Lead time and cycle time are two crucial metrics that teams should measure to identify ways to improve their processes.

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Collaborative Innovation and the Digital Vortex

The Global Center for Digital Business Transformation reports that four of today’s top 10 incumbents in each industry will be displaced by digital disruption in the next five years. However, the report notes that board-level attention is still lacking in about 45 percent of companies. Collaborative innovation can serve as a way forward for organizations in a time of accelerating change, as demonstrated by Unilever and Amway through their own takes on the practice.

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Launch of healthcare innovations – the tactics and validations you need

Launch of healthcare innovations – the tactics and validations you need

Learn how to validate and launch healthcare innovations with evidence-based tactics and quick campaigns, using tactics such as shopping cart tests and customer acquisition tests.

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