Why is Open Innovation So Important? (Video)

Why is Open Innovation So Important? (Video)

Open innovation is a method of crowdsourcing ideas from external sources like clients, partner organizations, and academic institutions. It enables businesses to stay ahead of the competition by sourcing lots of ideas quickly from people with a fresh perspective on the challenges the organization is facing. Seeking ideas from external sources also gives access to greater diversity of opinion and experience, provides tailored and personalized aspects to the company's services or products that inspire loyalty, and helps in gaining direct feedback from customers and partners. Open innovation can also help to share knowledge with other organizations and enhance research. It can also be a great PR opportunity by reaching out to people with a purpose who want to make an impact on the world.

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More Innovation Resources:

Five Bottlenecks of Digital Innovation

Innovation is a management process with three phases: Discovery of problem or new ideas, designing a prototype solution, and ultimate delivery of a commercially astute outcome. The article discusses five digital innovation bottlenecks and how to break them.

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3 Steps to Dominate Digital Disruption

Maximizing technology, applications, and data through an integrated portfolio is crucial for organizations who want to stay ahead in a fast-paced digital world. Learn how your organization's PMO can successfully manage change, maintain focus, and deliver results.

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Culture of Innovation: What Established Companies Can Learn From CSAA Insurance Group

Culture of Innovation: What Established Companies Can Learn From CSAA Insurance Group

CSAA Insurance Group, a 100-year-old company, shows how an established company can transform its culture and turn it into a competitive advantage by empowering employees to generate ideas and implementing them.

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