(This blog was first posted on ideapoke.com)
Since the last decade, more companies are shifting from the traditional closed model of innovation to embrace a more practical and smarter way of innovation – Open Innovation. Moving from the thinking that all R&D needed to be in–house and use only internal resources to develop intellectual property (IP) for new products or services, Open Innovation marks the antithesis of the traditional approach. Open Innovation helps companies look beyond their boundaries to seek and utilise inflows & outflows of knowledge, to accelerate innovation. In this blog we primarily highlight the structural-working-mechanics of Open Innovation.
The most commonly followed practices and assumption of the concept of OI is a series of activities that help with the integration and interaction with external sources of knowledge. This could include everyone in the ecosystem right from suppliers, clients and customers to competitors, research institutes and non-customers from completely different industries. The objective boils down to stimulating innovation by creating strategic alliances and networks.
This process is characterised as the “Outside-In” processes.
The other way in which OI is approached is the “Inside-Out” process. The idea is for companies to appropriate value by bringing ideas to the market, trade their IP, and undertake technology transfer to the external market for further development of the technology/idea being transferred. The primary aim here is to exploit their intellectual property developed beyond the firm’s boundaries. This is done either by licensing / joint ventures / spin-off’s the technology / ideas to other companies / industries. Value generated isn’t restricted to financial gain only. It’s about collectively engaging a larger audience to support an idea and thereby have a new business model for innovation in new markets.
Ideapoke focuses on combining aspects of the outside-in approach to secure new knowledge, with tactics from the inside-out process to bring ideas to the market. This is the hybrid OI process.Our solutions are those that lead towards co-creation between complementary partners via network alliances, joint ventures, and other vehicles of cooperation! We usually device strategies commercialisation with the intention of development of new products and processes and help companies exploit innovation to the fullest. We go well beyond just the creation of self-organizing open communities but exploit and use a 3-step approach of bringing together the early adopters of technology, consumers, universities, research institutes and huge multinationals. it’s about bringing together the problem-solvers to the parties demanding an innovative solution. Digital platforms, advanced analytics and social media together with our own innovation processes enable our clients to interact with an unprecedented variety of partners, drawing them into all the stages of design, development and finally go-to-market.