As we’ve said before, innovation is a fuzzy concept in the corporate world. Open innovation, the most popular buzzword of today, isn’t any clearer. Rather than discussing the theories behind it all, this white paper dives straight into how open innovation best operates in reality. In the B to B realm, open innovation is really about partnering for innovation – finding the right partners to create more profits faster.
What distinguishes this approach from many other open innovation programs is that it goes far beyond idea submission and selection. Instead, partnering for innovation is driven by developing and cultivating an ecosystem of preferred partners where more, deeper and better collaborations can take place. Organizations with a thorough understanding of their partners know precisely who to solicit for which project and who to avoid in the future. Better partnerships optimize efficiency, increase value potential, expand the limits of what is feasible and improve the chances of success. Although partnering for innovation programs will vary according to organizational needs and culture, there are key processes, capabilities and best practices that every organization must consider.
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