Making Open Innovation Work
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The document discusses the importance of open innovation, emphasizing faster development cycles, increased diversity, and shared uncertainties between large and small companies. It highlights key differences in innovation culture, resource allocation, and decision-making speed, and outlines why large companies benefit from collaborating with smaller, more agile firms. To avoid failures in partnerships, it advises establishing trust, setting clear expectations, and promoting interaction and engagement.
Making Open Innovation Work
- 1. Making Open Innovation Work
- 2. INGENUITYDon’t just get a leg up on the competition, get ‘em both up.
- 4. DirectedInstructionsDirective, invitationalDirective, participativeNoneSuggestive, invitationalSuggestive, participativeInvitationsRelatively few“Everyone”Credit: OVO Innovation
- 7. #1 Faster development cycles and market launch#2 More diversity, more opportunities#3 Sharing of market and technology uncertainties
- 8. Questions?
- 9. Big versus small – the differences
- 10. #1 Culture of innovation#2 Allocation of resources#3 Speed of decision-making
- 11. Why big companies need small companies
- 12. #1 They live on the cutting edge!#2 They break the rules and take more risks!#3 They are closer to markets!Big companies bring scale and access to markets!
- 13. Why things go wrong
- 14. #1 Trust is not established!#2 They don’t do the homework!#3 More focus on own gains rather than win-win!
- 15. Create simple letter of understanding that outlines working principles for partnership
- 16. Set expectations upfront to avoid the “false positives” mode
- 17. Don’t end up negotiating with a closed innovation mindset
- 18. Interaction and involvement are key elements for open innovation as well as social media. Companies need to build strong capabilities on this intersection if they want to out-innovate their competitors.
- 19. 15,000 users, 60,000 monthly visitorsHigh stickynessUnexpected opportunities
- 20. Direction, training and time
- 21. Let’s stay in touch! www.15inno.com15inno by Stefan Lindegaard at LinkedIn Groupsstefanlindegaard@me.comTwitter: @lindegaardGoogle+: Stefan Lindegaard