Both large and small companies in the present times agree that creativity and innovation are indispensable to maintain business progress and increase market competitiveness. Nevertheless, the conventional closed innovation model encountered obstacles and lacked new idea creation amongst the in-house business team.
It was why the concept of open innovation came into existence. Open innovation examples strive to enhance the business capability to innovate brand-new ideas for products and solutions through the external ideas given by customers and partners to accomplish market success.
Also, the ideas accumulated and assessed during the analysis stage can assist the teams in overcoming the innovation uncertainty, expenses, time and commitment as the ideas come right from the external contributors.
Below is a list of brands best rated for open innovation implementation.
Coca-Cola has been one of the leading businesses in the realm of innovation right from the time Raymond Loewy devised the Coca-Cola fountain dispenser in 1960. Presently, the corporation embraces open innovation principles between the company and other administrators on different levels.
Also, the famous Coca-Cola Accelerator program aims to help start-ups in eight cities across the globe, including Buenos Aires, Sydney, Rio de Janeiro, Singapore, Berlin, San Francisco, Istanbul, and Bangalore. These start-ups strive to think in innovative ways to create the happiness "Coca-Cola" brand.
During the 1990s, LEGO endured difficult times because of drastic reductions in sales and consequent earnings. After this period, strategic determinations and innovations led the company to a more innovative path than before.
The unique LEGO strategy strived to concentrate on the customer by combining industry and creativity. This strategy was popularly known as LEGO's "Shared Vision Strategy".
Also, to innovate new business models that can succeed in the market, LEGO commenced LEGO Ideas, an initiative based on an open innovation model. Additionally, customers can create their LEGO sets with an open innovation model by employing LEGO blocks or network 3D applications.
Samsung is another example of companies that embrace open innovation to create their external innovation forces through the Samsung Accelerator program. This drive strives to build cooperation between innovators, designers, and intellectuals to implement diverse solutions.
Also, this program presents statistical capital, office spaces, and product assistance to administrators to help them create software and related services. The Samsung Accelerator program is available in Palo Alto, New York, and San Francisco.
Facebook adopts an impressive internal open innovation model. At Facebook, the team conducts hackathons for their employees. The purpose of these hackathons is that the employees develop innovative approaches and discoveries and create initial versions of them. These hackathons are not solely for developers but every employee within the company.
The aim is that employees work with something they do not handle every day. In addition, it's shown that performing things outside your everyday work and enjoying creating a difference within the organisation fosters out-of-the-box thinking. Of course, one cannot underestimate the impact of diversity in these Facebook hackathons either.
MIT ID Innovation is India's most renowned educational institute for innovation courses. Also, the principal aim of our mentors at MIT ID Innovation is to create and foster intellectual innovators with their unique pedagogy skills and comprehensive learning materials. So what are you waiting for? Enrol yourself at MIT ID Innovation today.
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In the wave of modernization, it becomes extremely important for a corporate company to move along with the wave of modernization. The process in which these companies implement innovative ideas into their existing innovation culture is called corporate innovation. According to the Lab42 Innovation Survey, 84% of the survey respondents believe that they would prefer to buy from an innovative company.
With a discovery or invention happening every day, the chances of not landing on an already used idea are pretty unlikely. People make as many efforts as possible to build a product, service, or solution that is distinctive. Nonetheless, the task of innovation can be tough to achieve, and companies have to turn towards the employees of their entire company and sometimes external sources too. The term used for such a phenomenon is Open Innovation. Read ahead to find out about open innovation in-depth.
If you consider yourself to have an entrepreneurial mind and always think of innovative ideas, you may find value in earning an MBA in Innovation. Through this course, students will acquire the tools they need to bring their business ideas to life and put them into action. Even people already in the business world can find value in earning a master's degree in innovation.
MIT ID Innovation Programme curates knowledge and experiences that challenge the very paradigm of evolution. And that's why we have set out to define the future of industries, communities, cities and ecosystems.
Enroll for our Innovation focussed courses and upskill for tomorrow. Build your innovation capability today.
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