The recent meeting in Harrogate jointly organised by Intelligent Formulation on “Formulated Product Design: Kick Starting Open Innovation” included a session on “Working with Large Companies”, organised by Dr Kevin McFarthing of Innovation Fixer Ltd. Here, Kevin gives a summary of the key points.
Recently on the blog
Kevin McFarthing of Innovation Fixer, in collaboration with Steve Sowerby of XPotential, gave a presentation at the ESOMAR Innovation Detonation conference in Barcelona on November 15th 2010, entitled "Creating and Connecting Communities of Innovation". The presentation was very well received, and you can view it here.
Let me first acknowledge the stimulus for this blog post – thank you to Jeffrey Phillips of OVO Innovation and his recent article on Blogging Innovation. Jeffrey correctly pointed out that markets with intense competition are more likely to contain innovative companies. It follows Darwinian logic - not survival of the fittest, but survival of those most able to adapt. The most successful are those who adapt best to the competitive pressure in their ecosystem.
It’s really a rhetorical question - should innovation management be a core competence? Well, of course it should, if you are serious about growing your business. Growth = survival more so now than ever before. If you’re lucky enough to be in an industry or company that can rely purely on market expansion for short-term growth, you’re unusual, and your position will be temporary.
Open Innovation is a challenge, even for those companies who have established competence and experience. Like any challenge, it’s easy to look at what can go wrong, be cautious and not embrace it. It’s the same with Open Innovation, which is why we have put together a series of blogs looking at some common myths of Open Innovation.
We hope reading these myths helps – please contact us if you need any more help.
Myth #1 – It takes longer