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Open Innovation Myth #8 - We don't need to do it

Mon, 08/16/2010 - 12:29 -- admin

Good – you’re very lucky.

You probably believe that the closed, internal model, which has been so successful in the past, will continue to serve you well in the future.  Besides, Open Innovation brings a lot of hassle with it.

You may also be one of the companies who say they practice Open Innovation, and point to a couple of University collaborations as the evidence.  If these companies are honest with themselves, they aren’t really doing it.

Open Innovation has taken hold in so many industries now it is very difficult to describe it as a management fad.  It has become a great way for companies to strengthen their innovation options and subsequently output, in a lively and energized fashion that creates truly new opportunities for growth and learning. 

So unless you are prepared to be left behind, we suggest you do a couple of things.

First, take a look at what your competitors are doing.  If they are fully engaged in Open Innovation, they will most likely be ahead of you in innovation output.  If they aren’t, it gives you an opportunity.

Secondly, try it.  Implement Open Innovation in a part of your business, and see what happens.  But do it properly, don’t do it just to prove you don’t need it.  Give it an honest try, and we think you’ll be convinced.

If you’re still not sure – call us.

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