Traditional innovation is often based on internal R&D efforts that prize secrecy and typically are not collaborative, even within the organization. In contrast, open innovation enables organizations to seek out external ideas and solution providers, without compromising competitive advantage or classified data, while also leveraging internal idea generation and R&D (if present).

Open innovation works on the notion that organizations can innovate more quickly, cost-effectively and profitably by combining external capabilities with internal innovation resources. The question of “Why reinvent the wheel?” clearly applies, as open innovation enables a company to connect with someone who has already developed the solution or who is further along the development path.

Why Open Innovation?

As more innovation leaders realize that not all good ideas are developed within their own company, and not all ideas should necessarily be further developed by their own company, open innovation will be the solution that many choose to make innovation faster, cheaper and more successful. Open innovation can provide organizations with many advantages including:

• Accelerating time-to-market
• Reducing risk in the innovation process
• Lowering innovation, R&D and even operating costs
• Supplementing internal R&D capabilities with external experts

Innovation 360′s Open Innovation Partners

Innovation 360 is pleased to partner with two experienced open innovation network providers to complement and accelerate your innovation efforts – NineSigma and IdeaConnection. Both offer a network of diverse experts who may have the innovation or solution you are seeking. In addition, both offer a platform for you to contribute to the innovation success of others with your own innovations or existing solutions.

To learn how your organization can leverage open innovation, email us or call +971 4 319 7645.