Five Factors for Open Innovation

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It is my experience that open innovation is going to affect all industries, but some more than others, and some sooner than others.

Overall, I see four external factors that matter here:

1) cycle time for products/services development, 2) money and 3) IPR needed for getting new products/services to market and 4) the level of conservatism in the industry.

The fifth factor is the internal readiness of your own company. This is also the one that is the most important as corporate innovation teams can influence this one the most.

If you consider these five factors, you get a better understanding of whether open innovation is relevant for your company and industry. Personally, I find it to be more difficult for life sciences, financial and service-related industries, but you can always find exceptions in both directions.

In general, I find it interesting to see that open or external innovation is becoming a key component for innovation in almost every industry. Every company can benefit from external input to innovation processes.

Republished with author's permission from original post.

Stefan Lindegaard
Stefan is an author, speaker, facilitator and consultant focusing on open innovation, social media tools and intrapreneurship.

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