Globally, the business Innovation has progressively driven human advancement in countless areas of society. This is how many companies have successfully taken advantage of its various benefits. However, beyond the internal, there are businesses that go to external resources or to the open innovation. What is it about and why should you consider it?
Open innovation: vital strategy in organizations
La open innovation happens when organizations take advantage of external resources and sources of knowledge to implement new products and services. It is used to arrive at the best solutions for the challenges they face, inviting a broader range of perspectives (Jackson & Richter, 2017).
In this sense, an organization opens its "Research and Development" or Innovation department to people outside the company. In other words, knowledge is widely distributed and powers business growth.
Why is open innovation key?
If the pandemic taught us anything, it is the need to adapt to the different scenarios that companies must have. Various corporations may think they already have the best talent available. But the truth is that many innovations come from:
- Small emerging companies on university campuses.
- Garages.
- startups
- Venture client programs around the world.
- Excellent strategic alliances to generate new ideas and be competitive in the market!
Advantages of innovating with external capabilities
- Closing the technological gap: In companies, due to their structures and departments, it is difficult to adopt disruptive technologies quickly. Implementation times are expensive, involve various areas and can affect the short term. Innovating openly will lead to discovering, experimenting, and testing new technologies thanks to startups and/or entrepreneurs very quickly. If the tests are successful, there will be more possibilities of applying this technology in the company's processes.
- Speed up implementation times: Corporations usually have highly departmental structures that involve routines bureaucratic that delay any new procedure. Startups do not have the financial strength to develop several of their desires. However, they do have knowledge and speed of execution that are inaccessible to large structures.
- New talent is attracted: There is a lack of talent available to meet the demand for professionals in emerging areas such as blockchain, fintech, among others. Opening yourself to new ideas from entrepreneurs is an appropriate way to capture talent.
- New business development: In experimentation, it is possible to find new business models that are difficult to fit into the main objective of the organization. Despite this, this would allow the generation of new income that does not affect the company's core focus.
Open innovation allows us to evolve
This strategy translates into compiling the best ideas the world has to solve the toughest problems a company may face. By looking beyond the business in search of solutions, you can generate valuable ideas and, of course, achieve excellence.
If you need to take a step forward, the open innovation It has great benefits for you.
