Breaking down Open Innovation in 2020: What’s its meaning?
Open innovation means that every organization relies on an entire network for the growth and development of ideas.
What is open innovation?
Open innovation is a term promoted by Henry Chesbrough. The idea is that the flow of good ideas that build better products, processes, entities, and markets come not just from within an organization, but that they can come from anywhere. The barriers to creativity and industry change are now permeable so that everyone – even the competition – can help to build a better product. Specifically Chesbrough defines open innovation as “a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.”
These ideas can address cost savings, corporate sustainability, mission, product development, company efficiencies, citizen opinions, and so much more. In order to gather ideas that will truly propel a company (and industry forward), ideation software from IdeaScale is necessary. It not only allows for the gathering of rich data (in the form of qualitative ideas and information), it allows for prioritization and vetting before those ideas are implemented. IdeaScale will truly make innovation an open process.
How does open innovation work with Ideascale?
IdeaScale is the largest cloud-based open innovation software platform in the world with more than 25,000 customers and 4 million users. The software allows organizations to involve the opinions of public and private communities by collecting their ideas and giving those same users a platform to vote on the ideas of others. The ideas are then evaluated, routed, and implemented, making IdeaScale the engine of crowd-powered innovation. Essentially, once an organization decides to use IdeaScale, they launch the community and socialize it to their network. Once the network joins the conversation, their ideas can help propel the next generation of business.