Corporate Open Innovation Challenge
Open Innovation is about combining the external resources with internal ones available to the company to create a boosting innovation enviroment. The approach of embracing open innovation helps coporates to bring the much required agility the in order to innovate at a greater pace. Companies that invest into innovating are now larger threates within the industry. It helps the coporates to open their use cases to the innovators and quikcly get solution which might be difficult to find initially or take much time.
Take a look at home Open Innovation can benefit the coporates;
The existing teams are conditioned to work in a certain manner while innovative products require out of the box thinking and adoption of agile methodology to develope new products which can be achieved through co-creation or acqui-hire.
Developing secondary products gives an opportunity to provide bundled offering that can help in gaining new clients. In some cases, it has also been seen that such new products perform better than the ones built in-house.
Coming up with new products and services take time into building a team, buying equipments, making the flow ready etc. With Open Innovation, it helps to reduce down the efforts and time to bring offering to market reduces through co-creation and acqui-hire.
A shorter product development cycle with agile resource helps to significantly reduce down on the cost. With an innovating audience helping you build the products under the guidance of our expert mentors, the risk of failure reduces significantly.