Business innovation is a practice in paradox. Giving innovation room to breathe is important for the expansion and flexibility of good ideas; still, measuring the success of change is critical to building strategies around innovation initiatives.
The ambition to bring something new to market is in a constant face-off with the need to prove that it solves a problem. Fortunately, the growing practice of implementing new innovation strategies is helping companies to create effective, synthesized business disciplines. As a result, we’re seeing more and more organizations embrace the practice of open innovation, which allows everyone to maximize resources, ideas, and even people internally and externally.
Open innovation also requires a strategic blueprint: a non-linear approach to feedback, evaluation, and iteration. By mapping out these preferable traits against methods of analysis and other company efforts, businesses can visually assess the relationships between things like funding and user communities, or trace the paths of failed initiatives to see where things went wrong. Because business innovation is, by nature, cyclical, its application informs its success or failure, which in turn determines approach.
Below is our take on open innovation, including its advantages and pitfalls. And as open innovation continues to become more strategically relevant, its evolution will help businesses think differently about how they ideate and function, and how approaches built on communal thinking, creativity, and shared resources will launch us into a future of progressive change and growth.
And that’s really what innovation is all about, anyway.