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Open Innovation: New Challenges, New Opportunities

Open Innovation: New Opportunities, New Challenges

Many companies are moving beyond the basics of open innovation making this new paradigm of innovation even more complex, challenging – and rewarding. This is the outset for this session with Stefan Lindegaard in which we get into these topics:

• the essentials: What open innovation is and why it matters?
• an overview of the mindset and skills needed to succeed with open innovation
• insights from companies on the leading edge of open innovation

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Open Innovation: New Challenges, New Opportunities

  1. 1. Open Innovation - New Challenges, New Opportunities Twitter: @lindegaard Hey! Free books, white papers and exercises on!
  2. 2. Stefan Lindegaard Author, speaker and strategic advisor on open innovation, innovation management / culture and the people side of innovation. @lindegaard
  3. 3. Faster pace, shrinking window of opportunity, less time for cash cows Driven by global megatrends: faster, more open, more transparent and more connected Things are changing fast and we need a more holistic approach to innovation!
  4. 4. Corporate innovation needs to go beyond products, technologies – and it has to open up
  5. 5. What is open innovation? “…a philosophy or a mindset that they should embrace within their organization. This mindset should enable their organization to work with external input to the innovation process just as naturally as it does with internal input” Open innovation as a term will disappear in 5-7 years!
  6. 6. P&G MEDTECH PHARMA Cycle time, money, IPR, conservatism, government regulations and internal readiness
  7. 7. Corporate benefits: (open innovation/crowdsourcing) • Speed, diversity, new knowledge pools • Experimentation (don’t be left behind) • Marketing as well as innovation vehicle
  8. 8. Change how we innovate Be competitively unpredictable Develop the right conditions and framework
  10. 10. Design, build and sell awesome products together.
  11. 11. Is the real business model facilitation? 1. Develop a community 2. Make it work in chosen area (vehicles) 3. Move into other industries (complex mechanical devices) This can work for startups. What about SME’s and bigger companies? New business areas?
  12. 12. “FirstBuild is global co-creation paired with a microfactory on site,” said Chip Blankenship, CEO of GE Appliances. “We will innovate and bring products to market faster than ever before.” Image: Colin West McDonald / CNET
  13. 13. Samsung Open Innovation Center has 3 of 4 legs focusing on startups
  14. 14. Current (open) innovation trends • the start-up value pool is sizzling hot • the big issue is how to scale up open innovation • near future: from 1-1 to many-to-many
  15. 15. How big companies innovate with SME’s and startups • accelerators and incubators • challenges and competitions • corporate venture Big companies tap into the potential of small companies (execution more than ideas) and they want to become more like startups (get their corporate culture infected)
  16. 16. 7 Steps for Open Innovation 1. Common Language and Understanding, Motivation, Mandate and Strategic Purpose 2. Assets and Needs 3. Value Pools and Channels 4. Internal Readiness 5. External Readiness 6. New Skills and Mindset 7. Communications Strategy
  17. 17. Employees Managers Suppliers Academics / institutions Executives Alumni VCs Startups Business unit / function Users / consumers Government Competitors Inventors
  18. 18. InnoCentive Alliances / joint ventures Campaigns (Comm / Public) Entrepreneur Day Consortia MyStarbucks Campaigns (Comm / Public) Supplier Summit CREDIT: OVO Innovation
  19. 19. People first, processes next, then ideas We have plenty of ideas; execution is the key issue – and people combined with proper processes get things done
  20. 20. Get in touch! Send me your questions Let’s connect on LinkedIn Join my LinkedIn group: 15inno by Stefan Lindegaard Get inspired on / @lindegaard