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TOP 5 QUESTIONS ABOUTIMPLEMENTING OPENINNOVATIONFor additional information about Innovationplease visit www.InnovationGrow...
www.InnovationGrow.comCreating a culture in your company that utilizes open innovation issomething that a lot of people wo...
www.InnovationGrow.comHOW DO I START IN IMPLEMENTING OPENINNOVATION IN MY ORGANIZATION?The biggest mistake that people and...
www.InnovationGrow.comPROPERTY BUT STILL UTILIZE OPENINNOVATION?Most companies have legal departments or legal advisors th...
www.InnovationGrow.comHOW DO I GO ABOUT FORMING AN OPENINNOVATION NETWORK?The key to creating a successful network is deci...
www.InnovationGrow.comHOW CAN I EVALUATE OPEN INNOVATION ONCEIT IS IMPLEMENTED?The exciting and unnerving thing about open...
www.InnovationGrow.comWHAT ARE THE ADVANTAGES OF ADOPTINGOPEN INNOVATION RIGHT NOW?Depending on your specific business nee...
GROWING BUSINESS WITH INNOVATIONFor additional information about Business Innovationplease visit www.InnovationGrow.com
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Top 5 questions about implementing open innovation

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Creating a culture in your company that utilizes open innovation is something that a lot of people would like to do but they have questions they need answers to first. There is a lot of debate about implementing open innovation regarding conflicts of intellectual property, confidentiality, creating open innovation networks, limited accountability, and creating workable measurement metrics.

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Top 5 questions about implementing open innovation

  1. 1. TOP 5 QUESTIONS ABOUTIMPLEMENTING OPENINNOVATIONFor additional information about Innovationplease visit www.InnovationGrow.com
  2. 2. www.InnovationGrow.comCreating a culture in your company that utilizes open innovation issomething that a lot of people would like to do but they have questionsthey need answers to first.There is a lot of debate about implementing open innovation regardingconflicts of intellectual property, confidentiality, creating openinnovation networks, limited accountability, and creating workablemeasurement metrics.Here are the top 5 questions about implementing open innovation withsome answers that may help you make a more educated decisionregarding your situation.2
  3. 3. www.InnovationGrow.comHOW DO I START IN IMPLEMENTING OPENINNOVATION IN MY ORGANIZATION?The biggest mistake that people and leaders of companies make whenimplementing open innovation is simply trying to copy anothercompany.They think that because it worked for another company than justcopying it will work in the same capacity for their company.By taking the time to create a customized solution that is viable for yourparticular company and serves a purpose that will provide a tangiblebenefit, you can be sure that this is the right thing to do and implementit in the correct manner for your organization.3
  4. 4. www.InnovationGrow.comPROPERTY BUT STILL UTILIZE OPENINNOVATION?Most companies have legal departments or legal advisors that willstrongly advise against collaboration or stall a project with paperwork.While this can protect your interests, it severely hampers the effectivespeed and opportunity that open innovation provides.There are increasingly more legal improvements that recognize theneed for joint development such as the Cooperative Research andTechnology Enhancement Act of 2004 (Create Act). This allowsbusinesses in the US at least to be a little freer to share their intellectualproperty.4
  5. 5. www.InnovationGrow.comHOW DO I GO ABOUT FORMING AN OPENINNOVATION NETWORK?The key to creating a successful network is deciding on which type ortypes, of network would best suit the needs of your company.The major types of open innovation network include: solution bounty,which offers a reward for the solution; internally prequalified, whichuses the resources of a large company to collaborate with their clients;business partners, which is more often used for smaller companies tothink outside of the box (but has more exposure to IP issues); suppliers,which have a unique perspective of inside knowledge; andcrowdsourcing, which can leverage your entire prospective customerbase but is expensive to manage.5
  6. 6. www.InnovationGrow.comHOW CAN I EVALUATE OPEN INNOVATION ONCEIT IS IMPLEMENTED?The exciting and unnerving thing about open innovation is that there isno standard metric for measuring or evaluating its effectiveness.By setting a specific metric around fixed resources such as time andhours spent you can design an evaluation process that allows you toquantify the whole concept.Look at the metric over time and that will give you the best idea of howit is progressing.6
  7. 7. www.InnovationGrow.comWHAT ARE THE ADVANTAGES OF ADOPTINGOPEN INNOVATION RIGHT NOW?Depending on your specific business need and design there are plentyof ways that open innovation can help, but there are two main benefitsthat are universal to most businesses.The first is the speed at which you can innovate and create a solution.With so many people contributing ideas as long as there is a goodprocess for refining the innovations could happen at an acceleratingpace. The next universal benefit is the blanket distribution ofknowledge and labor.By sharing of ideas and innovation work through the network, it allowsthe most efficient and cost effective people to work on and get inputfrom all angles.7
  8. 8. GROWING BUSINESS WITH INNOVATIONFor additional information about Business Innovationplease visit www.InnovationGrow.com

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