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1. Open Innovation
MITID Innovation

2. With a discovery or invention happening
every day, the chances of not landing on an
already used idea are pretty unlikely. People
make as many efforts as possible to build a
product, service, or solution that is
distinctive. Nonetheless, the task of
innovation can be tough to achieve, and
companies have to turn towards the
employees of their entire company and
sometimes external sources too. The term
used for such a phenomenon is Open
Innovation.

3. Open Innovations can be defined as a
business practice where the organization
sources ideas from internal sources, i.e.,
employees, friendly rival companies,
partners, suppliers, and external
stakeholders. These innovative ideas are
acquired for many reasons like building a
new product, building a new service,
resolving a problem, etc.
What is Open Innovation

4. A writer introduced the concept of open
innovation in the 2000s. He defined open
innovations as an inflow and outflow of
knowledge for internal innovation and
external use of innovation. The idea
popularized over the years, and all
industries have adopted this practice.
According to a survey, 91% of
marketers manage organization-wide
innovation as innovation is one of the most
vital marketing strategies.

5. Open Innovations can be categorized as
per the type of human resource
inclusion:
• Intercompany (corporate accelerator)
• Intracompany
• Experts of the Industry
• Open to Public

6. Many companies have used open
innovations to gain information for new
products, market their product, and
leverage their product with customer
feedback. Here are some examples of
open innovation used by multinational
companies across the globe:
Examples of Open Innovation

7. Samsung implemented open innovation
through intercompany programs. The
Samsung Accelerator Program brought
entrepreneurs, innovators, designers, and
experts together. These individuals were
given office spaces and resources to develop
new and innovative ideas.
With this initiative, Samsung tried to open
several open innovations like mergers,
partnerships, venture capital funding.
Samsung

8. NASA collaborated with Harvard
Business School, London Business
School, and Top Coders to create a
mathematical algorithm for medical kits
that were to be taken in space. Around
2833 codes were created with this
initiative. Winners were rewarded with
money prizes and were allowed to view
the shuttle mission launches.
NASA

9. GE has used open innovation in various
initiatives. GE Open Innovations is used to
address world problems. Open Innovation
Manifesto connects experts and
entrepreneurs to discuss and solve the
required problem.
Another open innovations project of GE is
First Build, where both internal and external
sources come together to share ideas and
create new home appliance products.
GE

10. Philips developed an R&D ecosystem
back in 1998 on the theory of open
innovation. The ecosystem is now known
as High Tech Campus Eindhoven. Over
200 entrepreneurs and product
developers come together to create new
ventures; these ventures help solve world
problems like climate change,
overpopulation, etc.
Philips

11. To understand open innovation and its
process in detail, become a part
of innovation courses offered by MIT ID
Innovation. Our courses on innovation
management and design thinking will instill
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MIT ID Innovation-Gateway to New
Perspectives

12. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Courses in
Pune.
Conclusion

13. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
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