The document discusses the concept of open innovation strategy, emphasizing its importance in helping businesses adapt to changing market trends by incorporating both internal and external ideas. It outlines different types of open innovation, such as intracompany, intercompany, expert, and public approaches, and highlights the benefits like increased cost-efficiency, fast-paced development, and access to new revenue sources. Additionally, it promotes MIT ID Innovation as a hub for learning and implementing these innovative strategies through various courses.

1. Introduction To Open
Innovation Strategy
MITID Innovation

2. The global market sphere is constantly
changing, and it has become increasingly
challenging to keep up with the new
trends. Many businesses resort to unique
and innovative strategies to help them get
the upper hand amidst the competitive
digital world.

3. The highlighting new trend that has
engulfed the market space is an open
innovation strategy. According to the
open innovation model, businesses
become open to internal and external
ideas that drive their growth and
productivity. This new age innovative
model is growing its famous roots all over
the global sector.

4. Open Innovation refers to the innovative
strategy employed by organizations where
they seek help from external agents. Rather
than solely relying on the company's
internal team, the advent of open Innovation
opens doors to experts in the outside circle
like consultants, research institutes,
suppliers, customers, or start-ups.
What is An Open Innovation
Strategy

5. According to a survey, 61% of companies
focus on open innovation strategies to
generate new business development ideas.
This unique and improved approach to
Innovation lets the company keep up with
the changing trends and make informed
decisions while designing a product or
service. In order to understand in detail the
dimensions of open innovation strategy,
there are several courses in Innovation that
address its benefits and future aspects.

6. To implement the right open innovation
strategy, it is essential to know about the
different open innovation types.
Companies can use different methods
that align with their goals for the best
results. Here are the types of open
Innovation:
Types of Open Innovation Strategy

7. • Intracompany - The innovation initiated
within the organization among different
departments.
• Intercompany - The innovation happens
between two or more companies.
• Experts - The innovation ideas borrowed
from experienced professionals outside
the office.
• Public - Innovation strategies are derived
from the crowd.

8. The inclusion of open innovation strategies
in the company's core has various direct
benefits. Here are the significant benefits of
the open innovation model:
Increased cost-efficiency
Including an open innovation plan for
companies can lead to profitable outcomes.
A healthy and effective partnership brings
out the best of employees and thus
improves cost-efficiency.
Benefits of Open Innovation Strategy

9. Fast-paced development
Since more people are involved in the
process, the decisions can be taken in a
fast-paced manner and guaranteed results.
New revenue sources
More funding options get broadened, and
new sources of revenue open up when
implementing the open innovation strategy.
This increases the chance of establishing
mutually lucrative partnerships.

10. Latest technology and expertise
Contrary to the traditional closed
innovation, open innovation calls for the
aid of experienced professionals who are
well versed in the latest technological
advancements in different domains.
Low risks
Since there are a lot of expert minds
involved in the implementation of a
project through open innovation, the risk
of development becomes reduced.

11. User-focused brand strategy
The companies can make use of
customer-generated content and
feedback to shape their actions and
build a strong brand identity.
Explore new talents
By focusing on open innovation
channels, you will be able to explore
new and undiscovered talents with
great potential for your business.

12. The hour needs to immerse yourself in
new and improved innovation strategies
that deliver effective results. MIT ID
Innovation is the right place to start your
Innovation and Design Thinking journey.
Industry experts carry out
various courses in Innovation at MIT ID
Innovation that provide an immersive
experience to learners.
MIT ID Innovation

13. You can gain knowledge of futuristic
technologies and open innovation
strategies for a better future. Get your
skills upgraded and carve a bright
future ahead with quality innovation
courses from MIT ID Innovation.

14. 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

15. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
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innovation@mitid.edu.in
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