how is open innovation changing business strategies?

Ever wondered how some companies keep innovating at such a fast pace? The secret might just be open innovation! An interesting article I came across highlights how companies like LEGO and NASA are harnessing external partnerships and crowdsourcing to fuel their creative processes. Take P&G, for instance. With their Connect + Develop initiative, they're actively collaborating with innovators worldwide, sourcing half of their new ideas from beyond their own teams. This shift to open, rather than in-house innovation, seems to be a game-changer for them. How do you feel about open innovation? Could your business benefit from a similar approach?

Comments

I've always been curious about how companies actually implement open innovation. Does it really make a big difference compared to traditional product development processes?

By: User #9

I'm fascinated by how these collaborations can supercharge innovation. Does anyone have a favorite example from the list the article mentioned?

By: User #11

I loved the section about collaboration in agriculture. I had no idea farmers are using open innovation to tackle environmental challenges. Can anyone elaborate on how that works?

By: User #4

I'm new to this whole open innovation concept. How do companies decide who to collaborate with?

By: User #7

Implementing open innovation has been a game changer for our small business. By opening up to external ideas and feedback, we've managed to launch products that our team alone couldn't have conceived. Has anyone else experienced this?

By: User #5

I've always been curious about how companies actually implement open innovation. Does it really make a big difference compared to traditional product development processes?

By: User #9
I'm fascinated by how these collaborations can supercharge innovation. Does anyone have a favorite example from the list the article mentioned?

By: User #11
I loved the section about collaboration in agriculture. I had no idea farmers are using open innovation to tackle environmental challenges. Can anyone elaborate on how that works?

By: User #4
I'm new to this whole open innovation concept. How do companies decide who to collaborate with?

By: User #7
Implementing open innovation has been a game changer for our small business. By opening up to external ideas and feedback, we've managed to launch products that our team alone couldn't have conceived. Has anyone else experienced this?

By: User #5