Two global megatrends carry open innovation. Firstly, open innovation relies on global 24/7 operations. With R&D and innovation labs outside of corporate HQ, it is stretching how innovation is accomplished and smooths the way for companies to open their processes to external partners. The second trend is transparent knowledge. In the past knowledge was hard to distribute but with the rise of social media and a fresh workforce adept at managing it, the challenge of sharing knowledge internally and externally has just gotten harder.
With these two megatrends open innovation is maturing. Executives are being forced to become more involved instead of delegating to other managers which in turn brings faster product development and improved success rates to the market.
Stefan Lindegaard believes that many companies already have a sort of open innovation developed slowly on their road to success, and because of this it will be easier to improve upon and expand.
Read the full article from Stefan Lindegaard.
Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.