Open Innovation is an effective method for gaining ideas from outside an organization, but in order to achieve long term sustained Innovation, companies need to establish a structured repeatable process. Breakthrough innovations still have to come from within the company through hard work and consistent efforts.
A great example of this is Procter & Gamble Co., which successfully introduced its Open Innovation program to seek help from outside partners in everything from product design to packaging. Collaborating with outside partners increased P&G’s rate of product development, but at the same time it decentralized the company’s research and development (R&D) department. As a result, R&D spending became more closely tied to immediate profit concerns – meaning short term results and smaller, incremental inventions over market-changing breakthroughs. A focus of Concept to Launch.
To read the full, original article click on this link: Innovation Excellence | Challenging Open Innovation
