Many organizations are adopting Open Innovation and Crowdsourcing as ways to generate new products or services. Opening up your innovation initiatives to outsiders is seen as more effective than relying solely on your internal R&D or marketing departments. However, because this approach is so new there is a dearth of guidance on how to measure the success of open innovation activities. This issue is addressed directly in a paper by Erkens, Wosch, Piller and Luttgens from Ernst Young in Germany and the University of Aachen. The report points out that 90% of corporate innovation efforts do not result in new products or services so a tool to help us understand how to measure success is badly needed. Furthermore, companies that do measure innovation tend to use generic metrics based on R&D and product-development (e.g. number of patents filed) which are of very limited value
To read the original article: How Can We Measure Success With Open Innovation?
