Open Innovation Examples - MIT ID Innovation

Open Innovation Examples – What Can We Learn From Them? MITID Innovation

Both large and small companies in the present times agree that creativity and innovation are indispensable to maintain business progress and increase market competitiveness. Nevertheless, the conventional closed innovation model encountered obstacles and lacked new idea creation amongst the in-house business team.

It was why the concept of open innovation came into existence. Open innovation examples strive to enhance the business capability to innovate brand-new ideas for products and solutions through the external ideas given by customers and partners to accomplish market success.

Also, the ideas accumulated and assessed during the analysis stage can assist the teams in overcoming the innovation uncertainty, expenses, time and commitment as the ideas come right from the external contributors.

Open Innovation Examples

Here are some of the Open Innovation Examples. Have a look to know in detail.

Coca-Cola Coca-Cola has been one of the leading businesses in the realm of innovation right from the time Raymond Loewy devised the Coca-Cola fountain dispenser in 1960.

Presently, the corporation embraces open innovation principles between the company and other administrators on different levels.

During the 1990s, LEGO endured difficult times because of drastic reductions in sales and consequent earnings. After this period, strategic determinations and innovations led the company to a more innovative path than before.

The unique LEGO strategy strived to concentrate on the customer by combining industry and creativity.

Samsung is another example of companies that embrace open innovation to create their external innovation forces through the Samsung Accelerator program. This drive strives to build cooperation between innovators, designers, and intellectuals to implement diverse solutions.

Facebook adopts an impressive internal open innovation model. At Facebook, the team conducts hackathons for their employees. The purpose of these hackathons is that the employees develop innovative approaches and discoveries and create initial versions of them. These hackathons are not solely for developers but every employee within the company.

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