Between rapid technological change, new tech giants, and ever more demanding consumers, companies are facing a steep battle. Alone they will fail, together they will conquer.

The rapid change in technology in past decades is well known, as well as, the rise of new innovators from unlikely places. New tech powerhouses like China (think of Shenzhen) and solo inventors are intensifying competition in all industries.

Not only is the innovation landscape more competitive, but consumers are more demanding. With a war brewing on multiple fronts, companies are relying more on innovation from outside their company to stay competitive.

Corporations have been forced to implement different aspects of open innovation. 

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It’s no coincidence, companies of all sizes are developing new strategies to increase innovation. Most of – if not all – new innovation strategies rely on an open approach. 

Two recent surveys found that 78% of large companies were implementing at least some elements of open innovation. In reality, open innovation makes a lot of sense. 

Think about it this way. Would you prefer having one team, or perhaps having thousands of teams working to solve your problem? This is what open innovation promises. Appealing, right? 

The business world has realized this phenomenon and is ready to work together. You should take full advantage of it.

Open innovation is not restricted to product or service innovation. Thanks to your innovation ecosystem, you can find innovations in manufacturing, supply chain management, marketing, and much more.

It’s important to tap into the expertise of members in your ecosystem and see what they have to offer.

If Not, You Will Fail

If your company isn’t co-creating with others, you’re falling behind. It’s like playing a one-on-one tennis match, with two players on the opposite side. Not fair, right?  

Companies with more innovation teams will result in more (and better) innovation. To combat this, your company should do the same. Create partnerships with outside collaborators. 

You will not only gain valuable new innovations, but you lower financial risk while speeding up the innovation process

A real win-win all around.

It Starts With the Right Mindset

Open Innovation is all about the right mindset. Your corporation must embrace the exchange of knowledge, be comfortable with using technology from outside your four walls, and with letting shelved innovations be used by others.

The most successful examples of open innovation fully embrace the process and culture.