Collaborative innovation: It’s about the people who drive the process
Open innovation is a process that has been proposed to help facilitate product innovation. According to Henry Chesborough, open innovation is “the use of both internal and external knowledge to fuel innovation, and both internal and external paths to commercialize new products and business models.” The idea is that in order to successfully innovate, organizations need to widen the ideation funnel to include the more active participation and knowledge from both internal and external stakeholders such as employees, business partners and customers.
Designing such a strategy will have a significant impact on the successful execution of an organization’s product innovation strategy. One of my favorite success stories comes from the lighting industry. The following video is a wonderful example of open innovation put into practice. I invite you to watch this video and share your thoughts with our readers: