Open Innovation requires a company to take these steps:
- Focus resources on its core innovation advantages. Allocate resources to the opportunities with the best potential to strengthen the core businesses, reduce R&D risks and raise the returns on innovation capital.
- Improve the circulation of innovation ideas. Develop information systems to capture insights, minimize duplicate efforts and advance teamwork.
- Increase innovation imports. Gain access to valuable new ideas, complement core innovation advantages, improve the company’s collaborative abilities and build its reputation as an innovative partner.
- Increase innovation exports. Establish incentives and processes to assess objectively the fair market value of innovations. Carefully structure joint ventures and Strategic Alliances to protect the company’s rights, raise additional cash and strengthen relationships with trading partners.
Xanaxx Practitioners can offer both practical solutions and hands-on implementation plans to help put your organization on the path to success. Contact us today!