Collaboration, the Engine of Open Innovation
August 14, 2013 Editor 0
The World Industrial Reporter website reports that historically there is a 20% success rate for new products and services. Approximately eight of every ten products sales fail or do not provide sustainable results for the company. As such a holistic open innovation process that includes the acquisition, development and commercialization of technologies is essential for a firm that wants to improve their innovation success rate. Roundtable discussions with colleagues highlight the power of open innovation and how it helps to decrease the time-to-market, and development and commercialization costs, while increasing the innovation budget. An open innovation model coupled with constant interaction with customers and technology providers can deliver superior return on innovation.
Click here to read the full article.
Categories: Open Innovation
Subscribe to our stories
- Giving Francophone African incubators the keys to accelerate growth entrepreneurship February 13, 2018
- Is acceleration the panacea for scaling growth entrepreneurs? Reflections from XL Africa February 13, 2018
- Why providing pre-seed and seed capital is the essential step to bringing West Africa and Sahel’s entrepreneurs to the next level February 13, 2018
- Global Investment Competitiveness: New Insights on FDI February 2, 2018
- BioInnovate Africa phase II launched February 2, 2018