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
- Can Africa’s tech start-up scene rise to the next level? November 20, 2017
- Chocolate innovation: Sweet tooth hackers solve cocoa farmers’ challenges November 20, 2017
- A new generation of CEOs: Running a business in West Africa as a woman November 20, 2017
- Is crowdfunding the silver bullet to expanding innovation in the developing world? November 20, 2017
- Towards building an Entrepreneurship Ecosystem- Global Entrepreneurship Week and Freetown Pitch Night-The Role and Significance of the Freetown Pitch Night November 20, 2017