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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.
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