The ISPIM Magazine notes that any complex corporation works with a multitude of third parties to develop better products and services. Members of your supply chain, customers, and academia are just three key groups you may consider as normal partners in innovation. Increasing the scale of your external innovation activities opens up doors you may not have known to exist. Companies are beginning to respond to this opportunity by putting in place formal software supported ‘Open Innovation’ programs to help maximize the value from those third party groups. This article considers this future Open Innovation landscape, its key considerations, and opportunities. In recent years, Bombardier, General Mills, Mattel, Nokia Siemens Networks, P&G, and others, have taken steps to systemize elements of their Open Innovation programs. This was made possible by implementing secure, simple and focused online innovation portals.

Click here to read the full article.

Image via Flickr.