6 Key Success Factors for Open Innovation

6 Key Success Factors for Open Innovation

Open innovation is a modern paradigm with the potential to boost ideation and innovation in organizations, as many experts agree. However, practical implementation is often a challenge. To make the most of open innovation, it is important to have clear goals, facilitate collaboration, promote transparency, reward participants, find the right channels, and commit to the implementation. Good examples of successful open innovation implementations include LEGO, GE, and Samsung. This article presents six key success factors for open innovation, with GE's operations as a guiding example. The factors are: (1) Clear goals, (2) Facilitating the collaboration, (3) Transparency, (4) Rewarding participants, (5) Finding the right channels, and (6) Commitment.

View

More Innovation Resources:

How to Create an Employee Suggestion Form

Creating an employee suggestion form is crucial for harnessing employee creativity. Key issues to consider include anonymity, justification for the idea, categories, and electronic vs. paper forms.

View

Why The Cloud Just Might Be The Most Disruptive Innovation Ever

The cloud approach to technology is changing the way we do business. Semantria's cloud-based software and Xero's intuitive online accounting software demonstrate how disruptive innovation can transform traditional industries.

View

Building Trust to Drive Innovation

Trust is critical for innovation to thrive within an organization, yet it is often neglected by leaders. Building trust involves getting personal, actively listening to your team, and giving credit where credit is due.

View