Open Innovation
Competitive Advantage by External Sources
The ability of an efficient and customer-oriented innovation generation is one of the key – if not the most important – factors of success for companies. However, increasing customer demand, limited financial and time resources or a lack of relevant know-how exert negative impact on the efficient innovation work.
Against this background, new innovation approaches and methods are needed. Open Innovation means opening the company border and the strategic implementation of external knowledge and innovation sources in the innovation process. Open innovation has great potential to strongly increase the innovation efficiency of companies from different industries.
Crowdsourcing can be subsumed under the open innovation approach. It describes the outsourcing of idea generation and problem solving to a huge group of external innovators. Generally, the latter are activated by open calls over the internet.
Realise competitive advantage by implementing external idea and knowledge sources. You will profit from:
- More ideas and knowledge while shortening time duration.
- Heightened customer understanding and lower product development costs.
- Less misguided development, thus reducing innovation risks.
- Shorter innovation cycles, thus realising competitive advantages.
Our team of experts supports you with tailor-made solutions based on the approach of open innovation and crowdsourcing.
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