How does Open Innovation bring benefits?

Different from the traditional R&D business model that keeps all the information internal, companies who embrace Open Innovation let the door open and ask for external ideas to solve their current business challenges more efficiently.
 
According to the article Could Open Innovation save the world? (Fitzgerald, 2020), there are few aspects that Open Innovation can bring benefits to the company:

• Identify some fantastic innovations that can complement companies’ own business solutions and benefit their clients
• Bring new discoveries, simplify the operation and bring new products to market in the shorter period
• The partnership with the external party can let the companies jump out of the routine, approaching the existing problems from different angles

 

However, not merely more companies are participating in the Open Innovation programme because the payoff is not always clear and also it is difficult for companies to identify which business solutions can create value for all the stakeholders. The author in the article suggested that companies should focus on the overall ROI created by open innovation rather than the individual return of each solution.
 
Responding to the title of the article, can Open Innovation really save the world” our answer might be yes, but the problem lies in how to make it happen.

In the Upskilling Lab 4.0 project, we will develop a robust model of collaboration between startups and corporates, the skill development network to make more Open Innovation and collaboration happen.
 

Author
European Startup Network