Why Open Innovation?

Because it is the only way to compete in the global market. By opening their doors to partnerships, brainstorming and co-creation with external parties, brands and retailers create a new path to growth.   Removing the boundaries creates a flow of expertise feeding new products, services & markets. 

... an open-innovation environment is the best way economically for companies to track the trends and innovate together.
— Women's Wear Daily
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Individual organizations working alone to conceive, develop, and commercialize before competitors. 

KEYS TO SUCCESS:

  • Find & protect the best source of ideas
  • Run custom process each time
  • Limited external networking to protect internal ideas
  • Make a few large bets & hope most of them are winners
 

Informal networks of external players who collaborate when interests align. 

KEYS TO SUCCESS:

  • Move into flow of opportunities & share location
  • Use standardized process 
  • Robust external networking to discovery external ideas
  • Build portfolio of small bets, double down on winners