Now that the platform is live, Innovation Intelligence will guide you to build an open innovation process inside your company.
From now on, you’re going to find the steps that our CEO & Founder Luiz Neto has written, which are essential through this process.
The first articles will bring to context corporate innovation and introduce some key concepts to understand this world, tackling the changes on corporate innovation background up to the open innovation concept.
If you are already acquainted with this topic, you must know that the first articles will serve the purpose of an introduction. Soon, we will give more detailed information about the open innovation process and structure, there will be discussed the key points deeply to achieve success using open innovation. Anyway, they are great content to check any time you need.
Innovating has become cheaper. And that goes not just for companies, but for anyone in the world.
The cost of processing and transmitting data today is meager compared to what it was ten years ago. And access to knowledge is ubiquitous and virtually free. We have access to a lot of quality information from trusted sources on YouTube or in Coursera’s complex Machine Learning and Big Data courses, for example.
People perform genetic engineering in their homes’ backyard, with no experience whatsoever, as some Netflix series document. Instead, they simply watch videos on YouTube and then try to leave their dogs fluorescent. I’m serious about this.
The fact is that the low cost of production and access to education have raised the level of experiments to standards never seen before. In this new context, experiments lead to Innovation that escapes the bureaucratic hands of established companies and passes to scientists worldwide. Moreover, when developing and envisioning commercial applications for their experiments, these scientists create startups and raise capital from venture capitalists, Venture Capitalists.
Armed with capital, knowledge, and a desire to change the world, these startups can take risks to transform industries, bringing competitive advantage in a fast pacing way. Here at the beginning of the text, I quoted examples of change. For example, Netflix was responsible for the bankruptcy of the famous movie rental company “Blockbuster,” and Coursera transformed the way people receive education and challenge traditional educational institutions.
Ask yourself the following questions:
- In the next decade, were the main innovations of your industry will come from?
a) From your company
b) From your industry
c) From outside your industry
- How much of the budget is spent on internal and external Innovation?
- How much of your innovation budget is spent focusing beyond your industry?
Question 1: Why wasn’t Airbnb conceived in a hotel chain or the hotel industry? The same goes for Uber, which didn’t rise from a taxi cooperative.
Question 2: Why do the financial statements of companies I worked for, showed that more than 90% of the innovation budget was spent on internal Innovation. And why the open innovation team received only a fraction of the remaining 10%?
Question 3: Why do most companies focus on Innovation only in their industry?
We have concluded that corporate resources are not aligned with likely disruptive innovation sources, even when corporate strategy says innovation is a priority on the CEO’s agenda – recurring discourse in most companies.
Open Innovation is a relatively new theme. We have not learned to manage this type of Innovation in undergraduate and master’s courses that still focus on how projects were executed in the industrial revolution. That is past!
This article series aims to provide tools for Open Innovation professionals to help their companies understand the market through data. Creating processes and structures that put Innovation in their DNA, changing business model. Allowing them to remain competitive and active not to become the next “Blockbusters” of books but to become the successful cases that serve as inspiration.
During my corporate innovation experience, I was able to embark several worldwide companies on a successful journey. In this blog, I will share the best practices and tools of Open Innovation so that you can be accurate in your innovation initiatives and bring strategic and financial results to your company.
Now that you understand the context in which the term open innovation has emerged, in the next article, we’re going to show you that even with a promissory scenario, innovation can fail.