When Henry Chesbrough coined the term Open Innovation (2003), organizations (especially R&D-driven organizations, but not exclusively) embraced it as the solution to business model limitations. Companies representing consumer products (e.g., P&G, Clorox), natural resources (e.g., GoldCorp), healthcare (e.g., GSK, Pfizer), government (e.g., HHS) have to varying degree, some impressively, applied Open Innovation to improve the return on investment of their product development process.
Here are 5 essential elements an Open Innovation program:
*Executive commitment:With a business model pivot,senior level endorsement,evangelism and resources are essential.
*Organizational architecture:Open Innovation is fundamentally a unique system of processes, tools and people constructed to communicate needs to and collaborate with external partners.
*Intellectual property framework:Uncertainty related to treatment of intellectual property frequently derails Open Innovation programs.
*Relationship management:A broad,passionate and diverse community of experts knowledgable is an essential element for breakthrough ideas at the front end of innovation.
*Communication:An Open Innovation organization needs to be very directed in terms of what problems or opportunities need to be solved.
Founded in 2010, the industry website, Crowdsourcing.org, is a neutral organization dedicated solely
to crowdsourcing and crowdfunding. As one of the most influential and credible authorities in the crowdsourcing space,
Crowdsourcing.org is recognized worldwide for its intellectual capital, crowdsourcing and crowdfunding
practice expertise and unbiased thought leadership.