Why open innovation fails?

Why open innovation fails?

Open innovation is one of the most important strategies. Many companies that depend on innovation consider it a core principle of growth. They dedicate more resources to owning the next idea, than anything else. In spite of this, open innovation has not become a standard. Reason for this is that it is applied poorly. Here is why:

Only few opportunities are published
Publishing few opportunities per year does not work. We live in a world where publishing is done daily, not monthly. Anything published today, is old news tomorrow. Only way to remain relevant is to constantly publish, to always be present.

Very specific innovations are requested
When opportunities are based on narrow internal engineering and design needs, then innovator pool is drastically reduced. To reach more innovators more subjects must be covered. Also the company must be open to accept innovations outside opportunities and products. And most importantly, innovators must feel that the brand is open for innovation on all levels.

Too little promotion is done
Promotion of opportunities is greatly underestimated. Each opportunity should be promoted with inbound and outbound methods, including cold outreach. The more opportunities there are, the better the team is in promoting them. Learning how to promote opportunities takes a while.

We designed openinnovation.me to avoid these failure points:
– We support constant publishing of opportunities. The more the better, same as in social media and blogging.
– Many opportunities allow covering many topics on opportunity, product, and brand level, making the brand totally open.
– Our platform and tools are designed with promotion in mind, making it easy to grow your audience.

Please email Andrea at andrea@openinnovation.me to start using openinnovation.me for your company.

Written by: Nikola Tosic
Publishing date: 26 Mar 2023