With the increased level of competition prevalent amongst industries as well as the sudden influx of technology, it is now harder than ever to remain on top of your game and be a dominant force in your area of expertise. However, with the recent advent of the Open Innovation program, these problems can be sorted out very quickly.
Open Innovation aims to quickly realize the technology that is relevant to a specific business problem, and help launch new products that increase revenue. The efficiency of this program allows it to conduct these product introductions with relatively low cost and time, both of which are priceless for business.
Open Innovation's method of operation includes researching available technology in universities, federal labs, venture capital funded companies and small startups. The findings are then further reviewed and presented to the businesses who then select the technological breakthrough best suitable for them. After this review, a team then assesses the technology and its ability to cope with the production required as well as the costs to be incurred in using such technology, not to mention any major advantages or disadvantages associated with it.
Finally, the business assess the impact and influence that said technology will have on the market, including but not limited to the share of market it will earn as well as the revenue that can be attained by its use. Not only this, adequate research will allow the business to move into previously undiscovered or low-brow markets and establish themselves as a dominant force, hence capturing majority of the market share. Apple Ipod is one such example of Open Innovation.
The most important aspect of Open Innovation is how it stands out from any other research and development processes by trying out new, creative ideas and thinking out-of-the-box instead of relying on old, orthodox methods, thus enabling a business to expand much quicker than otherwise anticipated.
Since Open Innovation is a new and generally untried concept, few companies are using it right now, instead focusing more on the costly, generally inefficient methods of R&D. Companies like 113 Industries (www.113Industries.com) are helping R&D teams adopt and implement Open Innovation. Razi Imam is the CEO and Founder of 113 Industries. 113 Industries offer a program called High-Speed Open Innovation, and it is gaining rapid adoption in major Fortune 500s.
He will speak at InventHelp's INPEX Open Innovation Conference, June 19-20 at the David L. Lawrence Convention Center. For more information or to register, visit www.inpex.com