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Ernst & Young On Measuring Open Innovation

HYPE Innovation

More specifically, the post is about recent developments in open innovation metrics (yes, they matter !) and is inspired by a study titled Measuring Open Innovation published in Ernst & Young’s Performance Journal in mid-2014. So in today’s post I’ve compiled some insights to take your existing wisdom further.

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Companies betting big on open innovation

hackerearth

Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. The free flow, in and out, of ideas and IP promotes innovative ecosystems. Why does open innovation work?

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Open Innovation Challenge for Suicide Prevention

IdeaConnection

And in 2014, roughly 67% of all Veteran deaths by suicide were the result of firearm injuries. The VA’s Gun Safety Matters Challenge was open to companies, individuals, entrepreneurs, venture capitalists and other interested parties and recently announced the winning proposals. Innovative Open Innovation Winners.

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Corporate Open Innovation Portals: An Active Part of an Open Innovation Strategy

Yet2

As part of the Open Innovation movement, many companies now actively solicit technical solutions, products and business ideas from innovators, customers, suppliers, and the broader marketplace of technology providers. Read more in yet2’s Corporate Open Innovation Portals 2017.

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Activewear Brand Turns to Open Innovation

IdeaConnection

Activewear brand Outdoor Voices is so convinced by the benefits of open innovation and co-creating with customers that from now on it is going to involve them in all future product designs. The brand launched in 2014 and Running was its first collection to involve consumer input which it did via social media. Diversity of ideas.

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Effective communication is the essence of open innovation

Wellspring

The associated costs are significant; the company told Western Farmpress that the average cost to bring a new active ingredient to market between 2010 and 2014 was $286 million. They told Grainews in 2016 that, on average, 10 years elapse between idea generation and market launch.

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yet2’s Diverse Project Work Uncovers Cross-Industry Innovation Opportunities

Yet2

Since 2014, we have scouted innovation across 19 industries and 44 categories. Project diversity exposes us to creative and unexpected possibilities allowing us to stay on innovation’s cutting edge. We give clients this edge by finding complete and innovative solutions beyond the scope of their industry.