Indian companies need to embrace open innovation

Abstract

Companies have a lot to gain from adopting collaborative approach to innovation, which is important for them to remain competitive. In popular perception, open innovation as an approach has got associated with crowd-sourcing and open challenge contests. But open innovation is much more than that — in its essence, it is an approach that moves away from an inward innovation focus to a more collaborative approach to innovation. The most effective open innovators, like Procter & Gamble (P&G), believe that the best ideas can come from anywhere, and, therefore, make a conscious effort to open their innovation pipelines to a much wider set of sources. About a decade ago, the then P&G Chief Executive officer (CEO) A.G. Lafley set a target of more than half of P&G’s ideas coming from outside the company, and that was achieved a few years later. Read more at: https://www.thehindubusinessline.com/specials/new-manager/indian-companies-need-to-embrace-open-innovation/article23029891.ece