Open Innovation Verticals
innovation through co-creation
The NIH Syndrome
The NIH or Not-Invented-Here syndrome has been long the preferred method to innovate while protected the company secrets. All knowledge was acquired from within the organisation through internal R&D efforts.
Recent developments in technology, however, make such an approach unsustainable. Innovations and certainly IoT innovation, requires a lot of know-how. Finding the right talent is often quiet hard, time consuming and very expensive, prolonging the time-to-market and making the end product/service too expensive.
In short, the NIH syndrome is harmfull to your innovation efforts.
Open Innovation offers an answer to these issues. Instead of trying to insource all required knowledge, you collaborate with other companies, with the required expertise, during your innovation process. Different partnership models are possible depending on the relative importance of the missing expertise, the end product/service innovation, ... .
By combining all expertise of the innovating partners, Open Innovation results in:
A faster time-to-market, no steap learning curves, no time-consuming recruitment,...
Using the expertise of your partners can significantly lower the R&D costs.
Focus on product features instead of the technology itself.
Expertise of all partners reduces the risk.
Open Innovation Verticals
Finding the right partners is considered one of the most challenging aspects of Open Innovation. The selection process of the right co-creation partner is crucial in order for Open Innovation to work. Open Innovation is basically a marriage between companies. First of all, the partner needs to have the right and complementary competences and a mutual interest in the innovation domain, without being a competitor. Although a lot can be covered with legal NDA & IP protection contracts, trust remains the important factor. If partners in an Open Innovation consortium don't trust each other, they will protect valuable knowledge, required for the innovation to succeed.
How can IoTBE help to facilitate Open Innovation?
Through the Open Innovation verticals, IoTBE brings together all interested stakeholders around a specific domain. The domains, IoTBE is currently focussing on, are:
The ideation & networking activities within each vertical will allow the participating parties to better know each other. If parties find a common goal they can seperate into focus groups. These focus groups are intended to further dive into innovation domain and the preliminary phase in the creation of an Open Innovation consortium. IoTBE can act as independant moderator during these discussions and after the creation of the consortium help in process of finding external funding for the project. IoTBE will safeguard the process during the open innovation itself and execute the overall project management in order to keep all stakes equal during the full length of the process in order to facilitate the overall success of the project.