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Why you should Launch an Open Innovation Program


Corporate Social Responsibility (CSR)

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Unit Summary

4 reasons why you should launch an open innovation program:
  • You can get access to ideas from the community
  • You can educate the community on key aspects of your industry
  • You would be able to identify top talent
  • It could help position your brand

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Innovation is needed by all organizations to survive in today's fast changing world. While we might have very talented teams working for us, we can never assume that we have the complete set of creative talent within the boundaries of our organization. As such it would be great to tap into the wisdom of our users and community where we operate and seek their ideas on how we can innovate further. In doing so, we can have a positive social impact and include this as part of our Corporate Social Responsibility (CSR) activities
Here are 4 reasons why you should launch an open innovation program:
  • You can get access to ideas from the community in a very affordable way
  • While engaging in getting ideas from the community, you can also educate them on key aspects of your industry
  • You would be able to identify top talent through the engagement that you might hire later on
  • It could help position your brand as open and innovative thus creating more loyalty
Running such open innovative programs are not as difficult as it used to be, since it is relatively easy to reach out to a broad audience online and identify from there who are the best participants to engage in your programs. In doing so you can ensure that you are doing well for your community and for your business.

A business that makes nothing but money is a poor business. Henry Ford