Innovation transforms ideas or inventions into value-generating goods or services. Open Innovation is the ability to innovate with partners by sharing risk and reward.
Supporting every stage of the innovation process
For FastTrack, Open Innovation is a natural extension of the traditional innovation process. With our consulting partners, we can help at every stage of the innovation process, in facilitating the external contributions or validations, such as with:
- cocreation or crowdsourcing in the ideation stage,
- exploratory prototyping and/or validation with end-users in the design stage,
- setting-up coproduction in the development stage,
- social media or viral marketing strategies at product/service launch.
To be successful in Open Innovation, it is essential to understand its challenges for the Industry:
- Technology (crowdsourcing platforms, collaborative software)
- Process (Innovation life-cycle from ideation to market)
- Legal (agreements, trust; protecting IP rights)
- Competency (matching solvers with seekers)
- Organizational (roles and responsibilities of partners, intermediaries and platform operators)
- Financial (fair reward mechanisms between stakeholders)