Trends And Predictions In (Open) Innovation
What are the main trends in innovation? Mark Turrell, CEO of Imaginatik, shares his 10 predictions.
1. Innovation involves more than just R&D (seriously!) – Companies like Wrigley may have pioneered this, but it is clear that the best companies realized a while ago that R&D is only one aspect of innovation, not the be all and end all, and often not even the driving force. Growth often comes from innovation in new channels, new packaging, business models and so on – and it makes no sense to treat innovation as a single-function business activity, hidden away with the scientists in R&D.
2. Not enough invented here so look outside – We may still have cultural challenges to overcome in looking outside company walls to bring in new inventions and methods, but companies really don’t have a choice anymore. The pace of change is too rapid – and no firm can hire all the best people. Open Innovation is here to stay.
3. Experiment with Collective Intelligence and crowdsourcing – Expect to see an ever-increasing number of firms applying crowdsourcing internally and externally to address a variety of problems, from new product development to sustainability. The path has been set for expansion!
4. Ideas are precious so manage them – With Gartner predicting that Idea Management will be mainstream in two years, it is time for companies to effectively manage ideas and idea generation rather than relying on heaps of Post-Its and random spreadsheets. The methods and tools exist to do it properly, so companies in 2010 will really up their game in this area.
5. Innovate the Innovation Process (and do it properly for a change) – All companies innovate in some way. Some do it way better than others. Top firms have been experimenting for 10 years with online consumer insights, new means of doing rapid prototypes, and new physical environments to trial and test innovations in realistic scenarios. There are still too many firms jumping on to simplistic, fancy sounding innovation bandwagons, without thinking through the implications. So we’re expecting more companies to change the way they are innovating, and to spend more time putting in place proper systems to do so.
6. Innovation with full-time staff… – It is remarkable how many firms do NOT have full-time staff working on innovation. Firms have 50-person six sigma teams, and 25% of a person’s time to drive innovation. That does not make any sense – and has been proven not to work over the last five years. Companies therefore are moving people into innovation full-time; more and more are doing so to manage the process of innovating.
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