Open Innovation Generates Great Ideas, So Why Aren’t Companies Adopting Them?

“Today, many companies see open innovation — a process for sharing knowledge and ideas with other organizations — as a core part of their strategy for developing new offerings. Examples include L’Oréal working with Renault on an electric “spa” concept car and auto-parts makers Delphi and Mobileye joining forces to produce an autonomous driving system. Many companies have found that such partnerships generate cost savings and creative insights.
… Creating flexibility during implementation leads to more support and buy-in for an idea. Ideas that incorporate the diverse views of different experts and stakeholders are stronger. This might seem like signing up for an extra obstacle, but additional iterations mean that executives and other stakeholders are likely to be more convinced of an idea’s merits. Working together in the five ways we have described raises the odds that an idea will be put into practice and not wither and die.”
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