Open Innovation

What is Open Innovation?

Open Innovation is often referred to as generating or sharing ideas outside of an organization's normal boundaries. This could include asking third parties to support your innovation program, or your organization supporting the innovation goals of a third party.

How does it relate to Idea and Innovation Management?

Idea and Innovation Management can be carried out internally, externally, or most commonly as a mixture of both. Many organizations may use outside parties such as suppliers or customers to find new ideas, or test existing ideas for viability.

What makes it different to internal innovation?

Engaging third parties to support your innovation goals isn't new. Many organizations ask for customer feedback, invite third parties for feedback and enter into commercial partnerships with a common goal. What we can now deliver is this process at significant scale, engaging thousands of employees, anywhere in the world on our challenges.

The process does have some challenges not experienced in those programs focused entirely on internal innovation. For example, identifying an audience, ensuring that the audience is engaged and commercial matters all need to be considered more carefully.

Why should you consider doing it?

Clients that use HypeIMT to engage disparate parts of their organization find that they identify new and previously unconsidered ideas by looking in unexplored areas. Those parts of the company not traditionally associated with innovation offer a different perspective that often leads to unique ideas. Therefore, when we engage those outside of our organizational boundaries, they can offer an even more unique and often alternative perspective on our challenges and ideas; after all not all the best minds work for us!

With HypeIMT you can engage selected third parties from your supply chain or perhaps key partners. Large organizations often have employees spread widely, often internationally, so by using the exact same approach globally you can increase the size of your innovation community dramatically.

How does HYPE help?

HYPE has been working to expand internal innovation programs externally for many years. Our consultants understand the considerations that need to be made to ensure you can drive new and interesting ideas from third parties. Our Innovation Management Software can be deployed outside of your existing IT infrastructure, keep your information separate from third parties, and offer a security model to ensure you can engage other groups in a way suitable to your needs.