Last week, Innocentive, a global leader in open innovation and crowdsourcing, provided a webinar on how to “Avoid the Open Innovation Cliff.” The webinar featured Reuben Oder, a former Proctor & Gamble executive, who spoke about the importance of open innovation in companies both large and small. Mr. Oder emphasized that integrated open innovation, particularly through competitions, helps companies create and develop ideas more efficiently.
Open Innovation Service Providers, such as Innocentive, provide a space for individuals, including experts, to share and develop new ideas. Entrepreneurs can use these tools to minimize cost and solve potential business problems throughout the planning process.
Larger companies, like Proctor & Gamble, should build an atmosphere in which not only internal, but also external open innovation is accepted and encouraged. Mr. Oder stated that by becoming less insular, companies and industries will be able to increase personal productivities. Crowdsourcing competitions turn creative processes into an activity and incorporate into a company’s culture. It can help individuals and companies think long-term and come up with big ideas. Companies, large and small, therefore, should avoid the open innovation cliff and encourage collaboration among employees.