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IMPLEMENTING OPEN INNOVATION Karen McWattie

Grow Your Business - Implementing Open Innovation

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Page 1: Grow Your Business - Implementing Open Innovation

IMPLEMENTING OPEN INNOVATION

Karen McWattie

Page 2: Grow Your Business - Implementing Open Innovation

OPEN INNOVATION SUCCESSFULLY IMPLEMENTING OPEN INNOVATION WITHIN YOUR BUSINESS “Amazing breakthroughs happen when businesses offer everyone a piece of the action”.

Open Innovation is collaborative innovation for the successful commercialisation of new ideas (Scottish Enterprise)

“Businesses who fail to innovate disintegrate”.

International evidence shows a strong relationship between innovation and economic growth. Innovation is about keeping up with market trends, and not standing still. Innovation is about research and development, new products and services, new business models, fresh ideas, and having the drive and determination to always do better.

Open innovation means that valuable ideas can come from inside, or outside your company, and can go to the market from inside or outside of the company. This approach places external ideas, and external paths to market on the same level of importance, as those reserved for internal innovation ideas and paths. The worlds most successful companies innovate effectively, and this success is even greater when it is focused upon international markets.

Page 3: Grow Your Business - Implementing Open Innovation

OPEN INNOVATION EMPLOYEE SURVEY • An employee survey is a great way to implement open innovation within your business. Employee

surveys are a helpful way to demonstrate that you value feedback, and the opinions of your employees. They show that you respect them, and they have a unique understanding of the specific area of the business in which they work. Employee surveys should be between 10 to 20 questions to maximise audience engagement.

INNOVATION REWARDS PROGRAMME • An innovation rewards programme is a great way to offer an incentive to innovate for your employees.

Innovations could come in many forms, and improve business profitability, develop products and services, and increase business efficiency. Innovations can be applied across many areas of your business, and employees could be rewarded in a diversity of ways including:

• Career Rewards• Monetary Rewards• Holidays• Vouchers • Something unique to your company

BILL GATES – MICROSOFT • “I like my job because it involves learning. I like being around smart people who are trying to figure out

new things. I like the fact that if people really try they can figure out how to invent things that actually have an impact. I don’t like to waste time where I am not hearing new things or being creative”.

Page 4: Grow Your Business - Implementing Open Innovation

ADVANTAGES OF OPEN INNOVATION• Identifies opportunities for growth• Ensure your business remains ahead of market trends• Ensures business products and services are competitive • Renews organisational capabilities• Generates and delivers better ideas• Presents greater opportunities for collaboration and investment • Achieve growth in the face of competitiveness• Maximises internal/external ventures• Facilitates licensing • Promotes business exporting• Facilitates growth in international markets

Page 5: Grow Your Business - Implementing Open Innovation

EXECUTION OF INNOVATIONPeople – Processes - Ideas7 Steps to Success • Achieving objectives• Strategic purpose• Value pools and channels• Internal readiness• External readiness• New mind-set and skills• Clear Communications strategy

Page 6: Grow Your Business - Implementing Open Innovation

OPEN INNOVATIONOPEN INNOVATION SURVEY (Open-ended/comments survey)

Helpful Ideas for creating your employee open innovation survey

We believe that our employees, across every role can provide valuable input, and vital clues, to the type of business innovations that our business really needs. We know that our employees. will have the ability and applied understanding, to highlight important and developmental business innovations, that we may not be aware of.

We value our employees, and we know that you will understand specific areas of your business, inside and out. By completing the open innovation survey you can provide our business with valuable knowledge and insight for improving our:

• Products and services• Business profitability• Business efficiency,• Research and development • Technology • Departmental Innovations• Business Communications• Sector specific innovations

Page 7: Grow Your Business - Implementing Open Innovation

OPEN INNOVATION• OPEN INNOVATION SURVEY• PLEASE SELECT 10-20 OF YOUR FAVOURITE QUESTIONS • (Open-ended/comments survey) • What ideas do you have for product/service innovations within our business?• What products/services do you most frequently get asked about that we do not already offer

our customers?• What products/services are offered by competitors that we do not already offer our customers?• What kind of innovations do you feel would be most beneficial to our business? Please rate in a

scale of 1-6? (with 1 being the most important, and 6 being the least important)

• Product• Service• Technology• Business profitability• Business efficiency• Other

Page 8: Grow Your Business - Implementing Open Innovation

OPEN INNOVATION• What market trends do you believe our business should be most aware

of? (you may have observed product & service developments amongst competitor companies?)

• Can you think of an example of where technology has improved the sales or promotion of products and services within our sector?

• What research and development initiatives do you believe would be most beneficial to our business?

• Can you provide an example of an innovation, which you believe would ensure that our business can remain competitive (this could be new or something another business is already doing)

• Have our customers ever said “I wish your business offered “X” type of product or service?

• What do you believe makes customers buy our products and services?• What do you believe makes customers go to competitors for products

and services?

Page 9: Grow Your Business - Implementing Open Innovation

OPEN INNOVATION• What products and services do you believe are most popular for our

business?• What products and services do you believe are most popular amongst

our competitors?• What activities do you believe take you away from doing the main tasks

and duties of your role? (e.g. e-mails, sourcing business information, guiding customers through certain activities, customer enquiries, checking stock levels?)

• What ideas do you have to improve your department?• What ideas do you have to improve another department?• What do you believe makes customers choose competitors over our

business?• What improvements would our customers like to see to our products

and services? (this could be vital clue for innovation)

Page 10: Grow Your Business - Implementing Open Innovation

CASE STUDIES FOR OPEN INNOVATIONOpen Innovation is a complex, varied, and diverse subject. If you would like to learn more about companies who successfully practice open innovation, you may wish to read:

• LinkedIn SlideShare: Lego and Open Innovation • Jennifer Ko, Jenny Quach, David Tamayo, Shinichiro Yamamoto

• LinkedIn SlideShare: 7 Steps for Open Innovation• Stefan Lindegaard

• LinkedIn SlideShare: Tesla Motors: At the Intersection of Innovation and Integration

• Greg Papay

• LinkedIn SlideShare: Amazon 06 – Innovation Strategy• Pere Joan

• LinkedIn SlideShare: My Starbucks Idea: Open Innovation vs Marketing• Christopher Corbishley

Page 11: Grow Your Business - Implementing Open Innovation

CASE STUDIES FOR OPEN INNOVATION• LinkedIn SlideShare: How Salesforce is Driving Global Social Innovation• Salesforce

• LinkedIn SlideShare: Netflix Business Model Innovation Explained• BMI Lab

• LinkedIn SlideShare: Measuring the return from pharmaceutical innovation 2015

• Deloitte UK

• LinkedIn SlideShare: Expedia, inc investor presentation• Mihran Kalaydijan

• LinkedIn SlideShare: Nike, The Innovation Machine• Helixa

Page 12: Grow Your Business - Implementing Open Innovation

THANK YOU

Karen McWattie https://uk.linkedin.com/in/karen007