Open Innovation

Open Innovation – Wave 2 - While there are notable examples of businesses such as P&G and Apple succeeding with open innovation, the reality is that many have struggled to make it work. Internal processes, legal issues and a prevailing mindset of distrust have seen many such initiatives fail. We expect to see three dominant approaches in the next wave of open innovation in 2010. Firstly, some major corporations will bite the bullet and truly embrace the concept. The majority of large firms will followed the route of controlled experimentation to open up particular innovation opportunities around new product development using platforms such as Innocentive. The third will see a growing band of innovators who use open and crowd sourced approaches to conceive, develop and market their products and services.