In the research article Shareholder Value and Open Innovation: Evidence from “Dividend Champions” (Miglietta, Battisti & Garcia-Perez 2018), it is shown that companies like P&G on the US stock market are capable of continuous value creation and have beaten the yield of the market by applying open innovation practices. Many of the top 20 dividend champions practice elements of open innovation.
Grow your business, a counter-intuitive approach
Open Innovation is still regarded as costly, time-consuming and risky. But what if the opposite is true?
Why is it that we expect extraordinary results, yet are not willing to challenge the status quo? We tend to think within a certain box, defined by legal, compliance, manufacturing, materials, technology, business models, customers, etc. and in practice, that box is even smaller than we realize.
I love the TEDx story of Paul Rulkens, describing how we work in a surrounding that is defined by industry standards and norms. When we realize that a norm is simply an abbreviation of normal…we also realize that we need to do something differently to achieve those extraordinary results. Paul vividly describes how we want to go to our desired ‘happy place’, but that the key may not be found within that box
To be successful in the future must be done differently from what got us here. You may need to adapt new ways of working or new tools, which isn’t always that easy and quite a challenge for many organizations. A practical example:
When working at Mitsubishi Chemical Group, our team developed and introduced the award winning online Open Innovation hub, Growth Garage. We invited bright minds around the global to share their ideas. Together with in- and external partners along the value chain, we collaborated to create proof points together. This collaboration model reduces time-to-market and allows for risk and cost sharing…3 elements that result in a competitive advantage. On top of that, it supports a cultural transformation towards an outside-in perspective and promotes cross-functional teamwork. Our team broke the typical standards of how innovation was supposed to be done in our industry.
Quote: “Be a contrarian and continuously challenge the status quo to grow your business”
My services:
- Innovation scouting (using AI-tools and creating a Digital Twin of your organization)
- Project management to create a proof-of-concept (PoC) or MVP (Minimum Viable Product)
- Develop online Open Innovation platforms
- Foresighting (scenario planning)