CapGemini Research: Overcoming the Hurdles of Open Innovation

By Michael Watkins

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In recent CapGemini research, the undeniable power of Open Innovation was brought to the forefront. The study found that while people acknowledge its effectiveness, many struggle with its implementation. At Wazoku, we firmly believe that Open Innovation is a game-changer, and we’re here to shed light on why organizations often fall short in harnessing its true potential.

1. Understanding the Barriers to Entry

CapGemini’s research resonates with our experience at Wazoku. We’ve seen numerous organizations excited about Open Innovation, eager to tap into the collective intelligence of those beyond their company boundaries. However, they often encounter roadblocks when trying to put it into practice. This illustrates a disconnect between theory and practice.

2. Lack of a Clear Strategy

One key reason behind this disconnect is the absence of a well-defined strategy. Open Innovation is not a one-size-fits-all solution. It requires a clear roadmap that aligns with the organization’s goals. Without a strategic approach, companies may find themselves lost in the vast sea of ideas, unable to filter, prioritize, and implement them effectively.

3. Encouraging Participation

CapGemini’s research points out that organizations are aware of the potential benefits of Open Innovation, with a staggering 71% planning on increasing their spend on Open Innovation in the next two years. With that kind of investment, you want to ensure that you’re getting bang for your buck, otherwise it becomes difficult to justify.

4. Continuous Learning and Adaptation

Open Innovation is not a one-time event; it’s an ongoing journey. CapGemini’s research underscores the importance of continuous learning and adaptation, as well as the need to be bold. Organizations must be willing to experiment, learn from failures, and evolve their Open Innovation processes to stay competitive. With the ‘leaders’ in this space enjoying better outcomes from approaches that seem riskier, the roadmap for success in Open Innovation is clear.

The Wazoku Crowd is your Best Option for Success

Wazoku hosts the world’s largest and first-accredited Open Talent Crowd. With over 700,000+ Solvers, it spans all corners of the globe, every industry you can imagine, and delivers diverse perspectives to any Challenge we run.

Across 20 years, Wazoku has generated more than 200,000 solutions to Open Innovation Challenges. We are the experts at breaking down barriers to progress and delivering valuable outcomes for our customers. We also ensure that this doesn’t overwhelm program leaders with our experienced and dedicated Customer Success Team supporting you every step of the way, advising you on everything from the metrics you should look for to the best way to encourage participation in your Challenges.

In conclusion, while CapGemini’s research highlights the Open Innovation challenge, Wazoku is here to offer solutions. We believe that Open Innovation can be harnessed effectively with the right strategy, culture, technology, and a bold commitment to progress. By addressing these key elements, organizations can unlock the full potential of Open Innovation and reap the rewards of a more innovative, competitive, and future-ready business environment.

By Michael Watkins

Michael is Wazoku's Product and Brand Marketing lead. Away from the office, he's our resident film buff, so if you want some recommendations for a night in front of Netflix or a trip to your local cinema, get in touch with him!