How to Create a Comprehensive Open Innovation Strategy

By Jon Fredrickson

Posted on

InnoCentive is now part of Wazoku

Most businesses understand the concept of open innovation, but devising a strategy to crowdsource new ideas is easier said than done. To this day, many businesses are still using closed innovation when coming up with new ideas, but open innovation has so much more to offer. With crowdsourcing, you open the creative process to many more people, and you receive richly diverse ideas as a result. Using crowdsourcing to boost your creative process can do wonders for your business, offering results of which you can be proud.

The Benefits of Crowdsourcing Your Ideas

Crowdsourcing your ideas offers a ton of benefits you might not have considered:

    • Plenty of unique Ideas
    • Increased productivity for your internal innovation teams
    • Faster results

Standard innovation methods leave you with limited results and hold your business back. Crowdsourcing your ideas removes standard limitations and gives you access to many more creative minds and the ideas that can boost your profit and productivity.

Here’s how you can create an open innovation strategy that works for your business.

Bring Your Internal Team Up to Speed

It’s important to bring your internal R&D department up to speed with using open innovation. It’s most important for them to understand that crowdsourcing ideas is not outsourcing. It won’t replace the jobs of your internal team members. What it will do is bring them new ideas. They can use these to become more productive and create better products/services.

Devise Challenges

The most effective way to use crowdsourced solutions is to create and host Challenges that elicit the right answers from the crowd. With this approach, you reveal the solution you need and offer a reward to the person who comes up with the best idea. The most important part of the process is how Challenges are presented, a process that we excel at. Our Challenge experts help you put your business issues into the right words, delivering them to our Solver base. When Challenges are posed correctly, they will elicit better, faster responses.

Leverage the Crowd

When you are ready to use crowdsource solutions, crowdsourcing platforms like the Wazoku Crowd are an excellent place to start. We have tons of experts (over 400,000) who are ready to prove themselves, and you get plenty of concepts from which you can choose.

Using crowdsourcing platforms makes it easier to attract creative minds because there are no limitations to who can participate and submit ideas. Any person from any place in the world can deliver solutions. In fact, many of our Challenges are solved by people with unrelated degrees to the field related to the Challenges.

Leverage Open Innovation Today

Crowdsourcing your next big idea removes many of the limitations to which you would otherwise be exposed. You get access to a range of creative minds who want to stand apart from the rest, inspiring them to give their best effort. Take the size and reputation of your company into account, and decide what crowdsourcing approach makes the most sense for your bottom line. Contact Wazoku for more information today.

By Jon Fredrickson

Jon is one of a small handful of experts globally in Open Innovation and connected ecosystems over the last 16 years, the last 3 years with Wazoku, following the InnoCentive acquisition. Jon's experience as an applied innovation futurist has helped his enterprise and government customers insure their success. When not helping clients innovating solutions going to Mars or developing cleaner energy, Jon enjoys family, perfecting smoked foods, and studying history, and ancient civilizations.